The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for April 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for April 2018:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
2.12% |
2.11% |
2.10% |
2.10% |
|
Mid-term |
2.72% |
2.70% |
2.69% |
Similar to individuals, trusts normally pay federal and state income taxes. In 2018, the highest federal rate of 37 percent only applies to single individuals if they have more than $500,000 of income and to married couples filing jointly if they have more than $600,000 of income. However, a trust will be in the highest
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for March 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for March 2018:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.96% |
1.95% |
1.95% |
1.94% |
|
Mid-term |
2.57% |
2.55% |
2.54% |
When Michael Jackson died in 2009, he left behind a convoluted legacy that has presented issues for fans and tax collectors alike, and the legal repercussions are ongoing.
At the time of his death, Jackson’s reputation had suffered from allegations of child abuse, drug use and erratic behavior. The circumstances of his death, however, heightened
On Dec. 22, 2017, President Trump signed into law what is commonly known as the Tax Reform and Jobs Act of 2017 (2017 Act). As explained in more detail below, the 2017 Act increased the estate, gift, and generation-skipping transfer (GST) tax exemptions. This legislation expires at the end of 2025 and the tax laws
The Internal Revenue Service has released the Applicable Federal Rates (AFRs) for February 2018. AFRs are published monthly and represent the minimum interest rates that should be charged for family loans to avoid tax complications.
Here are the rates for February 2018:
|
|
Annual |
Semiannual |
Quarterly |
Monthly |
|
Short-term |
1.81% |
1.80% |
1.80% |
1.79% |
|
Mid-term |
2.31% |
2.30% |
2.29% |
How many times have you prepared your income tax returns for the previous year, only wishing you knew then what you know now, so you could go back and make more advantageous tax decisions? In most cases, you are stuck with the decisions you made before the new tax year began, even though you
It is common for clients to have established a long-lasting relationship with one or more investment advisors over their lifetime. This relationship is so strong that in their eventual demise, they would like for the advisor to continue to provide services for the client’s assets that may be held in trust for successive generations. However
Congress has passed the Tax Cuts and Jobs Act, a sweeping overhaul and reform of the federal tax code that takes effect Jan. 1, 2018. Below are several actions to consider taking before year-end that may reduce income taxes. In most cases, these suggestions apply to both individuals and trusts.
Pay legal, accounting and investment
As the year draws to an end, now is a good time to review your existing tax situation and estate planning in general. More specifically, this is also a good time to look at your annual gifting strategies in order to avoid missing some important tax opportunities.
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