SBS NOVA | Tax Tips
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Tax Tips

Sometimes federal tax laws make us lax in reviewing the things that matter. Beneficiary designations is one such example. This is because there is a federal estate tax exemption of $5.45 million for you and an additional $5.45 million for your spouse. This means the...

Consider: Your home was broken into and your spouse’s $10,000 in jewelry is taken. Consider: Your uninsured boat is taken from your cabin dock, along with fishing poles, fishing gear, and your lucky lure. Can you deduct these loses on your tax return? Perhaps, but it is tough. The...

In a recent key-note address to over 1,000 tax professionals in Chicago, John Koskinen, the Commissioner of the IRS, asked the audience to raise their hands if they had personally been contacted by someone pretending to be from the IRS. He re-iterated that he was...

As you or family members approach retirement years, it is important to have a basic understanding of the IRS gift giving rules. With this understanding, there are opportunities to leverage this tax law without creating a tax problem. The rule You may give up to $14,000 to...