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Don’t Overlook These Tax Issues After a Job Loss
Even with a relatively low unemployment rate (averaging around 4.4% over the past year), layoffs and terminations continue to affect workers across many industries. If you’ve recently lost your job, you’re likely focused on replacing income and evaluating your next steps. But some tax implications related to a job loss
A Trust Protector Can Help Ensure That Your Trust Will Fulfill Your Goals
Your estate plan should be flexible enough to adapt to changing laws, family circumstances, and financial situations. If it includes an irrevocable trust, there’s a risk that the trustee will be unwilling (or unable) to make appropriate moves in response to changes. A trust protector can provide the needed flexibility
The “Kiddie Tax” Can Apply Long After Childhood
Many parents don’t know that the so-called “kiddie tax” exists. Others assume it affects only minor children. But it can also apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, most of the child’s unearned income may be taxed at the
Beware of Potential Tax Issues When Selling Self-Created Intangibles
Many modern businesses rely on intangible assets, such as goodwill, trademarks, and customer lists. But the IRS doesn’t treat all intangibles the same way. Questions about how these assets are taxed often arise when a business is sold, ownership changes hands, or intellectual property is licensed or transferred. Generally, intangibles
Does Your College-Age Child Need an Estate Plan?
Many parents assume an estate plan is only necessary for older adults or those with substantial wealth. However, once your child turns 18, he or she legally becomes an adult, and that change can create unexpected complications for your family. Without basic estate planning documents in place, you may be
Protect Yourself From Fraudsters Impersonating The IRS And Other Tax Scams
Tax scammers continue to target taxpayers through email, text messages, phone calls, and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money. The IRS warns taxpayers to remain cautious because scammers continually change tactics to steal personal and financial
Self-Employed? Don’t Overlook a Roth IRA
Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more valuable than future tax-free distributions. However, if
Consider Your Potential Charitable Deduction Before Donating Artwork
If you give artwork to charity, the deduction you can claim depends on several factors, including the type of organization receiving the piece and how it will be used. Special substantiation and appraisal rules may apply as well. Relation to Charitable Function Your deduction for a donation of art will
Add Flexibility to Your Estate Plan With Powers of Appointment
Powers of appointment allow a trusted individual (the “holder”) to adjust how assets are distributed after your death, based on changing circumstances. These might include marriages, births, financial needs, tax laws, or evolving family dynamics. By incorporating powers of appointment into your trusts and other planning strategies, you can create
What’s A “Small Business,” And Why Does It Matter?
Although your business may seem big to you, you may wonder how the government classifies it for tax purposes. If your organization qualifies as a “small business,” you may enjoy several important tax advantages. But the rules for specific tax provisions vary. So, depending on your size, you might be