Lower My Tax Now Blog
Every estate plan should have these basic documents
Posted in Tax-Blog. Bookmark the permalink. | , May 27, 2015 | 0 Comments
Estate planning is not just a task for the wealthy. Even though federal tax implications kick in only if your estate exceeds $5,430,000, there are other issues that make estate planning important for most individuals.
Start your estate planning by meeting with an attorney and your accountant. They can instruct…
What every spouse should know before signing a joint return
Posted in Tax-Blog. Bookmark the permalink. | , May 20, 2015 | 0 Comments
The advantage of filing a joint tax return is well known – you generally save money compared to filing separately. However, there is at least one potential disadvantage. Both spouses are jointly and severally liable for the entire income tax bill, including interest and penalties, even if one earned…
Roth IRAs: A smart tax idea for children
Posted in Tax-Blog. Bookmark the permalink. | , May 13, 2015 | 0 Comments
Persuading your working children to make retirement contributions may not be easy, but investments in Roth IRAs may be the wisest possible use of their earnings. The nature of Roth IRAs, coupled with the effects of long-term compounding, can create exceptional returns on such early investments.
Although contributions to Roth…
Various Tax News
Posted in Tax-Blog. Bookmark the permalink. | , May 6, 2015 | 0 Comments
20 million qualify for ACA penalty exemption
According to a Brookings Institution paper on the Affordable Care Act, an estimated 20 million taxpayers who had no health insurance in 2014 will qualify for an exemption from the penalty for failing to have insurance. It’s not known how many of those…
