by Arthur Geffen | Aug 29, 2018 | Estate Tax, Income Tax, Life Insurance
You may think that life insurance is tax-free. Unfortunately, the “no tax on life insurance” idea is only partly true: Life insurance is income tax-free. In other words, recipients of a decedent’s life insurance policy do not have to pay income tax on that sum....
by Arthur Geffen | Aug 14, 2018 | Income Tax
The Kiddie Tax, enacted as a result of the Tax Reform Act of 1986, was originally put in place to prevent wealthy parents from shifting income-producing securities to children in lower or zero tax brackets. This seemingly negative intent of the law has led to a...
by Arthur Geffen | May 22, 2018 | Income Tax
They’re not dodging their tax obligations. It’s just the way the US tax code works. This year, an estimated 45% of tax filers — or just under 79 million households — are likely to have zero federal income tax liability, according to the Tax Policy Center....
by Arthur Geffen | May 14, 2018 | Deductions, Income Tax, Pets
Here is a list of six potential tax deductions (or changes under the new law) for pet owners. ADVERTISEMENT 1. Business animals There may be deductions available for business animals if the animal lives at the trade or business. For example, dogs that work as a...
by Arthur Geffen | Dec 21, 2017 | Income Tax
Under the new plan, taxpayers who itemize will be able to deduct their state individual income, sales and property taxes up to a limit of $10,000 in total starting in 2018. Currently the deduction is unlimited. But filers have to choose to deduct either...
by Arthur Geffen | Dec 19, 2017 | Deductions, Income Tax
Under the tax bill, a $10,000 deduction limit would be applied to the combined value of property taxes and state and local income taxes. The legislation also would forbid a taxpayer from prepaying part of those expenses this year, which would have been a way to...
