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7 years ago
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Among its many other provisions, the newly enacted Tax Cuts and Jobs Act offers significant tax savings for people forced to default on their student loan debt due to a disability.
Generally, it is almost impossible to have student loan debt forgiven. It is not even dischargeable in bankruptc... [read more]
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7 years ago
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Included in the new tax bill, signed by President Trump on December 22, is a provision that could provide some temporary relief for families with high medical expenses.
Federal law currently allows families with medical expenses exceeding 10 percent of their adjusted gross incomes to deduct c... [read more]
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7 years ago
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While most of the new tax law – the Tax Cuts and Jobs Act – has to do with reducing the corporate tax rate from 35 percent to 21 percent, some provisions relate to individual taxpayers. Before we get into the details, be aware that almost everything listed below sunsets after 2025, with the tax stru... [read more]
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7 years ago
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In passing the Achieving a Better Life Experience (ABLE) Act in 2014, Congress created a new way for potentially millions of people with special needs to save for disability related expenses without jeopardizing their eligibility for federal public benefit programs.
In fact, these savings pla... [read more]
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7 years ago
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Grandparents may be tempted to leave an IRA to a grandchild because children have a low tax rate, but the "kiddie tax" could make doing this less beneficial.
An IRA can be a great gift for a grandchild. A young person who inherits an IRA has to take minimum distributions, but because the dist... [read more]
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7 years ago
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Special needs trusts can be an invaluable tool for families that have a child with special needs. One often overlooked aspect of a special needs trust (SNT), however, is how the trust is taxed. This consideration is important because the tax savings can be substantial depending on how the trust is ... [read more]
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7 years ago
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Sometimes seniors find themselves owing past-due federal taxes they cannot afford to pay. Although notices from the IRS can be especially frightening, there are solutions.
If the sum owed is less than $50,000, the IRS will accept monthly payments over five years. For example, if $6,000 is ow... [read more]
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7 years ago
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With Republicans in control of Congress and the presidency, there is talk of eliminating the federal estate tax. In 2017 the tax affects only estates over $5.49 million, meaning that for more than 99 percent of Americans, it's already been repealed. With no estate tax, do you still need a trust? W... [read more]
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8 years ago
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In a move that could be confusing to seniors who are vulnerable to scams, the IRS will begin using private debt collection agencies to collect past-due taxes. The new program will begin in April 2017.
Authorized by a law Congress passed in December 2015, the IRS may now contract with private ... [read more]
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8 years ago
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When leaving a home to your children, you can avoid probate by using either joint ownership or a revocable trust, but which is the better method?
If you add your child as a joint tenant on your house, you will each have an equal ownership interest in the property. If one joint tenant dies, hi... [read more]
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8 years ago
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Tax day, which is April 18th in 2017, is approaching and it is time to begin crossing T's and dotting I's in preparation for paying taxes. As tax time draws near, you want to make sure you file all the proper forms and take all deductions you're entitled to. Following are some things to keep in mind... [read more]
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