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News & Tax Tips

2016 Standard Mileage Rates for Business, Medical and Moving Announced

WASHINGTON — The Internal Revenue Service today issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Read more

Internal Revenue Service Reminds Taxpayers to Plan Ahead If You Need a Tax Transcript

WASHINGTON — The IRS reminds taxpayers that the quickest way to get a copy of their tax transcript is to order it online using the Get Transcript application on IRS.gov. By planning ahead, they should receive their transcript in the mail within five to 10 days from the time the IRS receives the request online. Read more

Disability Insurance Definitions And Features

1.   Total Permanent.  Total permanent disability happens when, because of an injury or sickness, a person is unable to perform the duties of his occupation, is not engaged in any other gainful occupation, and is under the regular care of a physician.  This type of disability might result from a car accident, which could lead to paralysis. Read more

7 Steps To Create Your Best Life

 

1.   Get to know yourself.  Understanding yourself and what you need is the basis for a happy life and the guide to future good decisions.  What are your values?  What is important to you?  What people and activities do you enjoy most?  What gives you the greatest satisfaction?  Answering these questions is not a selfish exercise, but a window to the life you want to lead.  Knowing yourself helps you to align your actions and choices with what is important to you.  Read more

Medicaid And The Death Of A Good Estate Plan.

Commonplace estate plans do NOT work out well for those who do suffer ill health in old age, and who do not have substantial savings and investments.  Nursing home costs are NOT covered by Medicare (except a possible short term stay), and an extended nursing home stay for one or both individuals of  a married couple will exhaust many if not most normal estates.  Once the assets are gone, Medicaid will take over.  Read more

Insuring Against Mistakes

Some things to consider when buying life insurance:

BUY convertible term insurance if you do not have time to understand the risks of a proposed cash-value policy.

ASK the agent if you can get a better deal by combining one or more riders with base coverage.

PAY the minimum premium to get the policy in full force, and then review the contract to decide on the best premium schedule. Read more

Is Time On Your Side?

How long do you have to keep your tax records?  Like many issues of law, it depends.  Practically speaking, the statute of limitations on additional tax assessments runs for three years from the time you have filed your tax return or the due date, whichever comes later. Read more

This is a great tax saving tip!

Tips For Solving The Cost-Basis Mystery

That old gift of stock from a parent or Uncle Jerry can create a tax headache when the time comes to sell it. Capital gains tax due when someone sells a gift of stock is generally based on what the original owner paid for the shares, as well as events such as mergers, spinoffs and stock splits that occurred at the company in the years since. That original basis, though, is often lost. Read more