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Life Events That Cause Tax Changes

Life Events That Can Cause Tax Changes

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Table of Contents1 Marriage2 Education3 Having a Child4 A Job Promotion or Change5 Purchasing or Selling a Home6 Becoming a Widow or Widower7 Gaining an inheritance Throughout the stages of life, many significant events can cause major financial tax changes. In addition to affecting your bank accounts, some life events can significantly impact your taxes. […]

Tax Implications When Gifting Property

What are the Gift Tax Implications When Gifting Property?

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Table of Contents1 Gifting Property Tax Implications1.1 Gift Tax vs. Estate Tax?1.2 Gift Tax Policy2 Estate Taxes2.1 Real Estate Gift Tax2.2 The Capital Gains Tax Over The Long Term3 Stay Informed About Gifting Gifting Property Tax Implications When gifting property, gift and estate taxes are two different types of taxes applied to wealth transfers. A […]

Learn About Individual Taxation in Colorado

Good News About Individual Taxation In Colorado

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Table of Contents1 Individual Taxation1.1 Filing Taxes2 Tax Liability2.1 Income Tax Credits3 4 Tax Distributions5 Federal Income Taxes5.1  A tax attorney at The McGuire Law Firm can analyze your situation and provide guidance and counsel regarding your specific situation and circumstances. Individual Taxation Income taxes are a significant source of revenue for states. Most states […]

What You Should Know About Qualified Charitable Distributions

Qualified Charitable Distributions, Can They Save Me Money?

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Table of Contents1 What are Qualified Charitable Distributions?1.1 Eligibility and Qualified Charitable Distributions1.2 Tax Benefits of the CARES Act2 Minimum Distributions Suspended2.1 New Tax Incentives3 Key Takeaways3.0.1 1. You can donate from an IRA without paying taxes. Contributions from an IRA are deductible from your federal taxes. This means that you don’t pay taxes on […]

When Identity Theft Impacts Your Taxes

When Identity Theft Impacts Your Taxes

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Table of Contents1 What Is Identity Theft2 Can Identity Theft Affect Me?3 Reduce Your Exposure to Identity Theft4 Report Identity Theft Immediately 4.1 Need a Tax Attorney’s Assistance? What Is Identity Theft Identity theft happens when someone uses your personal information to commit fraudulent activity. This includes applying for credit cards, bank accounts, loans, or government […]

Making Charitable Contributions You Should Know About IRS Form 8283

Making Charitable Contributions? You Should Know About IRS Form 8283

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Table of Contents1 What Is Form 8283?2 The Two Parts of Form 82833 Charitable Contributions4 Donee Information5 Where to Find Form 82836 Form 8283 Requirements7 Takeaways What Is Form 8283? Form 8283 is a tax reporting form used to report donations to charities. If you donate property valued at $500 or more during the calendar […]

When Is A Stock Purchase Treated as Asset Purchase

When Is A Stock Purchase Treated as Asset Purchase?

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Table of Contents1 The Acquisition Process2 A Stock Purchase3 An Asset Purchase4 Section 338 Election The Acquisition Process When businesses acting as the seller or purchaser are going through the acquisition process, there is likely to be discussion as to whether the acquisition will be structured as an asset purchase or a stock purchase. There […]