Individual Taxes Blog

7 last-minute tax-saving tips

December 7, 2017

Consider these tried-and-true year-end tax planning tips that may be extra powerful in 2017.

Read More...

Who should be the guardian of your minor children?

November 30, 2017

Estate planning priority #1: Choose a guardian for your minor children.

Read More...

You may need to add RMDs to your year-end to-do list

November 22, 2017

Avoid a 50% penalty: Take retirement plan required minimum distributions (RMDs) by December 31.

Read More...

Worried about challenges to your estate plan? Make it no contest

May 16, 2017

Adding a no-contest clause to your will or living trust might deter challenges to your estate plan after your death. But enforceability differs from state to state.

Read More...

Asset valuations and your estate plan go hand in hand

May 10, 2017

Don’t run afoul of the IRS with noncash gifts. Valuation by a qualified appraiser is a must.

Read More...

Turning next year’s tax refund into cash in your pocket now

May 3, 2017

If you received a 2016 federal income tax refund, you essentially made an interest-free loan to the government. Here’s how you can avoid doing that this year and, instead, begin collecting your 2017 refund now.

Read More...

Now's a great time to purge old tax records

April 26, 2017

Do you know what individual income tax records are safe to toss? Here are some guidelines.

Read More...

Individual tax calendar: Key deadlines for the remainder of 2017

April 20, 2017

Look beyond April 18 to the tax-related deadlines you face for the rest of 2017.

Read More...

Make health care decisions while you're healthy

April 13, 2017

Do you know who’ll make medical decisions on your behalf if you’re unable? Do they know your wishes? If not, a health care power of attorney and a living will are two key estate planning documents to execute today.

Read More...

Keep family matters out of the public eye by avoiding probate

April 6, 2017

Probate can be an undesirable process. Fortunately, you can avoid, or at least minimize, probate. Designating beneficiaries where possible is one way, but there are others.

Read More...

Direct tuition payments benefit your grandchild and your estate plan

March 30, 2017

Don’t miss a valuable opportunity to make direct payments of your grandchild’s tuition. This strategy can reduce potential gift and estate tax exposure.

Read More...

Divorce necessitates an estate plan review

March 23, 2017

A divorce can be devastating. But it doesn’t have to ruin your estate plan. By making the proper revisions, you can regain the peace of mind that your assets will be distributed per your wishes.

Read More...

2016 IRA contributions — it’s not too late!

March 16, 2017

Making a 2016 IRA contribution by April 18 can be beneficial even if it isn’t deductible.

Read More...

When an elderly parent might qualify as your dependent

March 9, 2017

Supporting an elderly parent? You might qualify for a tax break on your 2016 return.

Read More...

When it comes to charitable deductions, all donations aren’t created equal

March 2, 2017

A $100 donation may not provide a $100 charitable deduction. What you give and how the charity uses the gift are just two of the factors that may also affect your deduction. Here’s what you need to know.

Read More...

Explore all of your options when appointing the executor of your estate

February 23, 2017

Choosing the wrong executor of your estate can have wide-ranging implications. Learn about the duties of an executor and your options so you can make the right decision based on your circumstances.

Read More...

Are you leaving your IRA to someone other than your spouse?

February 17, 2017

Special planning is required if you wish to pass your IRA on to nonspouse beneficiaries, such as your children, while preserving the tax benefits of the account.

Read More...

5 questions single parents should ask about their estate plans

February 9, 2017

Are you a single parent of minor children? Your estate plan requires special attention.

Read More...

2016 higher-education breaks can save your family taxes

February 2, 2017

If you had a child in college in 2016, be sure you max out your higher education tax breaks.

Read More...

The investment interest expense deduction: Less beneficial than you might think

January 26, 2017

Will the investment interest expense deduction save you tax? Perhaps not, or not much, if you invest in municipal bonds or your investment income is mostly long-term capital gains and qualified dividends

Read More...

A difficult decision: Having an elderly parent declared inacapacitated

January 19, 2017

Grappling with the decision of having a parent declared incapacitated? Learn about two key questions to consider and some estate planning tools that can help.

Read More...

Are you able to deduct medical expenses on your tax return?

January 11, 2017

Medical expense deductions can be difficult for many taxpayers to claim. In 2017, it will become even tougher for those over age 65 to get a tax break. Here’s why.

