Divorce is one of the most difficult experiences a person can face in their lifetime. Not only is it emotionally and psychologically taxing, but it can also be financially burdensome due to the associated tax implications. As is the case with any significant life event, understanding the associated taxes is essential for navigating the process. […]
Are you behind on filing your federal income tax return or paying your federal IRS taxes in the last year or more? If so, you’re not alone. More than 22 million taxpayers in the U.S. have either failed to file a tax return or are behind in paying their IRS taxes due, and that was […]
What can you learn from reviewing the Clinton’s tax returns about how to save money on your own taxes? First and foremost, plan ahead and plan well, especially if you are self-employed. For example, back in 2015, the Clintons claimed over $10 million in self-employment income from activities such as speaking engagements, consulting, and book […]
Although many strategies to save on your income taxes must be locked in before the end of the year, there are still numerous ways you can reduce your tax bill right up until the filing deadline, which has been pushed back to Monday April 18th due to a holiday on April 15th.Some of these strategies […]
Many people come to us curious (or confused) about trusts and taxes. So today’s article is going to sort it out and clarify things for you. There are two types of trusts, and each has different tax consequences. Revocable trusts, which are the far more commonly used trusts, have no tax consequences whatsoever. A revocable […]