Make the most of your professional advisors

Who’s on your team? No, not your sports or reality-show dancing team, your business team, that group of professional advisors who are ready and willing to help you tackle tough financial decisions. Those decisions can have an effect on your taxes this year as well as in the future, so...

Taxes and your child’s summer job

With the school year over, your teenager might be taking a summer job. If so, you both may have questions about taxes. Here are some of the common concerns. If your child chooses a typical wage-paying job, he or she will soon be confronted with the task of calculating withholding...

IRA Trustees Weren’t Liable for Madoff Losses

A district court has dismissed all claims brought by holders of self-directed individual retirement accounts (IRAs) against the IRA trustees for losses incurred by the IRAs for investments with Bernard Madoff’s firm. A number of individuals owned self-directed IRAs with IRA agreements that clearly stated that they were solely responsible...

Trust’s Investment Advice Fees

The Supreme Court has held that investment advisory fees paid by a trust were deductible only to the extent that they exceeded 2% of the trust’s adjusted gross income (AGI). Thus, such expenses didn’t qualify for the exception to the 2% of AGI limit in the tax law for costs...