Funding Education Costs As everyone knows, the cost of higher education goes up each year. While many of us are already familiar with 529 plans and education IRAs, many realize that contributions to these plans, do not generate any tax deduction for the donor. One...
The time to start Tax Planning is Now! Now that the end of the year is approaching, be sure to contact the office for a tax planning appointment if you’ve encounted aany significant changes in your tax lives like a sudden increase in wealth or maybe even a loss....
How are Insurance Reimburements Taxed? When you suffer a property loss, and it is covered by business or homeowners insurance, you can typically expect to receive some reimbursement under yourinsurance policy. Although you are receiving money, it isn’t always...
What is the Alternative Minimum Tax (AMT)? Many folks have asked us lately, “What is the AMT (altertnative Minimum Tax)?” Congress created the AMT to ensure that wealthier taxpayers, who often have the kinds of income and deductions that qualify for preferential tax...
Audit Proofing your Tax Return Is there really such a thing as an audit-proof tax return? A way of preparing your return to guarantee that you won’t be subject to an audit? Of course not! There certainly are ways to minimize your risk, however. Here are some tips:...
Will the Alternative Minimum Tax (AMT) affect you? Do you need to concern yourself with the AMT? You do if you have a lot of dependents or if you claim substantial itemized deductions. You may also be subject to the AMT if you realized hefty capital gains during the...
