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Estate Tax, Inheritance Tax, Estate and Gift Tax Lifetime Exclusion Amount, Gifting While the LEA is at its Current Level, Annual Gift Tax Exclusion, Inherited Basis, Capital Gains Rates,  Tax Planning

Where is the Federal Estate Tax Going?

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Estate and Gift Tax Lifetime Exclusion Amount The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally went into effect in 2018. Tax Reform increased the federal estate and gift tax lifetime … Read More

Summer Time Child Care, Self Employed Teens and School Vacation

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It’s summer time already that means school vacations, child care and self employed teens. There are 2 summer events parents need to think about. That is childcare for your little ones and what teenagers need to do.  These tips will help you manage the summer finances a little easier for you as parents. This article will also explain what teens who earn money from a summer job should do.

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Do You Rent Rooms in Your House?

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Room Rentals Generate Good Income

Are you familiar with how the IRS treats the income and expenses for when you rent rooms in your home? Due to the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Some questions that often come up in regard to room rentals include: Is the income taxable? If so, how do I report the income from a room rental? What deductions can I take on my tax form? Can I claim a loss on rent? Answers to these questions are as follows:

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5 Reasons to E-File Your Income Tax Return Soon!

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Did you know you can e-file your income tax return to save time?

Some taxpayers go the old route of filing paper tax returns. This is a great time to implement electronic filing. Since the April tax deadline is very close, this is the as good a time as any to e-File with the IRS. This blog lists 5 reasons why you should e-file your income tax return soon.

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Do You Need a Summary of Tax Reform Changes?

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A Summary of Tax Reform Changes and Where Taxpayers Can Find More Information.

In this summary of tax reform, we will see that major tax law modifications affect every taxpayer that files a 2018 tax return this year. This article is to assist taxpayers in fully grasping these changes. Therefore, the IRS has made available some resources that are on the IRS.gov website. Here’s a brief summary of key changes:

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Why Was My Tax Refund Lower This Year?

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Was Your Tax Refund Lower Than Expected This Year?

Did you expect have your tax refund lower this year? You are not alone! In fact, the IRS put out a report by the Treasury Department on February 14th. The IRS report said that, the average refund it is paying in 2019 has gone down to $1,949 from $2,135 in the prior year. On average the tax refund decrease was $186 per taxpayer. In addition, the number of taxpayers filing returns so far has

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