Tax Tips: Trusts and taxes

Trusts have become extremely popular in recent years. The most popular type is the intervivos or living trust which is used to control the...

Tax Tips: Beware of tax traps

Our tax code is extremely complex with rules and regulations that can often catch a taxpayer by surprise. There is nothing sadder than informing...

Tax Tips: Tax myths

In an 1939 BBC broadcast, Winston Churchill called Russia “a riddle wrapped in mystery inside an enigma.” This would also be an apt description...

American Tax Relief Act, part 2

After finishing my first article on the American Tax Relief Act of 2012 (see the Jan. 10 issue of the Town Crier) I realized...

Tax Tips: Countdown to tax time

About this time of year, we begin to collect all the information we will need to properly file our income tax returns. Since it’s...

Tax Tips: New American Taxpayer Relief Act

After months of wrangling, Congress passed the American Taxpayer Relief Act of 2012 on Jan. 1, 2013, ending months of “Y2K” style handwringing by...

Tax Tips: Tax update

Congress has been gearing up for the 2012 elections so no major tax legislation was passed in 2011. The bill passed in December 2010...

Tax Tips: Capital gains and losses

Capital gains are attracting renewed attention from the IRS for tax year 2011. The introduction of Form 8949 is where individual transactions are reported,...

Tax Tips: Social security benefit taxation

The taxation of Social Security benefits depends on several complex calculations. The first step is to calculate your provisional income, which is your gross income...

Tax Tips: Audit triggers

The Internal Revenue Service has stepped up its audits over the past few years. In addition to traditional face-to-face audits, it is also conducting...
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