Blog
The Good, The Bad and The Ugly: 3 Tax Changes That Will Impact Small Businesses in 2014
The Good. Up until last year the home office deduction was derived by applying a time consuming formula. It required the home owner/business owner to make calculations as to the percentage of the home that the office takes up and then allocate the cost of utilities,...
When is an IRA Distribution Non-Taxable?
The answer is: when the taxpayer is represented by counsel. Well perhaps there is a little more to the answer than that, but it is a good starting point. The Eighth Circuit Court of Appeals recently reversed a U. S. Tax Court decision in which the taxpayer...
Elder Law Financial Planning Services in Birmingham, Alabama MyRA
In the State of the Union Address, President Obama announced plans to create a new “myRA” retirement account to help low and middle income taxpayers, with household incomes below $191,000, who do not have access to employer-sponsored retirement plans, to start...
Disclaimer Trusts: A Flexible Alternative to Credit Shelter Trusts
Credit Shelter Trusts Many high net worth families commonly use Credit Shelter Trusts or B Trusts to commit a certain amount of assets, designated by a formula or otherwise, to be placed in a Trust so that the assets are not included in the taxable estate of the...
Small Business Tax Credit for Health Insurance Premiums under the ACA
Believe it or not, there is a tax credit for small (really small) businesses that pay for employee health insurance premiums. It can be claimed for years 2010 forward and for 2014 and 2015. This credit was enacted as part of the Affordable Care Act tax...
Protecting Alabama’s Elders From Abuse
The 2010 U.S. Census reported the highest number in decennial census history for the 65 and older portion of the population. Coming in at a record high 40,267,984 or 13% of the U.S. population, the baby boomers are making their mark on history. In 2011,...
Estate Tax Return Even if the Estate is Exempt
With an estate tax and gift tax “exemption” at $5,250,000 and availability of portability of the unused exemption into the second estate, the vast majority of estates will not be subject to estate tax or gift tax at all. However, failure to file an estate...
The NOTICE Act
The Notice Act, which just became law, stands for “Notice of Observations Treatment and Implication for Care Eligibility.” When you go to the hospital, and are wheeled to a hospital bed, do you think you are being “admitted?” Do you think...
New Rules for Paying Home Caregivers
A federal appeals court has reinstated regulations to extend the minimum wage and overtime minimum wage and overtime protection provisions to workers who provide home care for the elderly and disabled. A federal appeals court has reinstated regulations to...