Many people may not be aware of the fact that teenagers may contribute to IRA’s.
As mentioned above property transfers between spouses as part of divorce decree or separation agreement are tax-free however, disposing of the property could have unintended tax .
Last December when Congress passed the Protecting Americans from Tax Hikes Act of 2015, or PATH Act as it is more commonly known, many tax provisions were impacted.
In accordance with President Trump’s executive order calling on agencies to ease up on ACA (Obamacare) regulations, the IRS made changes whereby it will not reject a 2016 tax return for processing just because the taxpayer does not indicate their coverage status in Box 61.
If your kids have been begging you for money and you need a little extra help running the family business, it may be beneficial to the whole family to start putting them to work after school or during the summer.
A common misconception is that trusts are only for the extremely wealthy, however, there are a host of benefits that trusts can provide to everyone.
Sending yourself, your spouse or one of your children to college can be very expensive. Having to pay for books, tuition, meal plans and housing can take a toll on bank accounts.
Many people do not know about the billions in property that has been left unclaimed over the years.
When planning your estate, you probably try to think about what will happen to all of your hard-earned assets when it is time for them to be distributed – things like your house, car, IRA, deposit accounts, and even your dog, Buster.
Although the Internal Revenue Code trumps IRS Publications, practitioners tend to use the Publications as the initial resource when handling day-to-day tax issues.