Posts Tagged ‘Estate’


Where’s My K-1?

 

This question is asked frequently during tax season.

I suspect it will be asked even more this tax season.

There will likely be even more delays this year than in past years. Congress passed The American Taxpayer Relief Act of 2012 on the last day of 2012. President Obama signed this legislation on January 2, 2013. This has delayed the IRS, which will delay tax preparers.


A Summary of the American Taxpayer Relief Act of 2012

 

The Federal Government avoided the Fiscal Cliff...Well, for now any way.

 

At the very last minute they passed the American Taxpayer Relief Act of 2012.  Here are some of the highlights:

 

 Income, Capital Gains and Qualifying Dividends Tax


6 Easy Steps to Open an Estate in Connecticut

 

1) Go to Probate Court and Get Your Appointment

A decedent will list their executor (or executrix) in their will.  If the decedent did not name one or did not have a will, the court will appoint someone to manage the affairs of the estate.

 

This person will be known as an administrator or adminstratrix. The appointment will allow you to manage the affairs of the estate.  Keep in mind the entire process will be overseen by the … Continue reading »


3 Easy Ways to Financially Help Your Children or Grandchildren

Do your children or grandchildren need some financial assistance?

Here are 3 Easy Ways to help them:

 

1) Make a Loan

Parents and grandparents can loan to their child or grandchild.  If this is the approach taken, a formal loan agreement should be drawn up.  This should include interest and the repayment terms.  The Internal Revenue Service (“IRS”) will require a minimum amount of interest to be charged.  This is known as the Applicable Federal Rate (“AFR”).  This … Continue reading »


7 Smart Year End Tax Planning Moves

 

1) Harvest Capital Losses

Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the tax deduction is limited to $3,000. Any excess capital losses can be carried into the future.


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