When a small-business owner gets divorced, significant tax consequences can follow. In this issue, (Part 2) of my series on divorce, I’ll explain how to split up qualified retirement plans like your IRA, without shooting yourself in the foot. If you want to learn specific ways to prevent Uncle Sam from taking a big cut of your assets, check out my latest article titled Tax … [Read more...]
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Tax tips for divorce: Proven ways to save money
A divorce can be a traumatic event. What can make things even worse is the fat tax bill you may have to pay Uncle Sam. That’s right. Your business, children, property, and other assets can trigger a huge tax bill that can make a bad situation even worse. Which is why I urge you to read my latest article titled Tax Tips: Tax Tips for Divorce (Part 1). Three ways our … [Read more...]
Tax Tips for the estates of those who died in 2010
IMPORTANT: The tax law gives two choices to the executors of estates of decedents who died in 2010: Choice #1 is to apply the old 2010 rules Choice #2 is to apply the newly enacted 2011 and 2012 estate tax rules If you are the executor of an estate (of someone who died in 2010), which choice makes sense for you? You’ll find answers in our new article titled Tax Tips: Tax … [Read more...]
Dealing with the new estate and gift tax rules
The bad news: Nothing is certain except death and taxes. The good news: Thanks to the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (better known as the Bush tax cut extension package) a new, temporary, federal estate and gift tax has been established for 2011 and 2012. Want to learn how to use the new estate tax rules to provide big … [Read more...]
Bad news from the IRS re: the new health law
New guidance from the IRS on the new health care law is a major downer. Why? Because it says that the owner of a business may not claim the 35 percent tax credit on the health insurance premiums paid to cover his or her spouse. What does this mean to you? You’ll find out when you read my important new article called Tax Tips: IRS Says No Tax Credit on Health Insurance Premiums … [Read more...]