tax planning week

Gifting-During-Life Strategy: Does It Make Sense for YOUR Family?

Friday, February 28, 2014
When it comes to estate planning, one of the primary goals is to transfer as much of a person's assets to their intended beneficiaries at the lowest cost or, in other words, by paying the least amount of tax. Today, the federal estate tax exemption is $5,340,000 per person. It is also portable (can be transferred) between spouses, giving them a maximum exemption of $10,680,000 per couple and the maximum rate is 40%. That is a far cry from where we’ve been.
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IRS Dirty Dozen Tax Scams During Tax Season

Wednesday, February 26, 2014
IRS has released its annual list of the “Dirty Dozen” tax scams just in time for you to try and avoid them during their peak tax season. Beware of these scams and check back here for Tax Planning Week through Friday.
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Disadvantage of Using Your Roth IRA for Higher Education Expenses

Tuesday, February 25, 2014
While Roth IRAs should ideally be used for retirement, the fact that you have unrestricted access to your Roth IRA basis allows you to take a distribution at any time for any reason. Maybe you’re planning on going back to college or graduate school, but you don’t want to go in debt to pay for it. However, if you’re planning on using your Roth IRAs to pay for higher education expenses, there is a big disadvantage you need to know about before you do so. Click for more information.
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IRAtv: Can IRS Regulate Persons Who Prepare Tax Returns for a Fee?

Wednesday, January 30, 2013
A Washington, D.C. district court handed down a ruling that affects all of us as the 2012 tax season gets underway. The court ruled in Loving et al vs. IRS that the Internal Revenue Service did NOT have the authority to regulate persons who prepare or help prepare tax returns for a fee. They couldn't order these individuals to pass a test or maintain a minimum required level of competency.
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