Category: Tax Planning
“Earlier this year, the IRS lowered the underpayment penalty threshold from 90% to 80% to help taxpayers who didn’t have enough tax withheld from their paychecks in 2018 or didn’t pay enough in estimated taxes last year.” With the lowering of the underpayment penalty threshold, taxpayers could avoid the penalty this past filing season, if […]
Even if net worth is not high, a second look at your plan can be beneficial. The Federal Tax Cut and Jobs Act is a good reason for people, regardless of the amount of their assets, to either create an estate plan or review an already existing plan, according to the Atlanta Business Chronicle in […]
Life happens and so does death, so it is best to be prepared. It doesn’t matter how much money you have. You always need an estate plan, whether married or single, in order to be sure those left behind are cared for and that your assets are distributed as you wish, according to the South […]
The basics of estate planning can deal with various situations. Since family situations differ greatly, there can be challenges and opportunities as the members deal with estate planning basics, according to the Chicago Tribune in “Dealing with property transfers and gift taxes“. In a situation in the article, the family home was rented to a […]
There are mistakes that can be avoided, and others may still be fixed. However, it is better to get it right the first time. You can spend a lot of time planning for retirement. However, you can still make mistakes and some are fixable and some are not, according to USA Today in “Social Security, […]
So, which taxes should draw your attention? There is a lot of news coverage and discussion about federal estate taxes. However, unless you are in the upper level of the wealthy, they will not have an impact on you but there are some other taxes that can be very extensive, according to the Pittsburgh Post-Gazette […]
Government regulations usually have less impact than family relations. There are some big estate planning mistakes that farmers can make. It is best to be aware of them and avoid following in the footsteps of others, according to Ag Web in “5 Estate Planning Mistakes You Don’t Want To Make”. The current estate tax exemptions […]
Handling the decedent’s final affairs. When a family member passes away, there are some important papers and information that must be gathered. The smart way to address the issue is to gather the papers beforehand and have assistance from an estate planning attorney, according to The Balance in “Important Papers to Locate After Someone Dies“. […]
Assets will have to be divided as well as dealing with paperwork, courts and tax law changes. Dividing up assets is difficult in a divorce and the new tax law changes that went into effect in January 2019 are not going to make it any easier, according to Next Avenue in “How the Tax Laws […]
Only 54% of pastors nearing retirement age have a will. A survey conducted by the Southern Baptist Foundation has found an estate planning contradiction among its pastors, who believe people should create an estate plan but don’t have one themselves, according to the Baptist Press in “Young or old, many pastors lack a will, survey […]
