Don’t Be Scammed By Fake Charities

As the end of the year approaches, you will probably be besieged by requests from charitable organizations for contributions. The holiday season is the favorite time of the year for charities to solicit donations. But you should be aware that it is also the time of year when scammers show up in force, pretending to […]

Have You Taken Your Required Minimum IRA Distribution?

As year-end approaches, this is a good time to make sure you have taken your required minimum distribution (RMD) for 2015. What is an RMD, you ask? The tax code does not allow IRA owners to keep funds in a traditional IRA indefinitely. Eventually, assets must be distributed and taxes paid. If there are no […]

Gifting Money or Property Can Have Serious Tax Consequences

Gift and inheritance taxes were created long ago to prevent an individual’s assets from being passed on to future generations free of tax. Congress has frequently tinkered with these taxes, and currently the gift and inheritance taxes are unified with a top tax rate of 40%. However, the law does provide the following two exclusions […]

Will Your Favorite Tax Benefit Expire?

More than 50 tax provisions that Congress routinely extends on a yearly basis expired at the end of 2014. The big problem is, each year they are extending the provisions later and later in the year, creating uncertainty for taxpayers on whether they can depend on these tax incentives or not. This makes tax planning […]