Arguably the greatest invention of the last 1,000 years is Gutenberg’s printing press enabling the rapid dissemination of information and subsequent enlightenment of the many and far away. If true then in a similar fashion arguably the worst inventions of the last 1,000 years are things like Twitter and Facebook. To paraphrase an old reporter’s [...]
With many states hurting for income the threshold for paying estate taxes will rise in an attempt to stem the tide of retirees leaving for greener pastures. The following is a list of states that will increase their estate tax exemption in 2015: MARYLAND: Increase from $1 million to $1.5 million. MINNESOTA: Increase from $1.2 [...]
The following is a summary of the most common items relevant to the majority of American taxpayers. Complete information written in the IRS tax speak we know and love may be found here. 2015 income tax brackets STANDARD DEDUCTION: Singles and married persons filing separate returns may clam a deduction of $6,300 (up from $6,200 [...]
It’s always interesting to note how excited we can get over trivial things. Scotchguard the seats in my new car? Only $500? Sign me up! (Note: As of this writing a can of Scotchguard will set you back $8 on Amazon.) Taxes present the same trapping. Jump through hoops to save $5? It’s a deal! [...]
The folks are Morningstar released their updated rankings of the best §529 college savings plans. As with all analysis the garbage in/out theory applies so a fair amount of healthy skepticism is recommended. After all the "best" §529 plan for one family's situation is not always the "best" for another's. Although §529 programs are by [...]
Life is hectic. How many times has, “I’m just really busy” been the answer you’ve received when asking a friend how they’re doing? We handle the time crunch with shortcuts. We like our apps, AAA diamonds, three out of four star movie reviews, Yelp and the like. But there are times when shortcuts are due [...]
Estate planning has always been a tricky exercise. On one hand is the objective – who inherits what, when, in what form and what’s the tax impact. On the other hand is the subjective – mostly family dynamics such as prior marriages, desire to benefit kids/grandkids (and, likely, treat them ‘fairly’), disliked relatives, deep-seated resentment, [...]
In a September 6th speech at the AFL-CIO convention U.S. Senator Bernie Sanders, a self-described socialist, called for an increase in the estate tax. In 2014 up to $5.34 million of an individual’s estate may be exempt from federal estate tax with a 40% tax rate applied to any excess over this amount. If Senator [...]
While not an exhaustive discussion this article is a great conversation starter. There's a huge gap between what we hope will happen at our deaths and what the law allows. Similarly there's no guarantee that what we ask of our family and friends will be implemented. With millions of animals dying in shelters each year it's important [...]
All of these strategies are perfectly legal but their use by the Brad Pitt and Angelina Jolie of the Democratic Party smacks of hypocrisy. Apparently one's "fair share" is fair solely in the eye of the beholder. See ya at the voting booth!