Most people never pay estate taxes because of the exemptions that apply to the tax, and the estate tax exemptions for 2015 and 2016 may save taxpayers millions of dollars. that would otherwise go to the IRS. How much is the estate tax exemption for 2015 and 2016? 

Under federal rules, anyone who receives an insurance subsidy must file a tax return to verify that the person was eligible and received the proper amount of financial assistance based on household income.  There is the risk of loss of health insurance subsidies for failure to file tax return.

Almost half of all marriages end in divorce.  This article discusses the rules on divorce and social security with the goal of helping you maximize your benefits.  Before filing for social security, you should get the facts on your marriage(s) durations and divorce dates.  

The "Cadillac Tax" is a 40% penalty (excise tax) on health insurance plans and a provision of the Affordable Care Act that takes effect on January 1, 2018.

If you withdraw money from your individual retirement account before age 59 1/2, you will generally have to pay a 10 percent early withdrawal penalty in addition to income tax on the amount withdrawn. This means a $5,000 withdrawal taken by a mid-career worker in the 25 percent tax bracket would result in $1,750 in taxes and penalties. But there are a variety of ways to avoid the IRA early withdrawal penalty if you meet specific criteria:

The trust fund recovery penalty allows the IRS to collect the unpaid withholding taxes from the assets of the owners and operators of businesses. It penalizes those who had control over the decision to divert the payroll money from the IRS to other creditors of the business. The trust fund recovery penalty is equal to the income taxes, social security taxes, and Medicare taxes withheld from employee paychecks. 

Interesting Estate Tax Facts.  The federal estate tax is a tax on property (cash, real estate, stock, or other assets) transferred from deceased persons to their heirs. Only the wealthiest estates pay the tax because it is imposed only on the portion of an estate’s value that exceeds a specified exemption level — $5.43 million per person (effectively $10.86 million per married couple) in 2015.

Affordable Care Act, Taxes, Fines and Employer Mandates

Tax on Inherited IRAs

Vote on proposed Alabama Flat Income Tax has been delayed.

Alabama has passed into law the most impressive set of economic development tax credits in decades. 

There is a way to make tax liens disappear from your credit reports completely, and quickly, though. Unfortunately, not all taxpayers who are dealing with this problem know about it.

When couples divorce, property transfers and alimony payments will usually result in a substantial tax impact to the parties.

I have provided 5 often overlooked tax deductions that just might save you real money on your taxes this year.

As we approach another tax season, an area of taxation that can be complicated for taxpayers involves the tax treatment of irrevocable trusts.

An offer in compromise allows you to settle your tax debt for less than the full amount you owe. 

An individual who can qualify as a “real estate professional” for federal tax purposes enjoys some unique tax benefits.  

The IRS has announced updated procedures for taxpayers to file overdue FBAR (Foreign Bank Account Report) foreign account disclosures.  

Self-employed individuals and employees who work out of their home are allowed to deduct business expenses relating to part of their home.

Pension benefits and retirement savings often constitute a client’s most valuable assets, and are viewed as a safety net.