Over the last few years, I have had a few clients who own timeshares. A timeshare is typically a resort of units in which multiple parties hold rights to use the property and each owner is given a specific period of time (i.e., one week per year) in which the owner may use the property. […]
If you have a current estate plan, as you know, we recommend that you review it on a regular basis. If there are changes that need to be made, it can be done through an amendment or codicil or through drafting the plan from scratch. Clients often think it is easier (and cheaper) to do […]
The month of January, of course, brings the start of the tax filing season. As such, there are a couple of items to think about. These two particular items are mainly directed at businesses, however, individuals who own rental properties or who are sole proprietors may be impacted as well. 1099 Reporting First, 1099 reporting […]
The British government announced recently that 4 million historical wills have been digitized and are now available for download by the public. As in the United States, these documents were previously available by traveling to the probate court and searching the available public records. Now anyone with an internet connection and a credit card can […]
Becoming an organ donor is easy. You can indicate that you want to be a donor in the following ways: Register with your state’s donor registry. Most states have registries. Check the list at OrganDonor.gov. In Minnesota, the registry can be found here. Once registered, you will receive a welcome packet in the mail including […]
Whether to be an organ donation is a question most of us face only when we renew our drivers’ license. We may be faced with the decision again if we visit an estate planning attorney and discuss a health care directive. So it’s probably not surprising that there is a lot of mystery surrounding organ […]
At some point in your life, you’re bound to get a traffic ticket – most likely a speeding ticket. If you are smart (and lucky) enough to avoid this, take a bow. But for the rest of us, what to do next may be an unknown. So here is a quick article that can hopefully […]
In addition to changes intended to align Minnesota tax with Federal calculations, the state also made several additional benefits available. If any of these may apply to you, please a tax professional for more in-depth information. Dependent Care Credit As part of the federal update legislation, the federal credit computation the Minnesota uses was updated […]
This is the first year that taxpayers are required to carry health insurance. Administration of the various health care payments, penalties and credits flows through the individual tax return. Health Care Reform Tax Penalty For 2014, if a taxpayer does not have qualifying coverage for himself/herself and any dependents, and does not qualify for an […]
For 2014 and subsequent years, the individual income tax rate schedules reflect a continuation of the rates in place for 2013. The 2014 individual tax rates are as follows: Tax Rate Income (Single Taxpayer) Income (Married Taxpayers) 10% Up to $9,075 Up to $18,150 15% $9,076 – $36,900 $11,151 – $73,800 25% $36, 901 – […]
This is the first in a series of posts over the next two weeks to assist Epilawg readers with year-end tax planning. The opportunity to take advantage of income timing exists particularly for taxpayers who are: In a different tax bracket in 2014 than in 2015; Subject to Alternative Minimum Tax (AMT) in one year […]