Although we can’t escape death or taxes, we may be able to minimize the federal income taxes due on our final Form 1040. Filing a tax return after we die (we are then known as the “decedent”) is probably not something most of us think much about. But, a final Form 1040 generally must be [...]
Living trusts remain a popular and affordable estate planning vehicle. A revocable (or living) trust is a trust that is funded with part or all of the property of the creator (grantor) of the trust. By serving as trustee, the grantor retains control of the property and also has the right to revoke the trust [...]
The costs of commuting from a personal residence to places of business or employment generally are nondeductible personal expenditures. The deduction for commuting costs is disallowed regardless of the distance involved. However, taxpayers whose residences qualify as their principal place of business can deduct transportation expenses incurred in going between their residence and other work [...]
Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits. HSAs are targeted mainly at the self-employed, small business owners, and employees of small to medium-sized companies who do not have access to health insurance. The tax benefits of HSAs are quite favorable and substantial. Eligible individuals can make tax [...]
Legislation in 2008 waived the Minimum Required Distributions (MRDs) for 2009 from IRAs and defined contribution plans, including Section 401(k), 403(b), and state-sponsored Section 457 plans. It did not otherwise change MRD rules. Therefore, MRDs are once again required in 2010. The 2009 waiver has no impact on the 2010 MRDs of the taxpayers who [...]
Individuals are opting to start new businesses at a rapid pace. This phenomenon is likely the result of various reasons including the slow economy, early retirement, and folks just wanting to get away from the everyday grind of working for someone else. If you are considering fulfilling the dream of owning your own business, you might [...]