Hyden, Miron & Foster, PLLC Law Blog

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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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.
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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

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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 . . .

Saturday, January 28, 2017

What are the top 5 mistakes gig-workers make when doing their taxes?

Gig workers, also known as “freelancers” make up about 34% of the nation’s workforce. This number is expected to increase to 50% in the next three years. With the amount of income these types of workers are generating, this critical mass of workers may be coming under closure scrutiny with the IRS. If you fall under the umbrella of gig-workers, ensuring your filings are correct when tax season comes can save you time and money.

Read more . . .

Tuesday, January 17, 2017

Tax Attorney vs. CPA

Do I need a tax attorney or a CPA?

So you know you need professional help for your tax related matter, but who should you call?  You have two main options for tax assistance—a Certified Public Accountant (CPA) or a tax attorney.  Both of these professionals are trained to deal with tax issues, but they have differing educational backgrounds and capabilities.  Below is a look at some important similarities and differences between tax lawyers and CPAs to assist you in making this important decision.  

Education and Training

CPAs are trained in a variety of accounting related fields.  They are licensed to represent clients before the IRS and other taxing authorities.

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Monday, December 26, 2016

Year-end tax planning: More savvy moves to take

How can you save on taxes this year? 

As the year comes to a close, most of us are thinking more about holiday parties and last minute gift purchases than we are about maximizing our tax position. But, with just a few easy moves, you could save yourself a ton of cash and enter the new year ahead of the game.

CBS’ Moneywatch recently posted an article on smart tax moves for homeowners, investors and those who are self-employed.
Read more . . .

Tuesday, December 13, 2016

Six Tax Planning Strategies To Prepare For A Trump Presidency

Tax reform is high on the list for President Elect Donald Trump, who has vowed significant tax reforms in the first 100 days of his presidency. With a Republican controlled House and Senate, it is likely that his reforms will happen. If you haven’t had a chance to review the proposed reforms, here is a brief primer.

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