Alternative Minimum Tax and Capital Gains Tax
March 17, 2015
While there are a seemingly endless variety of taxes that local, state and the federal government imposes on citizens, here are two taxes that are worth a quick description because these may impact you directly….
Planning for Income Tax Reduction
March 10, 2015
The purpose of planning a tax strategy on the income you receive is to limit the amount of federal income tax you would otherwise have to pay. There are several ways to do this so…
States with no income tax
January 19, 2015
Did you know there are six other states besides Washington that don’t charge income tax? Here they are, in alphabetical order: Alaska: The state of Alaska relies heavily on petroleum revenue to cover the state…
10 ways business owners can save money on taxes
January 5, 2015
With 2014 behind us, income taxes are on our minds right now. There is little we can do to reduce our tax liability for last year (except setting up an IRA and making contributions by…
IRS Announces 2015 Retirement Plan Limits
December 3, 2014
In October, the IRS announced plan limits and cost-of-living adjustments (COLA) for 2015 for retirement plans. Some contribution, adjusted gross income (AGI) and compensation limits have changed, but others remain the same. Here’s what you…
Wills 101: what you need to know
October 22, 2014
In our last blog post, we explained estate taxes which should be part of any thorough estate plan. Another part of that plan is a will. In this excerpt from author Joseph M. Maas’ book…
Estate taxes: why you need a trained professional
October 10, 2014
The estate tax is a tax levied on an estate being transferred from the deceased to a beneficiary. Estate taxes can be severe, consuming as much as 49% of the estate’s value, or even higher…
2014 Tax Changes: Part 2
April 24, 2014
Continued from our April 21 post, we’re going to take a look at tax credits, exemptions and exclusions for 2014. Not every category has changed for 2014 from last year, but we’ve included those as…