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Annual gifting can aid estate planning
The annual gift tax exclusion is a simple yet effective tool for reducing estate taxes. In fact, according to IRS statistics for last year, more than $9 billion dollars was ... -
Red flags may prompt IRS audit
In an effort to increase revenue and combat tax fraud, the federal government actively audits returns. While the overall audit rate for individual returns is approximately 1 percent, ignoring the ... -
In search of tax friendly states for retirees
For many retirees, retirement is a bit more challenging than they thought. Interest rates have been low, investment returns have been volatile and health-care costs are on the rise. There ... -
Five last-minute financial moves before 2012 ends
There is still time to take advantage of last-minute financial planning opportunities before 2012 comes to a close. While you will have to act fast, the following year-end strategies could ... -
Holiday donations help giver and receiver
The holidays are a time when people think of those less fortunate. Many are coming together this season to help those in need, such as Hurricane Sandy victims and the ... -
Explore property tax reassessment to counter Hurricane Sandy damage
The damage associated with Hurricane Sandy has caused property values in many parts of the state to decline substantially. Despite lower values, many homeowners will still be left paying property ... -
Hurricane Sandy may qualify you for a tax deduction
Sandy may be the most expensive hurricane in United States history. According to economists at Moody’s Analytics, losses are estimated to be near $50 billion with $30 billion attributable to ... -
How the presidential election may affect the fragile economy
The upcoming U.S. presidential election may have significant effects on our already fragile economy. Tax law changes, spending cuts, health care reform and the “fiscal cliff” are just a few ... -
Some income tax documents should be saved
For many taxpayers, it can be difficult to determine when it is safe to eliminate old records. From utility bills and credit card statements to trade confirmations and tax returns, ... -
Stretch IRAs offer survivor and tax benefits
The next pitfall has to do with meeting a deadline. A properly titled account must be set up by Dec. 31 of the year following the date of death of ...
