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Taxes

Frequently Asked Questions – How can I keep my business in the family?

October 8, 2012
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Last week we highlighted a local business, Craven Farm, and the shift from traditional farming to the incorporation of agri-entertainment/agri-tourism. Originally a dairy farm, Craven Farm was purchased by Walt and Lydia Krieger nearly 65 years ago and is owned and operated today by their grandson, Mark Craven. Handing down the family business these days…

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Frequently Asked Questions – Why Do Women Need Life Insurance?

September 11, 2012
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Today, women have more financial responsibilities than ever before. How will your family or loved ones manage financially if you die? Whether you are single, married, employed, or a stay-at-home mom, you probably need life insurance. At the very least, life insurance can help pay for the costs of funeral and burial services, estate administration,…

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September Is National Life Insurance Awareness Month

September 4, 2012
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Congress has proclaimed September “National Life Insurance Awareness Month,” and most states are making similar proclamations. More than 100 insurance companies and industry trade groups are expected to participate in the National Life Insurance Awareness Month campaign. While many Americans recognize that it is important to protect loved ones with life insurance, far too many…

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Explaining the "Fiscal Cliff"

August 28, 2012
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What is the “fiscal cliff”? It’s the term being used by many to describe the unique combination of tax increases and spending cuts scheduled to go into effect on January 1, 2013. The ominous term reflects the belief by some that, taken together, higher taxes and decreased spending at the levels prescribed have the potential…

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Frequently Asked Questions: My spouse passed away this year, what filing status should I claim?

August 6, 2012
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Question: My spouse passed away this year, what filing status should I claim? Answer: As the surviving spouse, you have several filing choices that may be appropriate. You may be able to choose married filing jointly, married filing separately, qualifying widow(er), or head of household. Married filing jointly: You can usually file a joint return…

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National Taxpayer Advocate Identifies Challenges and Issues for Upcoming Year

July 30, 2012
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WASHINGTON — National Taxpayer Advocate Nina E. Olson today released a report to Congress that identifies the priority issues the Taxpayer Advocate Service (TAS) will focus on during the upcoming fiscal year. The report expresses particular concern about the taxpayer impact of expired and expiring tax provisions, the rise in tax fraud and tax-related identity…

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Frequently Asked Questions – Child Tax Credit vs. Child Care Tax Credit

July 23, 2012
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Question: What is the difference between the child tax credit and the child and dependent care tax credit? Answer: These credits are quite different. First, the child tax credit. The purpose of this credit is simply to provide tax relief for parents, working or not, who have qualifying children under the age of 17. A…

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Frequently Asked Questions – Estate Taxes

July 16, 2012
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Question: How will estate taxes be paid if I leave no provision in my will? Answer: The IRS places an automatic lien against your estate for any estate taxes that may be due. If your will leaves no specific provision about how these taxes are to be paid, state law generally controls how the burden…

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Frequently Asked Questions: What is the AMT?

July 9, 2012
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Question: What is the alternative minimum tax? Answer: The alternative minimum tax (AMT) is a separate tax computation that affects only certain taxpayers. The purpose of the AMT is to ensure that taxpayers with substantial income will not escape taxation entirely by employing certain exclusions, deductions, and credits. The tax law affords preferential treatment to…

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What Does the Supreme Court Ruling on the Health-Care Reform Law Mean for You?

July 4, 2012
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On June 28, 2012, the U.S. Supreme Court ruled, in a landmark decision, that the Patient Protection and Affordable Care Act (ACA), including the provision that most Americans carry health insurance or pay a penalty, is constitutional. The ACA, signed into law in 2010, made sweeping reforms to health-care coverage in the United States. Many…

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