Hyden, Miron & Foster, PLLC Law Blog

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.
Read more . . .


Thursday, April 27, 2017

Including Your Pet in Your Arkansas Estate Plan


How can I provide for my pet’s care after my death?     

Pets are a part of the family for millions of Americans across the country.  Over 44 percent of all families nationwide have a dog and 35 percent have a cat, according to the American Society for the Prevention of Cruelty to Animals.  For many pet owners, ensuring their pet is cared for after their death is a major concern.  Despite our feelings for our pets, pets are considered property in the eyes of the law.  This makes it challenging to legally provide for your pet’s care in your Read more . . .


Monday, April 17, 2017

Will I Pay Federal Or State Tax On My Estate In Arkansas?


Taxes are part of life. You may have paid them all your life but do your beneficiaries and your estate have to? Talking to a tax law attorney experienced in estate planning can save you and your beneficiaries time and money in the long run.
Read more . . .


Monday, March 20, 2017

Tax Savings for Parents


What tax breaks could I receive for childcare and education?

Raising a child is a costly expenditure.  Parents today will spend roughly $13,000 per year on their child.  Between child care, food, clothing, activities, and the like, parents can rarely catch a break—but during tax season, there are several ways in which parents can save.  Our Read more . . .


Thursday, March 16, 2017

Why do I need a living will?


Setting up directives for others to follow in case you are incapacitated or otherwise terminally ill might seem ridiculous if you are young or healthy. However, you do have the right to decide on medical treatment even if you might not be physically able to direct a doctor or other healthcare professional.

If you work with an Read more . . .


Sunday, February 26, 2017

Repealing Obamacare Could Impact Your Taxes


Will my taxes be reduced if the Affordable Care Act is repealed?

President Trump has vowed to repeal the Affordable Care Act, commonly referred to as Obamacare.  With a Republican Congress and support for Obamacare waning even among Democrats, it is increasingly likely that Obamacare will be eliminated or at least significantly modified in the coming years.  As


Read more . . .


Tuesday, February 14, 2017

What steps can the IRS take to collect back-owed taxes?


Let’s face it, nobody likes to pay taxes, but it is a reality of the society in which we live. Some people may not be able to pay the taxes they owe, or may think that the IRS will not catch up with them. In either case, inevitably, the IRS will come knocking. Loudly.

If you owe taxes, the IRS expects payment immediately.


Read more . . .


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