5 Ways to Minimize Your IRS Penalties

Many people fear the wrath of the IRS, especially during tax season. Penalties for late-filing, late-payment, accuracy related penalties, or estimated tax penalties can make filing your taxes seem like a daunting task. 

Recognizing Phone Scams - 6 Things the IRS Will Never Do

Over the past several months, we have spoken with many individuals who have received threatening phone calls from the "IRS". The caller may demand immediate payment of back taxes, ask for a credit card number over the phone, or even threaten a lawsuit or arrest for failure to comply.

This is a widespread scam that is becoming more prevalent. As we approach tax season, it is more important than ever to be diligent and protect your personal information.  To help you identify scammers, I've put together a list of 6 things the real IRS will never do.

Tax Planning from a Financial Planner's Perspective - 9 Strategies to Consider

As we approach the end of 2016, you'll likely hear many people talking about year-end tax planning. While implementing tax planning strategies at year-end is certainly advantageous, tax planning can be even more beneficial as a year-round activity. 

As a financial planner, I often advise my clients to regularly review their financial planning activities alongside the current tax strategies available to them, to minimize potential income taxes while staying on course to meet their financial goals.

New Employer Reporting Deadlines and 4 Tips for Compliance

Tax season is quickly approaching, and business owners will need to get organized a little earlier this year. Recent legislative actions, made an in effort to cut down on both tax fraud and identity theft, have changed the upcoming W-2 and 1099-MISC filing deadlines. 

6 Things You Should Know About Irrevocable Life Insurance Trusts

Did you know that if your estate is large enough, up to 40% of your life insurance death benefits can be lost to federal estate tax?

Although life insurance proceeds are not subject to income tax, they are included in your taxable estate, and therefore can be subject to estate tax. To prevent the taxation of life insurance proceeds, many of our clients choose to purchase their life insurance policy using an Irrevocable Life Insurance Trust (ILIT), or gift their existing policy to an ILIT.