Deadline for filing 2012 individual tax returns. Deadline for filing 2012 partnership returns. Deadline for filing 2012 gift tax returns. Deadline for making your 2012 IRA contribution. Deadline for filing 2012 estate and trust income tax returns. First installment of 2013 individual estimated tax is due. Due date for calendar-year corporations to pay first installment [...]
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Once again, McDonald & Osborne is participating in the Adopt-a-Family program (check out our posts from last year for more details). We are very excited about making this Christmas special for our adopted family. Our adopted family for 2012 includes a father, mother and three young boys (ages 3, 5 and 7). The program dictates [...]
READ MORE »Gift Tax: To prevent people from avoiding the estate tax by giving their property away, the law includes a gift tax, too. You may give up to $13,000 yearly to as many people you want without worrying about this tax. Larger gifts are taxable, but a tax credit offsets the tax on the first $5 [...]
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Per The Kiplinger Tax Letter (August 31, 2012): “Earmarking a donation for one person’s benefit kills the tax deduction, the Service privately rules. In this situation, a donor who contributed to her church’s scholarship fund wanted the church to use the money she gave for the college tuition costs of the minister’s daughter. The contribution [...]
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Yesterday we addressed some of the more basic questions you may ask if you found yourself in a sudden position of wealth due to winnings or inheritance. Today we want to focus on the impact your wealth will have on insurance, your estate and gifting. Impact on Insurance Unfortunately, being wealthy may make you more [...]
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What would you do with an extra $10,000? Maybe you’d pay off your student loans, nagging bills or credit card debt. Maybe take that vacation you’ve been dreaming of for so long. What if that $10,000 was suddenly an extra million, 5 million or more? Maybe you were lucky enough to win your state lottery [...]
READ MORE »Today’s Charitable Giving information has been provided by William R. Slepcevich, RFC, ChFC, CLU, of the Slepcevich Financial Group. Slepcevich Financial Group is an independent firm offering a full array of investment and insurance services. They are dedicated to understanding the unique needs & wants of each client by developing, implementing and reviewing an appropriate [...]
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If you participate in volunteer work for a charity, you may be entitled to some tax breaks. Although a deduction is not allowed for a contribution of services, the Internal Revenue Code does allow some deductions for out-of-pocket costs incurred while performing the services. The expenses are treated as direct payments to the charity and [...]
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Our firm is continually seeking more ways to become involved in our community. For the month of November, McDonald & Osborne will be participating in the “Adopt-a-Family Program.” Simply put, we will be purchasing gifts and everyday necessities for a family in need this holiday season. It is very easy to forget how blessed we [...]
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