Don’t Fall Victim to the Kiddie Tax Due to Poor Planning

Numerous years ago, a “kiddie tax” was enacted to prevent parents from placing investments under a child’s name to benefit from lower tax rates. As a result, the child’s unearned income beyond a certain amount was taxed at the parent’s highest marginal tax rate instead of a lower rate. The latest round of tax reform [...]

September 4th, 2019|Newsletter|

The Benefits of Long-Term Care Insurance

An often overlooked aspect of estate planning is the potentiality of needing long-term care. The reality is that your private insurance will most likely not cover long-term care, so it is important to consider your options when you are estate planning. Medicare only covers long-term care in limited circumstances and with strict time restrictions. If [...]

July 29th, 2019|Newsletter|

Understanding Your Overwhelming Letter from the IRS

When you receive a letter from the IRS, it usually means that they have detected a potential issue on your tax return. These issues may seem overwhelming at first but can often be cleared up easily with some double-checking of numbers. These are often chalked up to a faulty online automated system. Even though there [...]

June 25th, 2019|Newsletter|

What to Know About Divorce After 50

One 2010 study found that 25% of divorces involve an older couple. That’s backed up by data, which showed that the divorce rate for couples over the age of 50 doubled from 1990 to 2010, while the overall divorce rate remained the same. Divorcing after many years of marriage is a big deal, as there [...]

April 25th, 2019|Newsletter|

What to Expect When Filing Your 2018 Taxes

All taxpayers are required to pre-pay taxes over the course of the year using payroll withholding, estimated tax payments or both. Due to the late 2017 passage of tax reform that went into effect in 2018 and the wide range of adjustments, many people did not adjust their withholding and might have underpaid. What should [...]

February 28th, 2019|Newsletter|

The Tax Issues Every Recreational Gambler Needs to Understand

Gambling comes in a variety of forms, from horse racing to sportsbook betting, from scratch-offs to bingo and from casino games to online gambling. For many gamblers, their annual losses will exceed their annual winnings. While many gamblers will not bother to report losses and ignore Uncle Sam’s requirements, you don’t have a choice when [...]

January 30th, 2019|Newsletter|

The Most Common Family Tax Mistakes

While giving a gift to your family member might seem like a nice thing to do, it can come with surprising tax implications. What tax mistakes are often committed by well-meaning family members? Renting a Home to a Family Member Whenever a taxpaying adult rents a home to a relative for a principal residence, the [...]

December 6th, 2018|Newsletter|