This summer, parents are increasingly looking forward to the day their kids will be out of the house, but dreading the cost of their new residence: college.  As you consider college saving plan options, consider the two most common tax favored savings tools available: the Coverdell Education Savings Accounts and 529 Plan accounts.  The Coverdell…

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Qualified Real Property

Depreciation can be a confusing topic, especially as a property owner. The IRS establishes multiple lives and methods for depreciating assets, making it frustrating and seemingly impossible to determine which life to assign and/or what method to use. Especially confusing can be all the different qualified real property categories and under what circumstances each applies….

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Younger taxpayers often purchase life insurance to care for family members dependent on them if they were to die; but, elderly taxpayers often purchase life insurance to cover estate tax and other financial obligations they are responsible for if they were to die. Are life insurance proceeds taxable? Yes and no. Life insurance policies are…

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At age 70 ½, taxpayers are required to take required minimum distributions (RMD’s) from their IRA accounts: the government wants to collect their taxes from the earning retirees accumulated over the years. Failure to do so could generate penalties as high as 50%! In 2015, Congress made a law permanent allowing RMD’s to be directed…

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The short-term highway funding extension that passed during 2015 has modified the due dates for several common tax returns for Tax Year 2016 (Filing due date in 2017).  The due date changes with the most impact will be those changes for partnership tax returns (Form 1065) and C Corporation tax returns.  Essentially those due dates…

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As the end of the year is upon us, we encourage you to think of planning moves that will help lower your tax bill for this year and possibly the next. Factors that compound the planning challenge this year include turbulence in the stock market, overall economic uncertainty, and Congress’s all too familiar failure to…

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