Most of us lead hectic lives, but as part of an estate plan, it is important to take the time to designate or update beneficiaries for all of your assets. Notably, you should be aware that designations for retirement plans and life insurance policies supersede beneficiary dispositions in your will. Keeping that in mind, here are several practical suggestions.
Posted in Individual Tax
Owners of rental property may be surprised to learn that they may take a tax deduction on their 1040 tax returns. Tangible property regulations, issued by the IRS in 2013, address a wide variety of topics, including materials and supplies; repairs and maintenance; capital expenditures; and amounts paid for the acquisition and improvement of tangible property.
Posted in Individual Tax
Do you own shares of stock that you want to contribute to charity? Before you pull the trigger on the donation, make sure that you give away the “right kind” of securities instead of the “wrong kind.” It can make a big difference on your tax return.
Posted in Individual Tax
Do you own investment real estate—say, an apartment building—that you rent out to tenants? Real estate can be a valuable and reliable source of income. Of course, the rental income is subject to tax, but the resulting tax liability may be offset by deductible expenses. In some cases, you might even qualify for a loss.
Posted in Individual Tax
“When should I begin to collect Social Security benefits?”
It’s a question we hear often—and that’s understandable. People who are nearing the retirement age face this very difficult decision, and the actions they take can have profound implications.
Posted in Individual Tax
