Individual Taxation Income taxes are a significant source of revenue for states. Most states impose an income tax on residents and non-residents alike. Individual taxation is usually progressive, meaning that the amount of tax owed increases with each additional dollar earned. States also levy other taxes, including sales, property, excise, and corporate taxes. The Internal...Read More

Do I Need Estate Planning? Estate planning is about protecting yourself, your family, and your loved ones against potential problems that could arise after you die. Estate planning includes creating a will, establishing trusts, making medical directives, and choosing guardianship over minors. Having a valid will is essential if you don’t do anything else. You...Read More

What are Qualified Charitable Distributions? Qualified charitable distributions (QCDC) allow individuals over age 70 ½ to donate money directly from a taxable IRA without triggering a 10% early withdrawal penalty. This type of contribution is called a “qualified charitable distribution.” A QCDC does not trigger a 10% early withdrawal fee, unlike traditional IRA withdrawals. However,...Read More

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 benefits. If you suspect you are experiencing identity theft, contact your local police department. You don’t always realize you’re being targeted because the thieves usually steal your...Read More

Introduction Of The CARES Act President Trump signed the Coronavirus Aid, Relief, and Economic Security Act “CARES Act” into law, providing relief funds to help stimulate the economy from the impact of the COVID-19 pandemic. Small businesses that would like to apply for a loan with reduced interest and potential forgiveness should apply through the...Read More

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 year, you must complete and submit Form 8283 within 30 days of making the gift. This includes cash gifts, securities, life insurance policies, annuities, real estate...Read More