Category archives: Federal Taxes
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3 years ago
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Tax day, which is Tuesday, April 19 in 2022, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to.
Following are some things t... [read more]
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6 years ago
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Employee retirement savings plans come in two main flavors: the traditional 401(k) and the Roth 401(k). The benefit of a Roth 401(k) over a traditional 401(k) after retirement is that distributions from a Roth 401(k) are tax-free, but there is a little-known situation where distributions can be taxe... [read more]
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7 years ago
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Probating a will in Florida is a complex but manageable formal process of distributing assets from a person who has passed away to that person’s loved ones and family. Unfortunately, creditors and the IRS may make claims during this public process in efforts to be paid, possibly reducing beneficiari... [read more]
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7 years ago
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When victims of medical malpractice and other catastrophic accidents receive awards in personal injury lawsuits, obtaining the award is only half the battle. Of equal, or greater, importance for the person’s future is constructing the settlement structure in a way that best protects their long-term ... [read more]
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7 years ago
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The latest IRS telephone scam involves taxpayers receiving calls from criminals who are claiming to need to collect taxes with demands for this payment to be made with a pre-paid gift card. These criminals are able to fake the IRS phone number that shows on taxpayers' caller id devices and often per... [read more]
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7 years ago
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We're often asked by clients how they can avoid or limit tax consequences for their family and loved ones through Estate Planning. Our answer is that part of our comprehensive and customized approach to working with our clients is to find opportunities to minimize tax liabilities that can include li... [read more]
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7 years ago
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Included in the new tax bill, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses.
Federal law currently allows families with medical expenses exceeding 10 percent of their adjusted gross incomes to deduct c... [read more]
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7 years ago
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We are often asked by clients if giving gifts to their family members will affect them adversely if they need to apply for Medicaid to cover the cost of nursing home care. Our response is that while current federal law permits gifts up to $14,000 annually, per individual, without the recipient havin... [read more]
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7 years ago
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Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay. Although notices from the IRS can be especially frightening, there are solutions.
If the sum owed is less than $50,000, the IRS will accept monthly payments over five years. For example, if $6,000 is ow... [read more]
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