How sad it is to hear from a client that a loved one passed away and there was no estate plan in place. Grieving over the loss of a loved one is difficult enough without having to face the challenges … [Read more...] about ESTATE (NON) PLANNING – IT SADDENS US TO HEAR
LOAN GUARANTY CREATES IRA CRISIS
Listen to the pitch, and then lose your shirt! Taxpayers are always looking for a means to reduce taxes and to use the Tax Code to their advantage. There is ABSOLUTELY nothing wrong with doing so. … [Read more...] about LOAN GUARANTY CREATES IRA CRISIS
TUITION EXPENSES – HOW MUCH CAN YOU CLAIM AS A TAX CREDIT?
The Tax Court case of Terrell, T.C. Memo. 2016-85, May 2, 2016 is an interesting case because not only does it address how much tuition a taxpayer can claim as an education credit, but also … [Read more...] about TUITION EXPENSES – HOW MUCH CAN YOU CLAIM AS A TAX CREDIT?
HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
If you own a Health Savings Account (HSA), you likely contribute to the plan each year and then withdraw funds from the plan to pay for medical expenses. The benefit to you as an employee is that your … [Read more...] about HEALTH SAVINGS ACCOUNT – AN ALTERNATIVE STRATEGY
RENTAL CAR INSURANCE – EXPENSIVE AND NECESSARY?
If you are like most people, you detest the daily rate that the car rental companies charge for their insurance coverage. I wish to share a personal experience with you. The last time that I … [Read more...] about RENTAL CAR INSURANCE – EXPENSIVE AND NECESSARY?
TALE OF TWO TAXPAYERS AND NON CASH CHARITABLE CONTRIBUTIONS
This is a tale of two taxpayers being audited by the IRS for non-cash charitable contributions. Let’s see how their audit exams went. Taxpayer A (let’s call her Mary) made $3,000 worth of … [Read more...] about TALE OF TWO TAXPAYERS AND NON CASH CHARITABLE CONTRIBUTIONS
