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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
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 […]
You are never too young to make a will, as long as you are emancipated, which means you are on your own. Florida Statutes §732.501 states that you must be 18 years of age or an “emancipated minor,” and must be of sound mind. Florida statutes also provide the circumstances in which a minor may […]
Creating a will or estate plan ranks among the true acts of kindness. You are considering friends and loved ones in a thoughtful way. You’re also taking control of how you’d like assets distributed and removing any potential disagreements between those you leave behind. It’s important to set up a will or estate plan and […]
