Yesterday I found article on the web version of Financial Planning magazine. In it the authors extolled the steps they thought Steve Jobs had taken regarding his estate to minimize the estate tax bills that will eventually come due. They never said what his estimated estate might have been but did suggest that the tax …
Category: Tax Planning
You and the IRS
Interesting article by Bonnie Lee, an Enrolled Agent who practices on California. She speaks about things you do that might trigger an IRS audit of your tax return. Here are several points she makes: Today many audit requests are being handled over the phone: The IRS agent will call to schedule an appointment and then …
The Federal Debt: 2002 to Now
It's based on data from the Congressional Budget Office and the Center on Budget and Policy Priorities. Its significance is not partisan (who's "to blame" for the deficit) but intellectual. It demonstrates the utter incoherence of being very concerned about a structural federal deficit, but ruling out of consideration the policy that was the largest …
Who Pays No Income Tax? That’s The Wrong Question
This article comes from the Forbes magazine website and was posted by Howard Gleckman. I copy it in its entirety. Would you rather get a tax cut of $1,000 or $1.4 million? I thought so. Would you change your answer if taking the smaller tax cut allowed you to avoid paying income tax entirely? That …
Continue reading Who Pays No Income Tax? That’s The Wrong Question
Every 18 Year Old Should Have These 3 Critical Documents
Summer is here and high school graduation has come and gone. Before you know it, college freshman everywhere will be settling into their residence halls and high school seniors are eagerly anticipating being next. Moving on to college is an important milestone for young adults, but it is important not to lose sight of other …
Continue reading Every 18 Year Old Should Have These 3 Critical Documents
Inherited IRAs
Most of us know about IRAs, about how we can put aside money each year into an account that gives us a tax deduction this year, leaving the money to grow tax deferred until we are ready to take it and spend it during retirement. What many folks don't know is what happens to that …
Helping Define Your Financial Future 