Protecting Your Estate with Taxation Planning

Most people spend their entire lives working to build a legacy that those they leave behind can enjoy once they’re gone. But in reality, that is often not enough. In addition to building your estate over time, you must also dedicate time to careful estate tax planning to make sure that much of your work […]

Understanding Probate and Probate Litigation

You’ve seen those types of cases where families battle over a deceased loved one’s will on courtroom TV but when it happens in real life, it can be an incredibly painful and stressful ordeal. Not only are families trying to grieve and rebuild their lives after a loss but they must now have those wounds […]

Exemptions Vs. Deductions: What’s the Difference?

The amounts for exemptions and deductions usually change from year to year. Each type of tax savings has its own rules for who may or may not take the exemption or deduction. Exemptions and deductions reduce taxable income and take effect before Line 43, which is your taxable income. Tax credits are figured after Line […]

How Early Should be Filing Taxes?

Some people wait until the last minute to file their tax returns and other want to get it over with as soon as possible, especially those getting a refund. However, the Internal Revenue Service (IRS) will not process any tax returns earlier than the date that it decides to open. Last year, the IRS started […]

What You Should Know About Gift Taxation

 

The estate tax, commonly referred to as the death tax, was made permanent in the Internal Revenue Code as part of the American Taxpayer Relief Act of 2012. The tax passed on Jan. 1, 2013. The tax exemption amount changes every year and the change is based on inflation. When it was first made into […]

Tips on Organizing Taxes for Your Business

If you normally throw receipts away, start keeping them for the business. While it’s not mandatory to provide receipts for your taxes, you have a better chance of ‘winning’ against the IRS in an audit. Part of organizing your business taxes is the organization of receipts, including those for services, entertainment and goods.
Start Using Accounting […]

Starting a New Business? Avoid These 3 Common Legal Mistakes

You’ve come up with a brilliant business concept and you are in a hurry to get it going. That is the biggest mistake you could make, as that leads to many other “mistakes” that could cost you success. Business planning takes time, and ensuring that it is done correctly takes a little money – but […]

When to Start an Estate Plan

It’s never too early to start gathering an estate plan. Even young adults that do not have many assets should begin working with an estate lawyer to begin the process of drafting an estate plan, especially if they have children. Many people think that death is so far off that they don’t plan. However, anything […]

How Federal Income Tax Brackets Work

Everyone who earns an income in the United States is required to pay federal income taxes. This money is used by the federal government to pay for such necessities as defense, housing, education, science, and interest on the national debt. Each person who pays these taxes is put into tax brackets, something you have probably […]

What is the Annual Exclusion for Gift Taxation?

Throughout the year, you likely give gifts to family and friends for many different reasons. While most of these gifts are simple and require no action on your part as it pertains to the IRS, more expensive gifts may be subject to the federal gift tax. Gifts that are excluded from the federal gift tax […]