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Kolen Services
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Taxpayers Find Gift Tax Reporting Confusing - Article Highlights: Gift Tax Return Filing Requirements  Lifetime Estate Exclusion  Annual Gift Exclusion  Tuition and Medical Exclusions  Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the gift tax provisions as, under many circumstances, even lower-income...
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How Long Should You Hold On To Old Tax Records? - Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute's duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents? Generally, taxpayers should hold on to their tax records for at least 3 years after the due date of the retur...
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Is an Inheritance Taxable? - Article Highlights: Estate Tax  Estate Tax Exemption  Fair Market Value at Date of Death  Step-up in Basis  Community Property  Deferred Untaxed Income  A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever is left over after paying the inheritance tax passes to the decedent...
Is an Inheritance Taxable?
Is an Inheritance Taxable?
blog.kolenservices.com
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Taxation of Legal Settlements or Awards - Article Highlights: Physical Injury and Physical Sickness  Wrongful Death  Emotional Distress  Previously Deducted Medical Expenses  Employment Discrimination  Age Discrimination  Unpaid or Disputed Employment Earnings  Interest  Settlements  Legal Costs  The tax treatment of awards received as the result of a lawsuit could result in taxable or non-taxable income, depending upon a number of issues. The laws are often complex and sometimes seemingly ...
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Procrastinating on Filing Your Taxes? - Article Highlights: Late filing penalties  Interest  Three-year statute of limitations  Forfeited refunds  If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may end up forfeiting it. If you haven’t filed your return and you owe taxes, ...
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Credit for Family and Medical Leave Benefits - Article Highlights: Written Leave Policy  Variable Credit  Qualifying Employee  Qualifying Leave  Time Limits  General Business Credit  The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers that allows them to claim a credit based on wages paid to qualifying employees while they are on family and medical leave. To qualify for the credit, an employer must have a written policy that provides at least two week...
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It's Almost Summer - Who is Caring For The Kids When You Work? - Article Highlights: Credit For Child Care  Credit Percentage  Child Qualifications  Employment-Related Expense  Taxpayer Earnings Limits  Full-Time-Student or Disabled Spouse  Qualifying Care  State Credit  It is almost summertime. Have you figured out what to do with the kids while they are out of school and you are at work? There are possibilities that may qualify you for a break in the form of a tax credit that can help off...
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It's Almost Summer - Who is Caring For The Kids When You Work? - Article Highlights: Credit For Child Care  Credit Percentage  Child Qualifications  Employment-Related Expense  Taxpayer Earnings Limits  Full-Time-Student or Disabled Spouse  Qualifying Care  State Credit  It is almost summertime. Have you figured out what to do with the kids while they are out of school and you are at work? There are possibilities that may qualify you for a break in the form of a tax credit that can help off...
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Find Lost Money - Article Highlights: What is unclaimed property?  How can you find unclaimed property?  What are your chances of finding unclaimed property in your name?  Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state law). Common forms of unclaimed property include savings or checking accounts, stocks, uncashed dividends or payroll checks, r...
Find Lost Money
Find Lost Money
blog.kolenservices.com
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Got a Letter from the IRS? - Article Highlights: Confirm the Letter Was Not Sent in Error  Examine the Contents  Avoid Procrastination, Which Leads to Bigger Problems  Send Any Payments  Consider Change-of-Address Complications  Be Aware of ID Theft  If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it will probably cause an increase your heart rate likely increased. But Don’t panic, though; most of the issues ...
Got a Letter from the IRS?
Got a Letter from the IRS?
blog.kolenservices.com
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