Category: Finance / Taxes

Tax Advantaged Savings for College

Congress enacted Section 529 of the Internal Revenue Code to provide individuals with a tax-favored vehicle to save for college expenses. Section 529 plans are sponsored by states and allow an individual to contribute regardless of their income level. The earnings grow tax-free, and withdrawals… Continue reading

Is It Time to Panic?

This article begins with a disclaimer: Nothing you are about to read is intended as investment advice, nor should you take it as such. Over the last 18 months the stock market has declined more than 20% in value, with some sectors declining much more.… Continue reading

New Rules for Distribution from Retirement Plans

On April 17th of this year, final regulations were published for required minimum distributions from retirement plans. These regulations apply to all stock bonus plans, pension plans, profit sharing plans, annuity contracts, custodial accounts, IRAs, Roth IRAs and certain deferred compensation arrangements, and apply to… Continue reading

Time To Start Thinking About Your Taxes

Although it is only November, it is a perfect time to start thinking about your 2002 taxes. Congress has managed systematically to close many of the “big-dollar” tax planning ideas, however, there are still some ideas and techniques that you can take advantage of between… Continue reading

The Death of “Death Taxes”?

Now that the Republicans have won both houses in Congress, it seems inevitable that the federal estate tax (euphemistically referred to by many politicians as the “death tax”) will be repealed as early as next year. To accomplish this, Congress will likely extend the recent… Continue reading

It Still May Not Be Too Late

In a softening economy, we often witness an increase in commercial litigation, especially in the area of collections. Clients are sometimes surprised to find, however, that under American law there is no automatic right to also include a claim for your counsel fees expended in… Continue reading

The IRS Says that the Average Person Does Not Need an Offshore Credit Card!

Recently the IRS announced the IRS Offshore Voluntary Compliance Initiative. The IRS has had an increasing interest over the last four or five years in offshore activities, suspecting that United States citizens are avoiding taxes on income or gains by using offshore bank accounts. The… Continue reading

Bankruptcy: What is Your Preference?

Except for bankruptcy lawyers, most people, especially business people, cringe at the thought of bankruptcy. The concept of filing for bankruptcy protection is, to some extent, contrary to certain core business values such as paying your bills on time and being held accountable for your… Continue reading

Increase In Unified Credit/Annual Exclusion

The applicable credit amount (formerly the unified credit or the exemption equivalent credit) allowed in computing estate taxes for estates of decedents dying in 2004 is $555,800. This applicable credit amount exempts $1,500,000 from estate tax liability in 2004. The applicable exclusion amount for estate… Continue reading

Financial Privacy

We have been interested in the notifications which we have been receiving concerning everyone’s privacy policy. Whether it be your bank, brokerage firm, life insurance company, health insurance company, or others, hardly a day goes by without the receipt of someone’s “privacy policy.” Our research… Continue reading