Tag Archives: Tax Issues (Sentinel)
Many people imagine the discussions that lead up to a marriage as romantic tete-a-tetes with the occasional choice of invitation pattern thrown in. But those conversations also can, and should, include more mundane and even potentially painful topics. One common example: the state of your student loans.
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The term “offshore accounts” is often used as shorthand to suggest that such account holders are trying to dodge tax responsibilities. Especially after the Panama Papers, many observers are quick to assume the worst when someone holds assets outside of the United States. In reality, many, if not most, taxpayers who hold foreign assets do so in good faith for a variety of legitimate reasons. However, depending on the type of property in question and the taxpayer’s overall situation, keeping the Internal Revenue Service adequately informed can prove challenging.
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The farmer looms large in the American imagination, but many Americans who have not experienced modern farming firsthand have a skewed perception of what the activity actually entails. The Internal Revenue Service is not so small-minded.
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Good tax planning is something that happens year-round, with an eye on the future. But when there has been a political shift as major as the one represented by our recent national elections, taxpayers may find the idea of looking forward unusually daunting.
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The siren call of boat ownership is easy to understand, here in South Florida. On a hot summer day, or even a crisp winter afternoon, getting out on the water for some sailing, fishing, snorkeling or water skiing can seem like the perfect reason to take the plunge. If you are ready to invest in a boat of your own, whether a modest fishing boat or a high-end yacht, it is worthwhile to pause and consider the tax implications.
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Most self-published authors are probably more comfortable writing books than publishing them. These days, many services and resources are available to help an aspiring self-publisher. In Part One of this series, I discussed the tax considerations relevant to authors who intend to self-publish. As publication approaches, however, these considerations will inevitably begin to shift.
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Whether or not you believe the old chestnut that everyone has a book in them, it is undoubtedly true that those who do have many more options these days for getting that book into the world. If you venture into self-publishing, you will confront all sorts of complexity, not the least of which are the many tax issues to consider.
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This time last year, taxpayers had to provide health insurance information on their income tax returns for the first time. As with any new tax-reporting provision, the process proved more burdensome for some than for others. The second year could bring its own set of unpleasant surprises.
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An old saying goes “the third time is the charm.” I guess for Congress, we can say the 35th time is the charm.
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As people approach retirement, some succumb to the temptation to move south in pursuit of warmer weather, a lower cost of living and lower taxes. Others, like me, make this choice much earlier in life. Regardless of when you consider moving to a lower-tax state, be sure to examine your priorities and the implications of the move.
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