December 2008 Posts

  • Happy New Tax Year – Changes in 2009

    Tonight at midnight, of course, will be the start of 2009. With the change in the calendar year comes several significant tax changes, most of which I have blogged about prior to today:...
  • 529 College Savings Plan Investments May Be Adjusted Twice Yearly in 2009

    The IRS recently announced in Notice 2009-1 that in 2009 the investments in 529 College Savings Plans may be adjusted twice, as opposed to once per year, which has been the rule to date....
  • Bush Signs Worker, Retiree and Employer Recover Act of 2008

    This morning President Bush signed H.R. 7327, the “Worker, Retiree and Employer Recovery Act of 2008” (WRERA)....
  • The 12 Keys to Proper Estate Planning

    All of us know the Christmas song The 12 days of Christmas. Keeping with the holiday theme, I have come up with "The 12 Keys to Proper Estate Planning." ...
  • Expatriates Beware – New Taxes Apply

    Tired of all the taxes here in the good ole USA and thinking of moving to a tropical isle with little or no taxation?...
  • Deductibility of Estate Planning Legal Fees

    Contrary to what many of my clients assume, legal fees for general estate planning are not deductible for income tax purposes....
  • IRS Offers Free Tax Guide for Individuals

    From IR 2008-142: WASHINGTON — The IRS has placed its comprehensive tax guide for individuals on IRS.gov, updating it for tax year 2008. ...
  • Required Minimum Distributions to be Suspended?

    This update is courtesy of Barry C. Picker, CPA: It looks as if Congress has passed, and sent to Pres. Bush, H.R. 7327; Worker, Retiree, and Employer Recovery Act of 2008, ...
  • It may not seem like it, but Now is the Time to Plan

    Difficult topics when planning for your estate is a recent article on the Chicago Tribune’s website that discusses the advantages of wealth transfer planning during down market and low interest rate environments such as the one we are experiencing now. ...
  • IRS Offers Tips for Year-End Donations

    This is from IR-2008-138, issued today by the IRS: WASHINGTON — Individuals and businesses making contributions to charity should keep in mind several important tax law provisions that have taken effect in recent years....
  • Own Rental Real Estate? You Need an LLC to Protect Yourself

    Anyone who owns rental real estate in his or her individual name is taking a tremendous risk. ...
  • Medicare Part D – An Overview

    After the conclusion of World War II, employer provided health care benefits had become commonplace and employees had come to expect the benefit as part of their overall employment package. ...
  • Big Tax Losses in 2008? Consider a Roth Conversion

    Self-employed persons or small business owners such as home builders with big tax losses for the year should consider converting their traditional IRAs to Roth IRAs this year to "soak up" some or all of the loss....
  • North Carolina Has 4th Highest Beer Tax

    As a beer aficionado, I was surprised to learn today that NC has the fourth-highest tax on beer in the nation, at 53 cents a gallon....