Capital Gains Tax

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Almost everything you own is classified as a capital asset by the Internal Revenue Service (IRS). This includes your home, your car, your furniture, a ... read more
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2010 Budget and Retaining Federal Estate Tax
At the end of April, the House and Senate each approved a Fiscal 2010 Budget Resolution which calls for extending the federal estate tax into 2010. Under Bush-era tax legislation enacted in 2001, the estate tax was due to disappear at the stroke of midnight on January 1, 2010. According to a press release ... Read more

Federal Estate Tax May Be Here to Stay
Remember Benjamin Franklin's brilliant and insightful saying, "In this world nothing is certain but death and taxes?" Estate taxes bring those two certainties together. For the past decade or so, federal estate taxes have been less burdensome, and there's even a tax-free year scheduled. Congress, though, ... Read more

Get Your Hands on Energy Stimulus Funds
Congress passed the American Recovery and Reinvestment Act of 2009 (also known as the "Stimulus Act") to pump $787 billion back into the nation's failing economy. A chunk of that money, $16.8 billion, was allotted to the US Department of Energy (DOE) to increase energy efficiency and decrease dependence ... Read more

Congratulations, You Just Won a Jackpot! Now Pay Up!
When you play the lottery, mostly you think about the the cash you'll win.  However, when you win at Powerball or another lottery, the federal and state government win as well. This is because your winning are taxable income. ... Read more

Job Changes, Your Retirement Plan and Rollovers
What happens to your retirement assets when you leave one employer for another? The answer depends upon what your current retirement plan allows and which allowable option you choose. Generally, you'll have several choices, including: Leaving your savings with your former employer Rolling over your savings ... Read more

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Taxation Questions

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Generally speaking and assuming no other issues, the IRS will generally consider offers in compromise and installment payment plans.

You need to determine the fair market value of the property at the time you inherited it (generally, this means the date of death of your late husband, if he was the owner of the property). That is th ...Read more

You're on the right track, to stop the tax sale you can either pay off the balance or enter into an installment payment plan.  Usually, they want a 25% deposit.

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Which depreciation method is best for your business?

When you purchase assets and use them in your business, you have several options for deducting the cost. For example, you may choose to write off the full cost using Section 179, an alternative that l ... Read more

Do I have to report alimony payments I’ve received on my taxes?

As with most legal questions, there is a short and simple answer to this question and a longer, more in-depth answer. The short answer is yes. Like other funds, alimony must be reported on federal tax ... Read more

Do I have to report alimony payments I’ve received on my taxes?

As with most legal questions, there is a short and simple answer to this question and a longer, more in-depth answer. The short answer is yes. Like other funds, alimony must be reported on federal tax ... Read more

NEW LAW ALTERS FBAR FILING DEADLINE

Recent changes to the law have altered the due date of FinCen Report 114, a form commonly referred to as the FBAR.  The Surface Transportation and Veterans Health Care Choice Improvement Act of 2 ... Read more

2104 Year End Tax Highlights

By Elizabeth L. Mathieu. Esq.

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