Husband and Wife – A True Partnership or Joint Venture?
The Internal Revenue Service defines a partnership as a business entity with two or more members. The general characteristics of a true partnership are: Assets transferred to the partnership by the partners are considered co-owned by the partnership, not the individual partners. The lifetime of the partnership is usually limited by the lifetime of each [...]
Certainty in the tax world?
After the late passage of the 2010 Tax Act which postpones tax cuts and reinstates certain tax provisions, can we say our tax future is any clearer? Thankfully, Congress made these changes effective for the next TWO years and not just for one. However, the changes are still not permanent and are subject to change. [...]
Baby Boomers – Will you outlive your savings?
The three biggest fears of people about to retire are: Will I outlive my savings? How do I protect my family? How do I protect my assets? With the fluctuations in the market, higher taxes, and fewer jobs, these are real concerns. Many people who planned to retire now have to work 5 to 10 [...]
SHOULD YOU GIFT IN 2010?
Because of the uncertainty of the federal estate tax returning in 2011 at a potential 55 percent rate, it would be a good time to review your gifting before the end of 2010. Gifts can be taxable or nontaxable. If you are single, you may give up to $13,000 to each individual you choose to [...]
Do you need to file an estate income tax return (Form 1041)?
Although there is no federal estate tax due in 2010, there is no tax relief from the income tax return for the estate. In the year a person dies, a final personal tax return (Form 1040) is required if: 1) the gross income of the decedent exceeds the sum of the standard deduction plus the [...]
