Category Archives: Personal Wealth Planning Services
Claim a Mileage Deduction? Federal Mileage Rates Increase for the Second Half of 2011
It’s one of those bad news/goods news things. Gasoline prices are up significantly, increasing the cost of operating an automobile. That’s the bad news.
The good news is that the standard mileage rates used to calculate federal income tax deductions have increased for the final six months of 2011, resulting in larger deductions.
According to IRS Commissioner Doug Shulman, “This year’s increased gas prices are having a major impact on individual Americans. The IRS is adjusting the standard mileage rates to better (continue reading…)
Posted in Closely Held + Family Business Practice, Distribution + Light Manufacturing Group, Emerging Businesses + Turnarounds, High Net Worth Practice, Hospitality, Restaurant + Lodging Group, Not-for-Profit Practice, Personal Wealth Planning Services, Professional Practices Group, Real Estate Group, Retail Group, Tax Services
Tagged Business Tax, IRS, Personal Tax
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Subject to FBAR Reporting? Final Regulations Change the Rules for June 2011 Filings
Undisclosed foreign financial accounts cost the federal government billions of dollars in lost tax revenue—perhaps as much as $100 billion each year. So it’s not surprising that this type of international tax evasion is being aggressively pursued by the U.S. Department of the Treasury.
If you had a financial interest in a foreign bank or other financial account in 2010—or had signature authority over a foreign account owned by a domestic entity, such as a corporation, partnership or trust—you may be subject (continue reading…)
Recent Developments Have You Rethinking Reverse Mortgages?
“It’s tough to make predictions, especially about the future.” Of course, Yogi Berra was mangling the English language while talking baseball, not retirement planning, but the concept applies.
In these turbulent times it’s become increasingly difficult for many couples to predict, and then secure, the money they’ll need to support themselves after retirement. For some seniors, it’s been impossible. And for a portion of those seniors, sometimes referred to as cash-poor and house-rich, federally-insured reverse mortgages can provide a viable option.
Posted in High Net Worth Practice, Personal Wealth Planning Services, Real Estate Group
Tagged Home Ownership, Personal Finances, Wealth Planning
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Own an Offshore Bank Account or Other Financial Account?
Honesty is the best policy—at least when there’s money in it, according to Mark Twain. The IRS, charged with enforcing a tax system based on voluntary disclosure, agrees.
International tax evasion in the form of undisclosed and unreported offshore financial accounts costs the federal government as much as $100 billion in lost revenue each year. That makes it an obvious priority for enforcement activity.
If you have an offshore financial or bank account, you’re likely subject to federal taxation and reporting requirements―just as (continue reading…)
Posted in High Net Worth Practice, International, Personal Wealth Planning Services, Tax Services
Tagged International, IRS, Wealth Planning
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Want to Maximize the Potential Tax Benefits of Gifting?
Sometimes, legislation is as notable for the things it doesn’t change as the things it does. Take last December’s tax bill.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act liberalized many of the rules for gifting and estate planning, at least through 2012.
For example, it increased the lifetime gift tax exemption—the amount of money or other property that you can gift over the course of your lifetime without incurring a gift tax—to $5 million, up from $1 million in (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Personal Finances, Personal Tax, Wealth Planning
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Aware of the New IRS e-Filing Requirements for Individuals, Estates and Trusts?
Technology is an integral part of daily life for many of us—even when it comes to paying our taxes.
U.S. taxpayers chose to e‑file nearly a billion individual income tax returns with the IRS over the last two decades―100 million last year alone.
At the federal level, at least for individuals, e‑filing has remained voluntary.*
That’s now changed.
Building on the momentum for e‑filing, the Worker, Homeownership and Business Assistance Act of 2009 established new rules that require paid tax preparers to e‑file on behalf (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Estate + Gift, IRS, Legislation, Philanthropy
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Want to Reduce Your Estate Tax? Plan Now to Take Advantage of Recent Legislative Changes
Uncertainty complicates planning. Sometimes, if we’re lucky, it also generates windows of opportunity.
Last December’s Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Tax Relief Act) changed the rules for gifting and estate planning. It temporarily extended a number of expiring tax provisions while also establishing new, albeit temporary, provisions.
The result is a new opportunity for gifting and estate planning.
However, because the Tax Relief Act’s provisions expire after 2012, you only have two years to take advantage of new (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services, Uncategorized
Tagged Estate + Gift, Legislation, Personal Finances, Personal Tax
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Want to Make a Tax-Free Donation to Charity from Your IRA for 2010 or 2011?
There aren’t many do-overs when it comes to your taxes. Generally, if you miss a tax deadline or a tax provision expires, you’ve lost an opportunity.
Last year’s Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (Tax Relief Act) provides an exception.
The Act temporarily extends a tax provision that allows you to make IRA distributions directly to qualified charities―a provision that originally expired after 2009.
The Act extends the IRA-to-charity provision for 2010 and 2011 only. However, because the extension wasn’t enacted until (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Legislation, Personal Finances, Personal Tax, Philanthropy, Tax Credits + Incentives, Wealth Planning
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In a Washington Registered Domestic Partnership?
Washington’s domestic partner legislation was first enacted in 2007, then expanded in 2008 and further expanded in the everything-but-marriage legislation signed into law by Governor Gregoire in May of 2009.
Taken together, the legislation extended to registered domestic partners (both same-sex and opposite-sex couples) all of the privileges, immunities, rights, benefits, and responsibilities granted to married persons under state law―including community property rights.
But there was one thing Washington state law couldn’t do: force recognition of those community property rights for federal income tax purposes. The IRS required registered (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged IRS, Personal Finances, Personal Tax, Wealth Planning
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Cold Weather Have You Reconsidering Energy-Efficient Home Improvements?
Brrrrrr! 14 degrees. Last week we had some of the coldest weather on record for our region.
Besides the obvious personal discomfort involved, freezing temperatures tend to highlight the costs and other consequences of a less-than-energy-efficient home.
Whether you’re concerned with reducing your monthly expenditures, saving the environment―or just staying warm―energy-saving improvements to your home can provide important benefits. In fact, such improvements can reduce your energy costs by as much as a third while significantly reducing carbon emissions. They can also (continue reading…)
Posted in High Net Worth Practice, Personal Wealth Planning Services, Tax Services
Tagged Home Ownership, IRS, Personal Finances, Personal Tax
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