Taxes Resources & Guides

Income taxes can sometimes be confusing, and a deferred tax liability is one of those confusing situations. Have you ever heard of owing a tax now, but legally not being required to pay it until later? Since the tax laws and accounting rules sometimes follow different timetables, this situation happens more than you might realize. Read more…

Are you wondering how long to keep tax records? Do you have a pile of old tax records sitting in your home just taking up space and collecting dust? Most taxpayers know that they need to keep these old tax returns, but many are unsure just how long they need to keep them. Many end Read more…

If you have started any estate planning, you have probably heard of the probate process. Of course, you may have also heard horror stories about going through that process. In some cases, it can take an extremely long time and cost you quite a bit of money. So, what exactly is the probate process and Read more…

Many people think that they will need to file an income tax return when tax time rolls around regardless of how much money they made. That is simply not true! Whether or not you need to file a return is based on your gross income and filing status for the year, but you might be Read more…

Most people know how life insurance works generally, but questions start arising when you get deep into the details. When a beneficiary receives a life insurance payout, do they owe taxes on that payout? Some life insurance policies are quite large, so paying income taxes on the proceeds of a policy could lead to a Read more…

Since you pay income taxes on your income throughout your lifetime, you might think that you are done with taxes after that. Unfortunately, that is not always true! Even upon your death, your assets might still be taxed again when you leave them to your heirs. In some cases, that tax rate could be over Read more…

Imagine getting great news that you just received a large inheritance from a long lost relative. Now imagine getting the bad news that you might owe a large inheritance tax on that money or property you just received. Depending on where the deceased person lived, you might have to pay taxes on inheritance that you Read more…

When most people hear the words “trust account,” they immediately think about the super rich. However, trusts are not just for rich people! Living trusts can be extremely useful tools to help you accomplish your estate planning goals. They provide many benefits like tax savings and probate avoidance. Whether or not you can benefit from Read more…

Have you ever taken a look at your paycheck stub and seen all the deductions and withholdings on there? Perhaps you saw a line item for the FICA tax being withheld from your check. Maybe you are not even sure what that is and why it was taken out of your pay. We are here Read more…