There is a famous quote that says, “If you do what you love, you’ll never work a day in your life.” This quote may hold true, but unfortunately the IRS may have some questions related to how much you enjoy… Read More

Although we have the new federal Tax Cuts and Jobs Act of 2017 that brings plenty of changes in tax planning and reporting, we need to be aware that state income tax laws may be much different as each state… Read More

The section 121 exclusion allows taxpayers to exclude a portion of the gain on the sale of their principal residence. The exclusion is significant: up to $250,000 for single filers and up to $500,000 for those filing jointly. The caveat… Read More

US citizens or residents who have financial assets in accounts overseas, pay close attention to whether the combined value of those accounts ever exceeds $10,000 in value at any point during the year. If that occurs, a Foreign Bank Account… Read More

If you are the owner of a private plane, you may already know that trying to satisfy the rules and regulations of both the FAA and IRS can feel like an impossible task. This may also be true when it… Read More

“Kiddie Tax” refers to special rules and taxes imposed on the unearned income of certain children. While the kiddie tax is nothing new, recent tax reform has completely revamped and simplified the way this tax is calculated for tax years… Read More

We touched on the impact of the Tax Cuts and Jobs Act earlier this year. Click here to see this article. As this tax reform will affect most taxpayers in some way, it is important to understand how the new… Read More

At some point Treasury needs to tax all of the dollars tucked away in tax deferred accounts. Their solution? The “required minimum distribution” or RMD. While you can generally start taking retirement plan distributions at age 59 ½ without early… Read More

Are you considering selling your property to a family member or lending money to your niece for her wedding? Sometimes, a transaction between you and your relative can be favorable for both of you, including lower rates and thus lower… Read More

Are you considering selling your property to a family member or lending money to your niece for her wedding? Sometimes, a transaction between you and your relative can be favorable for both of you, including lower rates and thus lower… Read More