Category Archives: Tax Planning

Eight Tax Questions to Ask Before You Get Married

  When two people fall in love, they tend to be blind to life’s realities. The last thing they want to do is bring up issues that might generate conflict, and let’s face it, the topic of taxes is definitely turbulent. Ask these tough tax questions before you get married – to avoid an inevitable […]

Asking After the Fact

 Today TaxMama® hears from several people in the TaxQuips Forum, with questions asked too late. Here are some questions that should have been asked before you entered into your financial transactions – not when you file your tax returns.

LLC as S Corp

Today TaxMama® hears from Matt in the TaxQuips Forum, who asks a common type of question.  “I would like to know if an LLC can also be an S Corporation and what the tax advantages would be?”

Quitclaimed Property

Today TaxMama® hears from Lisa in the TaxQuips Forum with this question. “I have a client that simply executed a quitclaim deed of a second home to her niece. She now wants to sell the home and is concerned about the tax consequences to both herself and her niece. How do I advise them both?”  

Annuities

Today TaxMama® has been hearing from several people in the TaxQuips Forum and elsewhere, with this question. “Someone just inherited an annuity. Is it taxable? And if so, how much of it is taxable?”  

Transfer S Corp to Trust

Today TaxMama® hears from Todd in the TaxQuips Forum who is looking to the future. “I am transferring ownership of a sub-chapter  S corporation from myself to a family trust. I have a question on IRS form 2553, in part K, where I need to list both former and current owner of the corporation. Since […]

Effective vs Actual Tax Rate

Today TaxMama® hears from KD in the TaxQuips Forum who is justifiably confused.  “I was looking over our tax return and was wondering why we are paying almost 50% effective tax rates on our income. I’m currently unemployed and my husband is an independent contractor. Our CPA included a chart with this year’s tax return. […]

Taxable Retirement Income

Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700.  Do I pay income tax […]