When you sell a capital asset the sale results in a capital gain or loss. A capital asset includes most property you own for personal use or own as an investment. Here are 10 facts that you should know about capital gains and losses: 1. Capital Assets. Capital assets include property such as your home or car, as … Read more
In order to prepare a family business for transition to the next generation and for other reasons, a successful family business needs to consider setting up a formal means of obtaining outside advice and perspective. This can be done by placing appropriate persons on the board of directors or through the use of an advisory … Read more
Even if you’ve never paid the Alternative Minimum Tax, before, you should not ignore this tax. Your taxes may have changed so that this may be the year that you need to pay AMT. You may have to pay this tax if your income is above a certain amount. AMT attempts to ensure that taxpayers … Read more
The below article highlights just some of the considerations and complications that can be caused by placing property in a trust for asset protection and/or estate tax/estate planning purposes. In this particular instance the discussion centers on necessary property and casualty insurance considerations when the ownership of a personal residence is transferred to a type … Read more
In most cases you get your W-2 forms by the end of January. Form W-2, Wage and Tax Statement, shows your income and the taxes withheld from your pay for the year. You need your W-2 form to file an accurate tax return. If you haven’t received your form by mid-February, here’s what you should … Read more
POM Wonderful’s advertising claims were false and deceptive. That’s the conclusion of the United States Court of Appeals in upholding the FTC’s ruling. We think it’s a momentous victory for our two clients: American consumers and the cause of truth in the marketplace. You’ll want to read the entire opinion, of course, but here are twelve quotes from … Read more
The Internal Revenue Service today announced the release of IRS2Go 5.0, an update to the only official IRS smartphone application, compatible with both Apple and Android devices. Download IRS2Go free of charge for Android devices from the Google Play Store or from the Apple App Store for Apple devices. Use it to check your refund … Read more