Lower My Tax Now Blog

Every estate plan should have these basic documents

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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

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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

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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

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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…

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Noel Dalmacio, CPA, CFP, MS TAX
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Irvine, CA 92606

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