Income Taxes « Financial Matters

Articles About Tax Issues

• "2010 Tax Act" Year-End Transfer Tax Planning Alert (Morris Law Group – Dec. 2010)
  Congress and President Obama were able to agree upon a far-reaching compromise before the Christmas holiday that affects unemployment benefits, estate planning and taxes, among other things. The outcome is entitled "The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, P.L. 111-312" ("2010 Tax Act") and has been signed into law. The new law contains numerous significant changes that will affect estate plans across the board.
• A Checklist of Tax Benefits for Parents of Special Needs Children (Special Needs Answers – Oct. 2007)
  Unique tax benefits are available to families with individuals who have special needs.
• Gift Annuities Benefit Donors, Nonprofits (Wall Street Journal – 2/3/09)
  Charitable annuities are the gifts that keep giving. These vehicles allow individuals to support a charity, reduce their tax bill and secure a steady stream of payments for life.
• How to Deduct Assisted Living Facility Costs (Robert C. Anderson, LL.M. Taxation, CELA)
  The IRS provides an income tax deduction for medical expenses which include "qualified long-term services." This is a helpful article written by one of our friends on important tax considerations for folks who live in an assisted living facility!
• IRA Change Helps Retirees Ride Out the Storm (Washington Post – 1/15/09)
  It's hard to keep up with all the legislative changes taken as the federal government grapples with the recession.
• Maximizing the Medical Expense Deduction (Beyond Structured Settlements – 8/30/10)
  Jeremy Babener, author of previous articles on structured settlement taxation, has published Taking Medical Expense Deductions Before and After a Personal Injury Suit in the August issue of Practical Tax Strategies. The article is available at his web site, Tax Structuring.
• Poll: Many Sick Americans Experience Significant Financial Problems And Report Their Care Is Not Well-Managed (Harvard School of Public Health – 5/21/12)
  Many Americans who have experienced a serious illness or injury within the past 12 months are concerned about the financial costs of medical care, and struggle to ensure that their care is appropriate,  according to a new poll released today by the Robert Wood Johnson Foundation (RWJF), NPR and Harvard School of Public Health. RWJF commissioned the poll to better understand Americans’ experiences and attitudes related to cost and quality of U.S. medical care.
  Patti's Comment:  You can count me in as agreeing!
• Self-Employed? Remember Roth IRA Option (Wall Street Journal – 7/2/10)
  Saving more for retirement is something we should all be doing. If you can save in a tax-smart fashion, so much the better. Making annual Roth IRA contributions is definitely tax-smart, because you can take tax-free withdrawals after age 59½. Of course, Roth contributions are nondeductible. That's OK because you'll collect your rightful tax savings on the back end. However, many successful self-employed individuals have dismissed the idea of making annual Roth contributions for two reasons. 
• Should You File Jointly, Or Not? 
  For many married couples, filing jointly is a good idea, but there are exceptions.
• Tax Break for Surviving Spouses Selling Homes (Wall Street Journal – Jan. 20, 2008)
  Some widows and widowers thinking of selling their home may benefit from a new law enacted last month. The new law effectively gives them more time to sell and still be eligible for the maximum home-sale tax break available for married couples who file jointly.
• Tax Deductions and Credits for People with Disabilities and Their Families (1/28/16)
  If you or your spouse have a disability, or if you care for a dependent with a disability, you may be able to qualify for one or more tax credits and deductions.
• Tax Time Tips for Families of Children with Special Needs
  Your family may work with a good accountant, but consulting a qualified special needs planner at tax time can solve complicated questions about taxable income affecting people with disabilities.
• The Tax Consequences of Mark Zuckerberg's Marriage (TaxProf Blog)
  What does this latest development mean for the Zuckerberg family tax return?
• The Tax Relief Act of 2010
  This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting or other professional service.

IRS Information & Press Releases

• Find a Location for Free Tax Help (irs.gov) 
  The locator is updated regularly from February through April.  
• Free Tax Return Preparation for Qualifying Taxpayers (irs.gov)
  Both the VITA and the Tax Counseling for the Elderly (TCE) programs offer free basic tax return preparation to qualified individuals.
• Practice Before the IRS and Power of Attorney (Publication 947)
  This publication discusses who can represent a taxpayer before the IRS and what forms or documents are used to authorize a person to represent a taxpayer.
• Top 10 Reasons to Visit the IRS Website his Summer
  Don’t wait in line, go online. Point and click your way through the tax season. All you need is a computer and Internet access because the IRS website has a wealth of free information and online tax support. Here are the top 10 reasons to visit http://www.irs.gov.
• Understanding Your EIN
  When a trust does and does not need a EIN.