In June of 2015, same sex couples were granted the right to marry by the Supreme Court of the United States. This historic moment comes complete with a lot of questions about taxes. Previously, same sex couples paid separate federal income taxes. Some same sex married partners were able to pay their
Carried Interest – A Possible Loophole for Taxpayers?
Hedge fund managers, or general partners, often work off of a flat fee. The reason for this is a hedge fund is often shared by many partners. As a means of protection, all partners are allotted a share of the fund. This fee is what is considered income for a hedge fund manager. This flat fee comes
States Which Have an Estate Tax
There are a number of states which collect estate taxes. Some other states prefer to collect a tax on inheritance instead. There are two states specifically which collect estate tax and inheritance taxes. If you need to know how to plan an estate in your state, here is some information which should
Reasons Your Tax Bill is Not as Bad as You Think
Supposedly, death and taxes are two things that no one can escape. While the saying may be true, tax bills are often less financially damaging than you may think. Here are some reasons your tax bill is actually not that bad. Most Other Developed Countries Pay More In a large number of European
How the IRS Tackles Fraud
With every working citizen of the United States having to file taxes, the number of tax returns is in the hundreds of millions. With a system so large, it may seem easy to get lost in the crowd. This is what many who cut corners on taxes tend to believe. The IRS has a number of safe guards in place
Least Tax Friendly States for Retirees
Many retirees today live on a fixed income. Those who do not are still likely to live on a limited amount of retirement savings. One of the best things that you can do as a retiree is to settle down at a home base. Before you set down your golden year roots, be sure your state is retirement
A Basic Guide to Experiencing an Audit
One slip in the mail that no one wants to receive is an audit slip. During tax time, one of the most common worries is making a mistake. Mistakes tend to be the precursor to triggering an IRS audit. If you are wondering what it’s like to get audited, here are some of the steps that occur. The
Three Money Moves Which Will Help during Tax Season
If you want to pay the least amount of money in taxes this tax season, make sure you are making the right money moves. Today, we are discussing some of the money moves to make before the year ends to lower your tax bill. Convert to a ROTH Account If you think taxes are going to rise, convert to a