Reduce Your 2014 Real Property Taxes by Taking Action NOW!
If you own property assessed by a town, your next school tax bill won’t arrive until September. However, you should take action now to reduce 2014 property tax liability. Remember: Assessments and Tax Bills are on Different Schedules A tax assessment is the annual estimate of a property’s fair market value. Town assessors fix tentative […]
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How Uninsured/Underinsured Insurance Could Help if Severely Injured in a Car Accident
Let’s say you get into a car accident and either you or someone in your family gets seriously injured as a result of the negligence of a driver operating a car that is insured with minimal limits of motor vehicle liability coverage. One risk of getting into an accident with someone insured with minimal limits […]
Florida Residency and the Often Overlooked New York STAR Exemption
If you are a homeowner in New York State, you are undoubtedly aware of the Basic STAR Exemption Program, which provides you with a real property tax break. Perhaps now you are retired and have moved to Florida (or some other warmer state) or are thinking about moving to Florida while keeping your former New […]
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Save Your Estate Some Taxes: Start Gifting Now
Countless individuals make gifts to charity every year not only to support their favorite philanthropic causes but to also take advantage of tax savings in the form of a deduction on their 1040 income tax return. As you may be well aware from conversations with your accountant or tax preparer, there is no similar income […]
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MATRO 101: What is “Separate” v. “Marital” Property?
In the event of a divorce, property that was acquired during the marriage or with marital funds is typically deemed “marital” and is equitably divided. However, there are certain exceptions for property that is considered “separate” or “non-marital” in nature. Separate (non-marital) property is defined as one of the following:
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How I Solved The Problem With Prenups
Today, parents’ delight at the announcement of their child’s engagement is often followed by concerns about the future success of the marriage. Given that almost 50 percent of all first marriages end in divorce those concerns are well founded. Where there are substantial or just important family assets such as a business, vacation home, retirement […]
Income Taxes and the Estate Executor
It often comes as a surprise to an estate executor that they may have the obligation to file two income tax returns for the estate in the year following death. The executor has the responsibility to file and pay the deceased person’s final income tax return and any unfiled returns. Also the Executor may have […]
Recently Released Regulations Alter the Affordable Care Act’s Employer Mandate Provisions Yet Again
In February, the United States Treasury Department issued final regulations implementing the employer mandate provisions under the Affordable Care Act. The mandate, which requires employers with 50 or more employees to offer health insurance to their workers or face penalties for non-compliance, were originally planned to take effect at the start of 2014.