Tax Planning

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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

Life Event: Income Tax Preparation
Every January the ads for tax preparation services start appearing. That can only mean one thing: Income Tax time. By January 31, you should have all of the forms necessary to complete your taxes, W2's, 1099's and more. Then, it's up you to determine what your income is, deductions - itemized or standard, ... READ MORE

Marriage and Filing Your Federal Tax Return
Filing a tax return with your spouse usually results in lower taxes. Sometimes a married couple can cut their tax bill by filing separately. The IRS offers married taxpayers two options: filing jointly or filing separately. You and your spouse will want to decide whether the benefits of filing a joint ... READ MORE

Section 529 Savings Accounts
Paying for higher education is often a challenge. One option is a 529 Savings Plan, or as the IRS calls it, a Qualified Tuition Program (QTP). Parents and students save for college or other accredited schools with this savings account. What's a 529 Plan? A 529 Plan is created by a state, a state ... READ MORE

Child Tax Exemptions, Deductions and Divorce
As if getting a divorce isn't stressful and complicated enough. Once it's over, there's a whole new set of problems to deal with - your taxes. For divorced or separated parents, it's even more complicated, especially when it comes to figuring out which of you gets to take the income tax deductions for ... READ MORE

Constructive Dividends May Cost More Than They Pay
Most businesses are taxpayers, too. And just like any other taxpayer, they want to pay as little taxes as possible. Sometimes, however, companies take deductions or other tax benefits when they're not supposed to. For example, a company may pay some personal expenses for a shareholder and take a business ... READ MORE


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Succession Planning after ATRA 2012 – Affordable Care Act

In this blog post, I will focus on looking at the tax effects of the Affordable Care Act rather than ATRA 2012.  As most of you know, there are a tremendous amount of moving parts to the Affordab ... Read more

Succession Planning after ATRA 2012 – Captives With Exit

For the last three months we have been examining the use of a Captive Insurance Company – specifically, Internal Revenue Code Section 831(b) small insurance company captive to save current taxat ... Read more

Succession Planning after ATRA 2012 – Defined Benefit Plans

The conclusion from analyzing ATRA 2012 was that in 2013 our goal in preparing your business for the next level is to manage the ugly changes to your tax brackets.  Last time we discussed Section ... Read more

Succession Planning after ATRA 2012 – Investment Opportunities

Previously, we discussed a unique tool to reduce current taxation – the Captive Insurance Company – specifically, Internal Revenue Code Section 831(b) small insurance company captives.&#16 ... Read more

American Taxpayer Relief Act of 2012: Income Tax Provisions

On January 1, 2013, Congress passed the American Taxpayer Relief Act of 2012, which President Obama recently signed into law.  The Act extends a number of Bush-era income tax provisions and reins ... Read more

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