Estimated Taxes

Estimated Taxes

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer withholding. If you are an employee, your...
Real Estate Professionals

Real Estate Professionals

Tax Benefits A taxpayer who spends significant time in activities related to real estate may qualify as a “real estate professional,” which can provide tax benefits. Passive Loss Limits A passive activity is generally defined as a business activity without a minimum...
Estate Planning, Wills, Probate, and Transfer of Assets

Estate Planning, Wills, Probate, and Transfer of Assets

Wills and Intestacy A will allows the testator (the person creating the will) to specify: • Who receives property at the testator’s death. • Whether beneficiaries receive gifts outright or in trust. • Who will act as personal representative. • Who will be the guardian...
Individual Retirement Accounts : Traditional IRAs

Individual Retirement Accounts : Traditional IRAs

What is an IRA? An IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money for retirement. An IRA is referred to as a traditional IRA if it is not a Roth IRA or a SIMPLE IRA. Traditional IRAs...
Individual Retirement Accounts – Roth IRAs

Individual Retirement Accounts – Roth IRAs

What is a Roth IRA? A Roth IRA is an individual retirement arrangement. Itis a personal savings plan that gives you tax advantages for setting aside money for retirement. An account must be designated as a Roth IRA when opened. Roth IRA tax advantages and rules...