06 January

Love In The 21st Century: Bad Breakup Leads To Form 1099, Lawsuit

Source: Tony Nitti, a Forbes Contributor: view article on Forbes.com   As the town of Springfield’s resident oligarch, C. Montgomery Burns earned the ire of the townspeople through any number of misdeeds, including blocking out the sun, having the Rolling Stones killed, and stealing Christmas from 1981 through 1985. But even the fictional Mr. Burns never sunk as low as his real-life namesake, who …

28 December

IRS Raises Tangible Property Expensing Threshold

As 2015 winds down, it’s a good idea to budget for your 2015 personal income tax bill, in the event that you’ll owe the IRS money. Taxpayers who review their situations before year end have many more tax-reduction strategies at their disposal than those who wait until after the start of the tax filing season. Here’s an overview of several …

18 December

Congress Gives Americans a Tax Gift for Christmas

By LAURA SAUNDERS The Wall Street Journal Updated Dec. 18, 2015 12:41 p.m. ET Congress’s Christmas-tree tax bill contains surprising presents: permanent extensions of tax benefits for individuals that have long been temporary. The Protecting Americans from Tax Hikes Act of 2015, or PATH, has been passed by both the House and Senate and is expected to be signed into …

18 December

INCOME TAXES ILLUSTRATED

Today, the individual income tax is the single most important source of federal revenue, but it wasn’t always that way. In 1936, excise taxes, such as tobacco and alcohol taxes, brought in more than any other revenue source. Then, in 1943, the corporate income tax briefly became the most important source of federal revenue. But since the end of World …

04 August

Family Limited Partnerships: The Power to Move and Protect Your Wealth for Future Generations

Family limited partnerships (“FLPs”) give senior family members a tax efficient way to shift wealth to future generations while still exercising control over their assets. As an added benefit, by forming a FLP, senior family members remove assets out of their estate—generally at a reduced transfer tax value. The FLP structure consists of a general partner and limited partners who typically …

20 July

The National Jump In House Values and the Power of Home Improvements to Offset Capital Gains Taxes

Dallas-Fort Worth Home Real Estate Has Seen Dramatic Value Increases House values continue to rise in the low interest rate, post-recession economy. Homeowners are experiencing this increase not only in East and West coast cities like New York, Los Angeles, Boston, and San Diego, but here in Dallas-Fort Worth as well. In fact, according to Allie Beth Allman & Associates’ …