When Your Spouse Dies: The Tax and Medicare Hits Arrive Later To get my complete article with all the details… When your spouse dies, the tax return is the last thing on your mind. But federal law gives you a joint-filing window that lasts a year or more after the death — and once it closes, your tax bill can jump for good. Your rate brackets and standard deduction … [Read more...]
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Inherited HSA? The entire balance is taxable income — this year
“Inherited HSA? The Entire Balanceis Taxable Income — This Year" To get my complete article with all the details… Your client has been doing everything right with their HSA. Maximum contributions every year. No withdrawals. Letting it grow like a super IRA. Now they're seriously ill. Their adult child is the beneficiary. And nobody has told them what happens … [Read more...]
Don’t Lose Millions Over One Missed Election
“Don’t Lose Millions OverOne Missed Election” To get my complete article with all the details… I’ve seen this one trip up even very careful practitioners—and the cost can be staggering. Here’s what caught my attention: There’s also a commonly misunderstood “simplified” method that looks like a shortcut—but in the wrong situation, it can backfire in a very … [Read more...]
One missed form. $1.5 million in estate taxes
“One Missed Form.$1.5 Million in Estate Taxes” To get my complete article with all the details… The estate exemption is $15 million. No estate tax is owed. So no filing is needed, right? Wrong. If you want your surviving spouse to inherit your unused exemption, someone has to file Form 706 and make the portability election—even when the estate is well under the … [Read more...]
The Hidden Advantages Behind Filing a Gift Tax Return
“The Hidden Benefits ofFiling a Gift Tax Return” To get my complete article with all the details… Most people hear “gift tax return” and think of paperwork they’d rather avoid. But here’s the surprise: filing Form 709 can actually protect you, save your family headaches later, and even lock in tax benefits the IRS can’t challenge after three years. If you’ve given … [Read more...]