As you may already know, it’s now official. The first significant reform of the U.S. tax code since 1986 when Ronald Reagan was president has been ushered through by congress. Changes have been made to both individual and corporate tax rates. Individual provisions in...
When estate planning, don’t forget to consider the tax considerations. Do not transfer assets with gains from an older generation to a younger generation without tax and step-up basis considerations. These rules vary state to state and can be very complex to decipher....
Taxes, and tax strategies can play a significant role in your overall retirement plan, which is why it’s important to understand some of the basic terms. For example, a tax credit is a dollar for dollar benefit. A tax deduction is worth your highest marginal tax...
By understanding the tax basics and working with a professional to create a tax strategy for your retirement, you can put yourself in a better position to achieve the retirement you deserve. It’s important that you consult a CPA before making a decision that involves...
This is one of my all-time favorite movies. You may remember the scene when the inmates were on the roof and the evil guard was bemoaning an inheritance because the taxes would just take it all away. Then Andy Dufresne asked him if he trusted his wife. That question...
As if Basis Tax Law weren’t confusing enough, now I’m talking tax flavors? This chapter may seem basic, but many people still struggle with understanding the basic definitions of tax ramifications. The four flavors of tax: 1. A tax deduction is not a tax credit. This...
