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Understanding the Gift Tax Exclusion

Understanding the Gift Tax Exclusion

Estate and Income Tax Planning – Gift Tax Exclusions 2014 gift tax rates, if understood correctly, offer huge potential tax savings during a person’s lifetime. The key to getting the greatest exclusions to reduce future tax bills, and provide the greatest benefit for family and beneficiaries, is to make use of the Annual Gift Tax Exclusion to avoid paying taxes on gifts valued up to $14,000. Getting the Most Out of the Gift Tax Exclusion First, the basics on the […]

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When forgiveness of debt will lead to a tax bill

When forgiveness of debt will lead to a tax bill

What are the tax consequences of forgiving debts? Or having your debts forgiven?   Give us this day our daily bread,and forgive us our debts,as we also have forgiven our debtors. Matthew 6:11-12   Now, before you go ahead and forgive all your debtors, you may want to think about the context of what this Gospel verse is trying to say. Is Jesus telling you to really forgive you actual debtors of actual money? Really. People who actually owe you […]

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Restricted stock tax problems

Restricted stock tax problems

Common income tax problem with restricted stocks.   Not-quite 40 and a millionaire? Chances are, if you didn’t inherit a fortune, you owe a sizable portion of your wealth due to selling restricted stock. In this article, I will talk about some of the tax problems that come about as a result of restricted stock. What is restricted stock? It is company stock which a corporation gives to an employee. The restriction means that the stock cannot be sold until […]

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Why can’t you avoid taxes like a heartless multi-national corporation does

Why can’t you avoid taxes like a heartless multi-national corporation does

Why can’t you avoid taxes like a heartless multinational corporation does? There are lots of things an profit-minded international corporations — oh let’s just say for example — Apple can do that you most likely can’t. Large-scale electronics production and marketing, for one. But the other thing, the one thing an individual has a real hard time doing legally, is that Apple is able to defer paying tax on foreign earnings until the income is repatriated, or brought back into […]

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3 things gay couples must know about tax return filing status

3 things gay couples must know about tax return filing status

Three things gay couples must know before signing a joint tax return Yesterday, the IRS formalized tax filing rules for gay married couples.  Of particular note, like heterosexual couples, gay couples must file either joint or separate.  Married gay couples, regardless of state law, can not file single.  So when trying to decide whether or not to file joint or separate on a 1040 form (or even when amending past returns to claim refunds), these are three things every gay […]

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Universal tax jurisdiction absurdities

Universal tax jurisdiction absurdities

Who else taxes like the United States? By: Anthony E. Parent, Esq. and Andrew Feng, summer intern, Parent & Parent LLP, University of Connecticut School of Law (JD. ’14) Recently we blogged about the “Exit Tax” or Expatriation Tax.  If you want to leave the abusive taxing scheme of the IRS, you actually may need to pay a tax in order to do so — a tax that is more punitive than the so-called death tax!  Anyway, as an aside, […]

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IRS expatriation tax

When you are worth more dead than alive: The Hidden Exit Tax Implications of Renouncing Your US Citizenship   NOTE:  This article is about the exit tax due from US persons, also known as the IRS Expatriation Tax, when they expatriate and relinquish their US citizenship.  For relevant articles about expatriate taxation for current US citizens living overseas, see this article here.   Some would say that the Internal Revenue Service (IRS) has been weaponized against political opponents, without any known repercussions.  Other […]

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IRS Medical Deductions Allowed

The IRS Medical Deductions Allowed – Is it always a good time to check? By: David G. Parent, Esq. Once upon a time — and this is unknown to most people born before 1950, Taxpayers took great careful track of their health care expenses. But then, the tax reforms in the 1980’s resulted in an exclusion of most medical expense deductions allowed (amounting to 7 and ½ percent of adjusted gross income). The result was that for many taxpayers, there […]

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Can you be taxed for spending bitcoins?

Tax implications of bitcoins (and traditional alternative currencies) BY: THOMAS S. GROTH, ESQ (find Thomas on twitter! @tsgESQ) I’ve decided that I want to be a Millionaire.  So I am going to buy one bitcent (cBTC), and I’ll be all set.  Sure, a bitcent is worth roughly $1 in U.S. fiat money (and rising my bitcoin ticker app now pegs the bitcoin to 137.90 USD), but that bitcent is worth a cool MILLION in satoshis! Say that with me, one […]

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