California is known for its high taxes, but careful planning can help you keep more of your hard-earned money in your pocket. In our blog, we share important tax planning tips, as well as advice for what to do when you find yourself facing an IRS collection action, levy, or lien.
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IRS Aims to Ground More Offshore AccountsDespite reduced resources due to recent budget cuts, the IRS is continuing its efforts to deter illegal tax evasion schemes. Instead of announcing its annual list of the "Dirty Dozen" tax scams for 2015 in one fell swoop, the agency is issuing a press release for each one spanning twelve...
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Repealing the Estate TaxThe state tax is always controversial. Some people believe strongly in it while others see it as unfair. The current exemption for estate purposes is $5.43 Million. Fewer than 1% of US taxpayers are subject to the estate tax. A new bill in Congress seeks to repeal it completely. It...
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Creditor Protection for Retirement AccountsQualified plans such as 401(k)s, profit sharing plans and traditional defined benefit plans are protected under federal law under Employee Retirement Income Security Act (ERISA). Protection continues for all qualified plan assets as long as the assets remain inside the plan and there are non-owner employees participating in the plan....
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Same-Sex Marriages Create New Strategies for Tax PlanningNow that the Supreme Court has issued its landmark ruling to overturn the Defense of Marriage Act (DOMA), same-sex couples should be hammering out joint financial plans, much like those that heterosexual pairs create when they marry. The plus side is that same-sex married couples nationwide are now afforded benefits...
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Update on the IRA 'One Rollover a Year' RuleOn the heels of a controversial U.S. Tax Court decision, the IRS announced plans to revise its current guidance on IRA rollovers. Starting January 1, 2015, the IRS will strictly apply the one-rollover-per-year rule on an aggregate basis, rather than on an IRA-by-IRA basis. This announcement could have important --...
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Selling Your Home? Tax and Other ConsiderationsThe prime residential real estate selling season is in full swing -- and 2014 might be a good time to sell, depending on your situation. So, while prospective sellers are making their properties look like model homes in the hopes of raking in a nice profit, this is a good...
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Should We Discuss Rocks, Flossing, or the Alternative Minimum Tax?Congress passed the alternative minimum tax (AMT) some 45 years ago because some wealthy families were legally using so many deductions and tax breaks that they were paying no federal income taxes at all. Talking about the AMT gets about the same response as discussing igneous rocks and teeth flossing—not...
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Take a Look at Last Year's Tax Return!Taxes are one of your largest retirement expenses. Your 2013 federal income tax form is a guide to reducing those taxes in 2014. Before filing away the return for last year’s taxes, take a few minutes to study it. A careful review of the return can point the way to...
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What Will Become of the IRA Charity Rollover?You were so helpful to me in September, clarifying the IRA charitable contribution. Do you know if the government is instituting that same contribution this year? We are well into tax season and planning for the upcoming year. Are you keeping up with the tax laws? As many retirees and...