Welcome back and it starts all over again!
[title size=”1″]Taxes[/title]
Taxes. April 15th is past but I’ve noticed many errors on W-2, 1099-R and 1099-MISC forms received by taxpayers. In addition many brokerage statements were amended resulting in returns being corrected or delayed. The 2013 tax year had numerous tax law changes and the resulting tax documents did reflect confusion. Many individuals did not understand why their adjusted gross income went down yet their income tax due went up.
Further tax issues arise when there is a death of a parent or spouse resulting in which tax returns to file and why. Divorce creates a hateful situation dealing with the assets and liabilities of the partners and resulting child deductibility issues. The Internal Revenue Code and federal court tax cases continue to grow resulting in more confusion. While I spend time weekly reviewing tax code changes and federal tax court cases I see more definition of specific cases that will result in more precise record keeping and changes.
Today it is imperative we begin in April to plan for 2014 taxes and tax savings alternatives. The more questions we ask the better equipped we are to begin effective planning. I can’t stress good record keeping and improving discussions on planning and estate review. Please do not hesitate to email me with questions or suggestions for this blog.