Archive for 'Personal Finance'

IRS Releases Draft Form 8960, But Is It Clear?

IRS Releases Draft Form 8960, But Is It Clear?

The Internal Revenue Service has just-released 2013 draft Form 8960. As so succinctly stated by Ted Batson, executive vice president at Renaissance Administration LLC., to Bloomberg News on Aug. 7th, he summarized 8960 as the form which:

… beneficiaries of charitable remainder trusts and others will use 8960 to compute the new 3.8 percent surtax on net investment income. This form accounts for the fact that not all items reported on a beneficiary’s Schedule K-1 meet the ...

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Newlyweds: Saying ‘I Do’ to the Money Talk

Newlyweds: Saying ‘I Do’ to the Money Talk

You’re married at last! The beautiful day went off without a hitch. Bliss is the only thing you feel right now. Congratulations! Enjoy the honeymoon. But when reality sets in and the newness wears off, don’t run from the hard conversations, especially the dreaded money talks. Many newlyweds avoid this subject because it can cause tension. But quite frankly, addressing the dirty word—money, that is—early in the marriage, will enable you as a couple to learn healthy ways to discuss ...

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Same Sex Marriage: Far from Equal under the Tax Laws

Same Sex Marriage: Far from Equal under the Tax Laws

Now that the U.S. Supreme Court has delivered its rulings on same-sex marriage—jubilation has given way to frustration and complication as reality sets in. Practically, what does this ruling mean for gay couples? It means that the Administration is facing a giant dilemma over whether the states or the federal government should define marriage.

Some gay rights proponents contend that while it was a step forward, the Obama Administration’s first decision was a little non-committal; it granted spousal benefits to all ...

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Partners Be Warned: The IRS May Not View You Equally

Partners Be Warned: The IRS May Not View You Equally

What’s Your IRS Payment Responsibility for Joint Income?

People who are in receipt of money—whether by gift or for business purposes—often erroneously assume that if it’s split among other recipients, then the tax liability is on the final figure not the original dollar amount. Not so in some cases, says the IRS. You could be taxed on the entire amount if you were originally in receipt of the whole dollar payment and you cannot prove a partnership or “community” property relationship. ...

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Retirement: A Sound Investment

Retirement: A Sound Investment

The earlier you begin planning for retirement, the better. However, if you are middle-aged with no current plan, don’t despair. There is still time. It’s never too late as long you start developing a consistent and solid plan. The better the plan, the more peace and security you will have in your golden years. Whether you fall into a high income tax bracket or you find yourself just getting by, you should indeed make retirement planning a priority– even if ...

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Health Insurance Premium Tax Credit: What’s In It for You?

Health Insurance Premium Tax Credit: What’s In It for You?

The IRS has issued final regulations regarding the health insurance premium tax credit enacted by the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act. The final regulations provide guidance to employees who may enroll in eligible employer-sponsored coverage and who want to enroll in qualified health plans through affordable insurance exchanges and claim the health insurance premium tax credit.

Certain individuals who buy qualified health care coverage through a state insurance exchange are ...

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Review Your Options for Comfortable Retirement

Review Your Options for Comfortable Retirement

Have you thought about your retirement options? Have you reviewed all of your options? Do you know what your pension and health will be? Following is a basic review of some of the pertinent questions you should be asking and some relevant solutions for a comfortable retirement plan..

Social Security

  • Do you qualify for Social Security benefits? If you have been in the work force, you probably have received that letter from the IRS telling how much you are eligible for if ...
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Taxpayer Denied Investment Interest Deduction for Excess Home Mortgage Debt

Taxpayer Denied Investment Interest Deduction for Excess Home Mortgage Debt

Recently in Tax Court, in the case of Norman v. Commissioner (December 27, 2012), the taxpayer made a clever but ultimately unsuccessful argument to secure an interest rate deduction for debt related to the purchase of his home that was in excess of the maximum $1.1 million of debt on which interest can be deducted. The taxpayer bought the house on about 10 acres of land for $1.8 million. He borrowed the money from a lender. ...

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Tax Updates for 2013

Tax Updates for 2013

Our Woodland Hills accounting office is well versed in all the new tax updates and changes for 2013. It’s very important that you be aware of these changes so that you can properly plan and prepare for a financially successful year. While we’ve discussed several of these changes on the blog, here are a few more changes to be aware of.

S Corporation Built-in Gain Tax

The current tax continues through 2013 and will be reduced over a period of five years ...

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The New Tax Act

The New Tax Act

The Senate and House have passed a new federal tax law known as the American Taxpayer Relief Act of 2012 (“New Tax Act”).

But now with the swearing in of new Congress members, it is likely that they will be tackling the federal deficit during 2013. In light of this there will certainly be additional tax law changes in the new year.

Some of the more important provisions of this New Tax Act are listed below.

1. Income Tax Rates

The New Tax Act ...

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