Nearly four years had passed before Aretha Franklin, the Queen of Soul, died at 76 from pancreatic cancer. Her fortune was valued at $80 million. Poor estate planning has meant that the singer’s children have not seen a dime from their inheritance. What they do get will be greatly reduced by back taxes. It’s not […]
As a parent, you’re likely hoping to leave your children an inheritance. In fact, doing so may be one of the primary factors motivating your life’s work. But without taking the proper precautions, the wealth you pass on is at serious risk of being accidentally lost or squandered due to common life events, such as […]
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 […]
The IRS announced that it will be sending out letters to everyone who received advance Child Tax Credit payments. Please be on the lookout for this letter and DO NOT throw it away. IRS Letter 6419 will go out January 19, 2022. It will show the total amount of advance Child Tax Credit payments that […]
Don’t Wait to Take Action With Tax Laws in Flux: What Should Business Owners Do Now? As we wrote last week, on September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats proposed a […]
New Changes and Potential Planning Solutions On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes a wide array of changes to federal tax laws. Specifically, the Democrats have proposed a number of significant tax increases and other changes to fund the plan, including increases […]
The IRS announced a change in the deadline for certain federal tax return and payment due dates. Here is what is extended as of this posting (March 19, 2021): 2020 Individual 1040 returns are now due May 17, 2021 2020 Individual 1040 tax payments are now due May 17, 2021 You can read the announcement […]