Income Tax

Beware, the IRS is eyeing your inherited money – MarketWatch

By

  One of the perils of being well-off is the constant risk that the federal government and/or your friendly state and local tax collectors will figure out new and different ways to snatch more of your wealth. Especially wealth that you earned the old-fashioned way: by inheriting it. To raise your paranoia to the appropriate level, here are two new things to worry about.   Beware, the IRS is eyeing your inherited money – MarketWatch

Less estate tax planning may be better for older rich clients: Tax Strategy Scan | Financial Planning

By

  Less estate tax planning may be better for longer-living richThanks to longer retirement horizons, rich households may benefit from doing less tax-related estate planning, experts told Bloomberg. “People used to do a lot of wealth transfer planning when they were in their 60s, and I’m seeing people waiting longer to focus on transfers of wealth to the next generation or generations,” according to Jessica Galligan Goldsmith, co-managing partner of Kurzman Eisenberg Corbin & Lever. They’re not as willing to … Continued

Yes, there is a fact-based argument regarding graduated income tax

By

  Anyone who pays attention to state government knows Illinois’ fiscal system is a hot mess. Illinois has a huge — as in $8 billion plus — accumulated deficit in its General Fund. Not good, considering over $9 out of every $10 of spending on services goes to the four core areas of education, health care, social services and public safety. On top of that, Illinois is also one of the most notoriously unfair taxing states in the nation. The … Continued

Tax Day is here. How to make sure you’re all set for the IRS

By

  This spring marks the first time taxpayers are filing under the Tax Cuts and Jobs Act. The 2018 standard deductions is now $12,000 for single filers and $24,000 for married filing jointly, and itemized deductions have been limited. You can file for a six-month extension to submit your return, but you must pay the 2018 taxes you owe by midnight Monday Tax Day is here. How to make sure you’re all set for the IRS

This mistake is costing taxpayers $1.4 billion in refunds

By

  Not all taxpayers are required to submit a return. If your income is low enough, the IRS doesn’t mandate that you file one. But that doesn’t mean it wouldn’t pay to submit a return nonetheless. If you do file a return, you might manage to make some money from it if you wind up eligible for refundable tax credits that pay you back, even when your tax liability would otherwise be $0. In fact, it’s estimated that taxpayers are … Continued