Articles
RESOLVING TAX DISPUTES WITH THE IRS: WHAT ARE MY OPTIONS?
The IRS has some significant collection tools it can use to collect federal taxes. The IRS can lien assets such as your home, seize cash in bank accounts and garnish wages. Although the IRS does have these significant collection tools, there are also numerous tax...
401K MILLIONAIRE CLUB IS GROWING: HOW DID THEY GET THERE?
Fidelity Investments, the largest provider of 401(k) plans, recently announced data on their 13 million 401(k) customers accounts that provides an insight into saving for retirement. One of the most interesting items from the report itself was the fact that 401(k)...
TALKING TO YOUR LAWYER, WHAT IS ATTORNEY CLIENT PRIVILEGED?
When planning your business and tax structure with your lawyer, it is important to understand what is privileged and what is not. Often times, clients divulge information to their lawyer and wonder whether that information is "attorney-client privileged" or not....
LLC OR CORPORATION VERSUS UMBRELLA POLICY
Many real estate investors and business owners often ask whether they should use an umbrella insurance policy or an LLC/Corporation to protect them from liabilities that may arise on their rental property or business. To understand which you should use you first must...
Buying Real Estate With Your IRA and a Non-Recourse Loan
Comprehensive Webinar: Buying Real Estate with Your IRA and a Non-Recourse Loan Mat Sorensen from Mathew Sorensen on Vimeo. Your IRA can buy real estate using its own cash and a loan/mortgage to acquire the property. Whenever you leverage your IRA with debt, however,...
OBAMA BUDGET WOULD ELIMINATE THE “BACK-DOOR” ROTH IRA, REQUIRE RMD FOR ROTH IRAs, AND LIMIT YOUR ACCOUNT AT $3.4M
President Obama's latest budget proposal seeks to address once policy issue: the federal government wants more money. That fact is, American wealth is being concentrated into retirement accounts and the government wants more of it than it already receives. Here's...
HOW TO TRANSFER TITLE FROM A DECEASED SPOUSE
When property is owned by spouses as joint tenants with rights of survivorship or as community property with rights of survivorship, the interest of the first spouse to die passes to the surviving spouse. If property was held between spouses with "rights of...
2014 Tax Reporting for Your Self-Directed IRA
Self-Directed IRA investors should be aware of the following IRA tax reporting responsibilities. Some of these items are completed by your custodian and some of them are the IRA owner’s sole responsibility. Here’s a quick summary of what should be reported to the IRS...
IRAs and Annuities: What You Need to Know
IRAs are the most commonly held retirement account and annuities are one of the most popular investments for retirees. Despite the popularity of each, the two concepts shouldn't ordinarily be combined together. On the topic of IRAs and annuities, I am routinely asked...
2015 IRA ROLLOVER RULE CHANGE IS IN EFFECT
Starting January 1, 2015, you are only allowed one 60-day rollover for all of your IRAs in a twelve-month period. This change was the result of a Tax Court case reported on my blog last year known as Bobrow. Click here for the details. The important details of the new...
