What do you do if your records were distroyed?

Lower Your Taxes What do you do if you have lost or destroyed records?You can use the desperation , otherwise known as reconstruction method. IRS and CRA allows you to reconstruct your records if they were lost due to circumstances beyond your control such as flood, fire, earthquake,theft. You can’t reconstruct records if they were …

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Life Insurance Trusts

Do you own life insurance on your life or that of your spouse? If so, you could be in trouble, estate tax and probate wise, unless you take certain steps noted here. Life insurance owned individually is included in your estate for estate taxes and if paid to to the estate, could be subject to …

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Planning for the Medicare Surcharge that will apply to property sales in 2013 and thereafer

Do you plan on selling your home in the near future? If so, you might want to sell it before the year 2013. Starting in 2013, there will be a 3.8% medicare surcharge in all taxable gains. If you have gains over $250,000 single or over $500,000 married, any excess is taxable for both capital …

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Cutting Dental Costs

Here is a trick that I have used to lower dental costs. There are some costs that aren’t covered by dental insurance such as implants, which I needed. Even braces, if covered,only cover part of the costs. Thus, what did I do. I contacted a dental discount plan that included the oral surgeons and/or dentists. …

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Innocent Spouse Relief

Sadly, many folks get divorced. When married, they probably filed joint returns making them jointly liable for all tax debts. However, there is some relief. If the IRS goes after you for something that your ex-spouse did, you can elect “innocent spouse relief” that allows you to be taxed on your share of income and …

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Tax Planning for Divorce

Divorce planning: Don’t even think of getting a divorce without reading this blog. 1. Anything generally assigned to alimony and not child support is deductible by payor. Child support isn’t deductible but is tax free to recipient 2. Always try to limit alimony so that it doesn’t go up with your income if you are …

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Prenuptial Agreements

Big Tip: If you are going to get married and you have substantial wealth accumulated, I would STRONGLY suggest that you get a prenuptial agreement,which will eliminate any payment from your accumulated assets if a divorce occurs. In order to make the prenuptial agreement valid , you would have to make full disclosure of your …

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Always carefully read over any document that you sign.

ALERT: I have heard of several people getting into big trouble with the government over fraudulent mortgage applications or tax returns. They simply assumed that their accountant or mortgage broker was doing everything correctly and signed these documents without reading them. ALWAYS read over every paragraph or contract or mortgage before you sign it All …

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