Blog — Family Business

Tuesday, December 29, 2009

Important events require careful planning. For example, what happens to your assets, who will care for your children, will your business survive or will your children be able to protect a legacy asset such as a cottage or vacation property in the event of your incapacity or death all involve critical decisions. Planning "in time" does not necessarily mean that the planning is "on time." Any ambulance driver will tell you that lying on a stretcher on your way to the hospital is not the time to begin working on your estate plan or business succession plan. On a number of occasions, the importance of timely planning has been dramatically presented to me. In each situation, clients with...

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Tuesday, December 15, 2009

As we quickly approach the end of the year, you may want to consider the following information that could impact the amount of income tax you pay for the year 2009.

Home Energy Tax Credits

The American Recovery and Reinvestment Act (Recovery Act) enacted earlier this year expanded to home energy tax credits which are the Non-Business Energy Property Credit and the Residential Energy Efficient Property Credit.

The Non-Business Energy Property Credit. The Non-Business Energy Property Credit equals 30% of what a homeowner spends on eligible energy saving improvements, up to a maximum tax credit of $1,500.00 for the combined 2009 and 2010 tax...

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Monday, December 7, 2009

On December 3, 2009, the House of Representatives passed a bill introduced by Rep. Earl Pomeroy (D-ND) that addresses the federal estate tax: H.R. 4154 - "A bill to amend the Internal Revenue Code of 1986 to repeal the new carryover basis rules in order to prevent tax increases and the imposition of compliance burdens on many more estates than would benefit from repeal, to retain the estate tax with a $3,500,000 exemption, and for other purposes." This straightforward bill, which has no cosponsors, provides for the following:

- Repeal of the 2010 repeal of the federal estate tax as provided in the Economic Growth and Tax Relief...

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Tuesday, November 17, 2009

With only seven weeks left in the year, it's certainly time to think about year-end tax planning!

If you're considering buying a new car, you'll want to do it before December 31 in order to take advantage of a special sales tax deduction on up to $49,500 of the cost of a new vehicle bought before 2010. If you don't itemize, you can add the sales tax on to your standard deduction.
On the other hand, if you're planning to convert a traditional IRA to a Roth, you may want to wait until next year as the tax on 2010 conversions can be spread out over two years instead of one. 2010 is also the year that the ban on IRA conversions by high-income earners disappears. Taxpayers in the...

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Wednesday, November 11, 2009

Criminals use many methods to steal personal information from taxpayers. They can use your information to steal your identity and file a tax return in order to receive a refund. Here are ten things the IRS wants individuals to know about identity theft so you can avoid becoming the victim of a scam artist.

  1. Identity thieves get your personal information by many different means, including stealing a wallet or purse or accessing information you provide to an unsecured Internet site. They even look for personal information in your trash. They also pose as someone who needs information through a phone call or e-mail.
  2. The IRS does not initiate contact with a taxpayer by...
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