Summary: If you decide to set up a trust as part of your estate planning process, you might find yourself wondering if you will be responsible for related tax filings. Click through to discover more about the ins and outs of trusts as well as who pays income taxes on the assets within trusts.For all […]
Summary: No one enjoys a tax audit, and there’s no way to guarantee that you won’t get hit with one. But there are some things you can do to minimize the chances of being audited by the IRS. Click through for some tips that can help you either avoid an audit or, at the bare […]
Two adults who live together and plan to continue doing so may form a domestic partnership instead of getting married. The big question is how can they protect their joint estate? Click through for an introduction to the complex rules.There are many reasons why two people stay together but don’t marry: family, profession, religion, a […]
What triggers a small-business audit? The truth is that quite a few things do, though if you’re prepared, being audited as a small business doesn’t have to become a major stressor. Click through to understand what the IRS sees as red flags, so you can try to avoid an audit — or at least be […]
In an S corporation, there may be a thin line between an employee and an owner — but there’s a line, nonetheless. Click through to avoid violating a serious rule when parsing the tax differences between “owner” and “employee.” S corporations allow the business to pass corporate income, losses, deductions and credits through to their […]
It’s possible for a premium tax credit to reduce the amount of money you have to spend on your health insurance plan every month. Click through for more details about this tax break and what the requirements are if you are interested in potentially receiving a tax credit in the form of a refund when […]
When you’re building a business, you might be focused on the here and now. But if you really want to succeed over time and set up a long-term business structure, you must imagine how the business will survive even after you’re long gone. Click through to learn how you can think about the longevity and […]
Earlier this year, the IRS released some new guidance on the business excise tax, an important but often confusing tax. Click through for an overview, to make sure your business is meeting its obligations.The IRS explains that the excise tax is an indirect tax on specific goods, services and activities. The federal government typically imposes […]
Recent law changes impose limits on the amounts that homeowners who itemize deductions on Form 1040’s Schedule A are able to deduct for interest payments on mortgages for their personal residences. Click through to make sure you follow the correct regulations.What are the rules that apply to deductions for interest payments on mortgages? They can […]
A qualified personal residence trust or QPRT allows you to remove your home from your estate to reduce your gift tax. Do you need one, and if so, how can it work for you? Click through for the intricacies of this form of trust.If you think you may face a gift tax issue, you may […]