The Importance of Joint Financial Literacy
Too often financial matters are handled by only one spouse. Even if day to day matters are handle by one
After High School: Legal Next Steps
Most children entering college, or pursuing other activities, are at least 18 years old and for most purposes they are legally “adults.” This means that parents no longer have the same access to information or control over their children after age 18. Proper planning for the legal issues that arise with an 18 – 21 year old child can help bring some peace of mind.
Rarely does campaign rhetoric translate to actual policy but it’s worth a look at candidate proposals for transfer taxes:
Hillary Clinton Takes Shot at Trump’s Plan to Repeal Estate Tax http://www.wsj.com/articles/hillary-clinton-takes-shot-at-trumps-plan-to-repeal-estate-tax-1471462502
2016 Tax Inflation Adjustments Announced
As announced in Rev. Proc. 2015-53, IRS has announced that the following inflation-adjusted amounts are effective January 1, 2016: Annual
Ohio Supreme Court “Blurs” Bright Line Tax Residency Test
“Contrary to recent commentary, the Cunningham decision should come as no surprise and is consistent with our past advice to clients who are residents of other states but spend time in Ohio: simply meeting the three mechanical tests is not enough, you must also act in a manner consistent with being a resident of another state.”
Devil in the Details: Avoiding Income Tax on Death Benefit of Corporate Owned Life Insurance
Section 101(j) of the Internal Revenue Code provides that proceeds of corporate-owned life insurance policies are generally taxable income to the corporation. Fortunately, however, there is a simple, but essential income tax return requirement that makes the proceeds non-taxable.
2015 Inflation Adjusted Tax Numbers
The following inflation-adjusted amounts are effective January 1, 2015: Annual exclusion from gift tax remains at $14,000 per donee. Annual
The Pease Limitation on Itemized Deductions for High Income Earners
The Pease limitation, named after former Congressman Donald Pease, was first incorporated into the tax law in 1990. The purpose of the Pease limitation, or phase-out, was to raise revenue by limiting some common itemized deductions among high-income earners.
AFRs for April 2013
AFRs for April 2013 announced. Please see Rev. Rul 2013-07 for complete details. AFRs Annual Semi-Annual Quarterly Monthly
