The staggering cost of college makes it critical for families to plan carefully for this major expense, and in many cases, grandparents want to play a role. As you examine the many financing options for your grandchildren, be sure to consider their impact on your estate plan. Make payments directly to the college A [...]
Estate Planning for Single Parents Here’s a fast fact: The percentage of U.S. children who live with an unmarried parent has jumped from 13% in 1968 to 32% in 2017, according to Pew Research Center’s most recent poll. While estate planning for single parents is similar to estate planning for families [...]
In late December 2017, Congress passed and the President signed the Tax Cuts and Jobs Act. The law will phase in a wide variety of changes to the way businesses calculate their tax liabilities — some beneficial, some detrimental. Revisions to the treatment of employee meals and entertainment expenses fall in the latter category. [...]
Are you in the process of a divorce, or considering revisions to a divorce agreement? Be aware that the recently enacted Tax Cuts and Jobs Act (TCJA) is bringing drastic changes to the tax treatment of alimony payments. Current Rules Current rules allow a deduction for alimony payments made pursuant to a divorce or separation [...]
California has been hit by several disasters over the past year. Victims may be eligible for various types of relief, but perhaps least known is California property tax relief. What is Property Tax Basis? Property taxes can be significant in California. Our high property values mean the related taxes are often a sizable amount. Our [...]
Last Thursday, President Trump and Senate Republicans turned their attention to tax reform by releasing an outline of their long-awaited tax reform plan. The nine-page “Unified Framework for Fixing Our Broken Tax Code” is intended to serve as a template for the congressional committees to draft legislation to cut tax rates, simplify the tax code [...]
When it comes to deducting vehicle expenses (and costs related to other "listed" property), the law is clear and strict on required documentation. There is little wiggle room, as illustrated in one recent U.S. Tax Court case. Personal and business use property Listed property is a special classification for assets that lend themselves to both personal [...]
Do you have a hobby that has started earning money? The good news is that most hobbies have some potential for earning money, given that many hobbies can be an endless drain on finances. If your hobby is earning money, the bad news is that you very well may have some tax reporting to do.
Some individuals were in a panic late last year as the favorable estate and gift tax rules were set to expire in 2013. With Congressional action uncertain, no one knew how their plans might be affected. Good News... Estate Rules Marginally Changed To the relief of tax payers and planners, most of the estate rules [...]
