Hyden, Miron & Foster, PLLC Law Blog

Sunday, October 1, 2017

Who Should I Assign As My Trustee?

We all die at some point, and it is important for us to start thinking about what will happen to our assets when we are no longer around. There are several estate planning tools to choose from. For those with few assets, a simple will may suffice. However, those with larger estates tend to use trusts. An experienced

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Saturday, September 23, 2017

Reducing Your Taxable Estate with Trusts

How can I use trusts to reduce the taxes my estate will pay?

You work hard throughout your lifetime to set aside money and assets for your loved ones. When you die, the last thing you want is to see your property liquidated to pay off costly estate taxes. Estate taxes are historically expensive, costing your estate somewhere between 45 and 55 percent. Estate taxes must be paid in cash, often requiring the liquidation of assets. However, if you plan ahead, you can reduce or eliminate your estate taxes by using trusts and other
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Monday, September 11, 2017

What You Need to Know About Special Needs Planning

If you have a child or other dependent with special needs, end of life planning is extremely important and cannot be left to chance. You want the best for your loved ones and want to ensure that they have the best possible resources to get them through the rest of their lives. In order to ensure that your loved ones are not missing out on important government benefits, you should work with an experienced

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Tuesday, August 22, 2017

Do Americans Pay the Most in Corporate Taxes?

How can I reduce my corporate taxes?

The corporate tax rate is being discussed at length among politicians and the nation.  President Trump has declared that America has the highest corporate tax rate in the world.  His goal is to lower the corporate tax rate to assist businesses in the U.S.  Others questions whether businesses in fact pay a high tax rate as the laws stand now.

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Friday, August 18, 2017

What is an Offer in Compromise and How Can it Help Me?

Having a significant tax bill hanging over your head can make life more difficult than it needs to be. Fortunately for some, the 2012 IRS Fresh Start Program may provide some financial relief. Through the Fresh Start Program, qualified taxpayers can obtain what’s known as an Offer in Compromise (OIC) to reduce their tax debt owed. IRC 7122 empowers the IRS to settle tax debts with an agreement to reduce the tax burden owed by the taxpayer.  There are requirements that you must meet in order to obtain an OIC, so it is best to work with an experienced Read more . . .

Monday, July 17, 2017

What Happens If I Don’t File My Taxes?

Can I still file my taxes for 2016 this year?

The April 2017 tax filing deadline has come and gone, and you still have not filed your taxes.  If you didn’t file your taxes for this year, do not dismay, as you still have options to bring yourself into compliance. Failure to file taxes can lead to penalties and loss of your refund, so contact a Read more . . .

Tuesday, July 11, 2017

Is the Charitable Tax Deduction Going Away?

“Uncertainty” is one of the buzz words thrown around in the media when discussing Washington politics these days, and it definitely applies to those who like to take advantage of the charitable gift tax deduction to direct their tax dollars towards the good causes of their choice.

There are strong indications that the current administration intends to make efforts to reduce the availability of charitable donation deductions, as well as significant questions surrounding its ability to generate the political momentum to accomplish such a task.  Given the current circumstances, those inclined to utilize the charitable giving deduction should stick to the old adage: hope for the best, but plan for the worst. Talking to a Read more . . .

Sunday, June 18, 2017

Special Estate Planning Considerations for Non-Traditional Families

Non-traditional families can look different from household to household, from same-sex couples and unmarried partners, to aunts and uncles raising nieces and nephews without formal custody arrangements. After the Obergfell ruling in June of 2015, guaranteeing the rights of same-sex couples to marry, even those “non-traditional” family units are formally recognized and stand on equal footing with “traditional” married folks.

However, where partners choose not to marry or take on the responsibilities of informally raising children that are not their own, special considerations must be made when it comes to Read more . . .

Monday, June 12, 2017

New Study Finds that the Wealthy Are More Likely to Cheat on Their Taxes

What are the consequences of lying on your taxes?

A new paper by Annette Alstadsaeter, Niels Johannesen, and Gabriel Zucman seeks to uncover who is most likely to cheat on their taxes.  The study is based on data from three different sources, including HSBC Private Bank, a Geneva-based firm.  Based on these sources, it can be said that people with Swiss bank accounts who do not declare them are almost certainly cheating on their taxes.  The report captures large scale tax evasion and points to the fact that it is the rich who are most likely to defraud the government on their taxes.  Our Read more . . .

Monday, May 29, 2017

This Tax Season, Take Time to Prepare for Your Financial Future

What steps can I take to prepare for my financial future?

As Benjamin Franklin correctly surmised, “In this world, nothing can be said to be certain, except death and taxes.”  This tax season, take some time to inventory your finances and engage in financial planning that may prove vital to your future.  Our Read more . . .

Sunday, May 21, 2017

My Teen Has a Job - Does He Need to Pay Taxes?

Summer is here and your teen just got a job. As a parent, you’re probably excited for your child. Not only will having a job instill discipline, it will also teach valuable life skills such as hard work, determination and financial responsibility.

Speaking of financial responsibility, you may be wondering whether your teen will now have to pay taxes. It will depend on a number of factors such as the type of job and income earned.
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