You own some stock that has increased in value. To avoid a possible taxable gain by selling the stock, you wish to give it directly to a child or grandchild. This simple idea has some interesting tax consequences to consider. Value of the gift When you gift...
What happens when an ex-spouse files a joint tax return with errors in it that you did not know about? You learn that the tax obligation on a jointly filed tax return can be collected in its entirety from either filer. The IRS refers to...
The Social Security Administration recently announced monthly social security and supplemental security income benefits (SSI) will not increase in 2016. This lack of increase is based upon the Consumer Price Index over the past 12 months ending in September 2015. A recap of the key...
A recent study by the Treasury Inspector General for Tax Administration (TIGTA) for the 2014 tax filing season estimated that $1.4 billion in unqualified Advance Premium Tax Credits were made. In theory, taxpayers are required to repay these tax credit overpayments as they are not...
You can begin receiving your Social Security retirement benefit as early as age 62. But if you do this you could be in for a benefit shock. You will only receive 75% of your full benefit. By putting off your benefit start date you can...
Topline For those who qualify, a married couple can exclude up to $500,000 ($250,000 for unmarried taxpayers) in capital gains from the sale of your principal residence. This exclusion can be taken once every two years as long as you meet a two-years out of five...
New state tax laws are making more and more taxpayers tax cheats without them realizing it is happening. Think it can’t happen to you? Here are some examples. A Florida widower with income, marries a retired woman who lived in Utah for nine months. The woman...
With the dramatic increase in identity theft, what can be done to protect your Social Security Number (SSN) from these would-be thieves? Here are some ideas. Do not carry your Social Security Card with you. Your parents were encouraged to do this, but times have changed....
