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Gifts of realestate

News you can use: IRS is working on major compliance initiative to sniff out gift tax cheats especially regarding real estate gifts to kids. It is estimated that 60-90% of those who transfer real estate as a gift, don’t file IRS form 709.  IRS is checking transfer records from many states. Even worse, states are...Read More

Payroll tax audits.

News you can use: Every so often I publish some interesting developments in the tax area. Outside payroll firms and/or the firms that hire them are responsible for payroll taxes. Sadly, sometimes these firms abscond with the money leaving their clients having to pay these payroll taxes. So what do you do? If your firm...Read More

Lifetime mistakes in wealth building

Lifetime mistakes by people trying to build wealth: Some of the biggest lifetime regrets are: 1. not taking enough time off to experience life. 2. Not having spent enough time for family. 3. Defining self worth by networth. 4. Mishandling personal relationships due to stress and lack of time. Yes, I know life can be...Read More

Avoid “Kill the Messenger” Syndrome

Always take responsibility for your mistakes and avoid “kill the messenger” syndrome at all costs. You might be asking what is “kill the messenger” syndrome? Good question. Sometimes folks make clear financial errors,which are pointed out by friends. Yet these same folks get mad at the messenger. Always try to avoid this. A good example...Read More

Borrowing on Your Life Insurance

Life insurance cash value: I just came across a chilling case that reminded me of why I don’t like permanent life insurance. Mr. Brown, an attorney, was told that he should have whole life. He could pay a few years of premiums and borrow the rest. The borrowing would be tax free and used to...Read More