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Individuals
Estate Return Rules for Individuals Who Died in 2010 – New Form 8939 and the affect on U.S. and Foreign Individuals
December 08, 2011
Wade Wilson, CPA
To file or not to file? Executors of 2010 estates have some decisions to make. For individuals who died in 2010, the 2010 Tax Relief Act reinstated the U.S. estate tax. Therefore, 2010 estates are subject to tax the same way estates of individuals who died prior to 2010 were taxed. An election to opt out of the estate tax is available, but you must act before January 17, 2012. Executors must carefully consider the tax consequences of each choice before making a decision.
More Year-End Tax-Saving Strategies
November 29, 2011SmartMoney
This SmartMoney article is Part II of year-end moves you can make to reduce your tax bill.
Year-End Tax Moves
November 23, 2011SmartMoney
As we move closer to the end of the year, we’ll be highlighting articles that explain how you can reduce your tax bill. This Part I SmartMoney article contains some general guidelines as well as presents the 2011 tax tables, deduction and exemption amounts, and many key tax figures.
Choosing the Right Health Care Plan
November 16, 2011The Wall Street Journal
With health care costs rising, employers as well as self-employed individuals are looking for alternatives to their traditional health insurance. High deductible plans in conjunction with a Health Savings Account (HSA) is one opportunity we like.
Don’t Put All Your Foreign Tax Credits into One Basket: A Brief Overview of Foreign Tax Credit Rules
November 14, 2011
Ashley Erwin, CPA
Whether you’ve received earned income from foreign sources, or have investment portfolios with international assets, the foreign tax credit exists in order to prevent the burden of double taxation. Many resident aliens of the U.S. could potentially benefit from the foreign tax credit, depending on their situation. Additionally, because more funds are investing in global assets, many U.S. citizens have foreign tax paid or accrued included on their Forms 1099.
One Easy Way to Lose That Charitable Deduction
November 14, 2011The Wall Street Journal
As we move toward year-end, making charitable contributions is on everyone’s agenda. This article addresses something you must have in order to secure a charitable deduction of $250 or more.
Preparing For D-Day: When Congress Takes Your Deductions
November 11, 2011The Wall Street Journal
This recent article outlines some of the deductions that are on the table for reduction or elimination by Congress’s Joint Tax Committee.
The New Tax Breaks for Business Autos
November 09, 2011The Wall Street Journal
We’re not big fans of the recordkeeping requirements for business automobiles, but for those clients willing to maintain good records, a deduction for business use of automobiles is allowable. Here is a recent article outlining some of the benefits.
Bad Marks for College-Savings Plans May Not Call for a Time Out
November 07, 2011The Wall Street Journal
There are Pros and Cons to investing in a 529 Savings Plan. This recent article offers a general overview of the performance of these funds vs. the S&P 500.
Tax Breaks for Students
November 04, 2011The Wall Street Journal
It's that time of year when high school juniors and seniors are trying to find that perfect college. This is an excellent article recently published by the Wall Street Journal that offers an overview of the many tax breaks associated with college students. As for new legislation, President Obama recently announced a new student loan plan that would further help students by allowing them to consoldiate and reduce the interest rate on their student loans.