Taxes
Trust In Irrevocable Life Insurance Trusts
Many limitations have been placed on traditional tax shelters over time, but the benefits of “irrevocable life insurance trusts” (ILITs) remain intact.
Ken Berry, JD
CPA Practice Advisor Tax Correspondent
Ken Berry, Esq., is a nationally-known writer and editor specializing in tax and financial planning matters. During a career of more than 35 years, he has served as managing editor of a publisher of content-based marketing tools and vice president of an online continuing education company in the financial services industry. As a freelance writer, Ken has authored thousands of articles for a wide variety of newsletters, magazines and other periodicals, emphasizing a sense of wit and clarity.
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Taxes
Tax Pointers on Mortgage Points
Points paid on a new mortgage are fully deductible if you meet certain tax law requirements. Notably, the acquisition debt must be secured by your principal residence and ...
Taxes
The Tax Blotter - August 3, 2023
Under current law, net operating losses (NOLs) can no longer be carried back for two years, but they may be carried forward indefinitely.
Taxes
The Tax Payoff for Life Insurance
Although Congress has chipped away at many traditional tax shelters in recent years, the main benefits of life insurance remain intact.
Taxes
Pros and Cons of the "Kiddie Tax"
If you’re not careful, this often-misunderstood tax provision can result in a sizeable income tax liability for the family.
Taxes
Tax Issues When Selling a House After a Divorce
What are the tax consequences regarding a home sale if you and your spouse split up or divorce?
Taxes
Taxpayers Warned About Frivolous Tax Claims
A frivolous claim is one that is used to support an unreasonable entry on your returns or the failure to file a return. Numerous such claims have been shot down by the IRS, as well as the courts, in recent years.
Taxes
Hosting an Exchange Student Can Earn a Tax Break
Qualified deductible expenses include the cost of books, tuition, food, clothing, transportation, medical and dental care, entertainment and other amounts actually spent for the student's well being.
Benefits
How to Realize Tax Rewards with Sec. 1244 Stock
Be aware, however, that this special tax treatment isn’t automatic. To qualify for Section 1244 treatment, the following four main requirements must be met.
Taxes
Taxpayers Can Use a 529 Plan for Themselves
But Section 529 plans don’t have to be used only for your kids. One can be set up to reward virtually any beneficiary—including yourself!
Taxes
Ins and Outs of the Home Sale Exclusion
Here are several key points about the home sale exclusion that you should know about before you hand over the keys.
Taxes
Key In on Improved Home Energy Credits
The IRS is reminding taxpayers that they may qualify for expanded home energy credits in 2023 (IR-2023-97, 5/4/23) There are two types of credits.