Read More...

Vacation home should keep families together, not tear them apart

January 4, 2017

Don’t let a weekend getaway end in a fight over the family vacation home. Learn about estate planning strategies to help avoid tensions and keep the home in the family for future generations to enjoy

Read More...

Should you keep your trust a secret?

December 28, 2016

Keeping your children in the dark over your wealth plans by using a quiet trust can backfire. A better option may be an incentive trust. Learn the differences between the two trust types.

Read More...

Why making annual exclusion gifts before year end can still be a good idea

December 21, 2016

The 2016 gift tax annual exclusion allows you to give up to $14,000 per recipient tax-free. Even with a possible 2017 estate tax repeal, 2016 annual exclusion gifts may be tax-smart.

Read More...

Family matters: Stepchildren and your estate plan

December 14, 2016

Legally adopting your stepchildren will provide them with inheritance rights. However, there are other considerations to take into account before doing so. Learn more.

Read More...

Ensure your year-end donations will be deductible on your 2016 return

December 7, 2016

Will your year-end donations qualify for a 2016 charitable deduction? Only if their “unconditional delivery” is by Dec. 31 and the organization is eligible to receive tax-deductible contributions.

Read More...

A brief overview of the President-elect's tax plan for individuals

November 30, 2016

What’s the President-elect’s tax plan for individuals? The top tax rate would go down and the estate tax would be abolished. But some taxpayers could see their taxes go up. Here’s more.

Read More...

The wrong life insurance beneficiary can wreak havoc with your estate plan

November 16, 2016

Review your beneficiary designations to avoid these three pitfalls and ensure that your life insurance proceeds will be distributed as you wish.

Read More...

Beware of income-based limits on itemized deductions and personal exemptions

November 8, 2016

Income-based limits on tax breaks can be costly to higher-income taxpayers. Will your deductions and exemptions provide the tax savings you’re expecting? Find out!

Read More...

Transfer a family business in a tax-smart way

November 1, 2016

The manner in which you transfer a family business can affect estate and income taxes. Two techniques to consider using are an intentionally defective grantor trust or an estate defective trust.

Read More...

Grantor and Crummey trusts can be good options to fund a grandchild's education

October 25, 2016

Grandparents: Estate-plan-friendly options are available to help fund your grandchildren’s college educations. Read more about how grantor and Crummy trusts can be beneficial tools.

Read More...

Prenups and estate plans: Make sure they work together

October 19, 2016

A prenup should work in concert with your estate plan, rather than against it. Learn about estate planning benefits and potential tax traps involved with using a prenup.

Read More...

Tax-smart options for your old retirement plan when you change jobs

October 11, 2016

Don’t get hit with taxes and penalties on retirement plan assets when you change jobs.

Read More...

Get 2 tax benefits from 1 donation: Give appreciated stock instead of cash

October 4, 2016

Are you planning to make charitable donations before year end? Do you own appreciated stock that you’d like to sell, but you’re concerned about the tax hit? Then consider donating it to charity.

Read More...

Estate planning benefits of FLPs may be in danger

September 22, 2016

Proposed IRS regulations, if finalized, may limit the estate planning power of family limited partnerships (FLPs). Here’s a brief overview of how FLPs work and the potential impact of the regs.

Read More...

Getting started on your estate plan: Inventory and value assets; estimate tax liability

September 15, 2016

Today the federal estate tax rate is a whopping 45%. Do you know if your estate could be subject to this tax? Find out.

Read More...

Tax impact of investor vs. trader status

September 12, 2016

Being classified as a trader rather than an investor has certain tax advantages if you make short-term investments. But qualifying as a trader isn’t easy.

Read More...

Now’s the time to start thinking about “bunching” — miscellaneous itemized deductions, that is

September 1, 2016

If you’ve paid investment advisory fees, retained certain legal services or not been reimbursed for employee business expenses, you might benefit from “bunching” miscellaneous deductions into 2016.

Read More...

Client Center

Go Mobile!

...and get what you need, when and where you need it!

8745 W. Higgins Rd, Suite 360 • Chicago, IL 60631
Phone
773.444.3100 • Fax 773.444.3111
Email: info@colemancpas.com