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’ …