Tuesday January 22, 2019
News
'Give It Twice' Trust
A very popular option for a parent with children is called the "Give It Twice" trust. This is a trust funded when the surviving parent passes away. Part of the estate is transferred outright to children. The balance is placed in a special "Give It Twice" trust.
The trust pays income to children for a term of years—usually 20 years. The income can be divided equally among the children for that period of time. Following the selected term of years, the trust principal is then transferred to charity.
In effect, the property has been used...MORE
IRS Free File Now Available
In IR-2019-2, the IRS announced the availability of the Free File Program. Since the inception of the program, more than 53 million taxpayers have used tax preparation software provided by the Free File Alliance.
IRS Commissioner Chuck Rettig noted, "Free File is an important tool that allows taxpayers free access to electronic filing of their tax returns. The program has been a great partnership with the private sector, and we have taken steps to improve Free File this year. With these changes to the Free File program as well as the new tax law, this is a great year for people to consider using this option for preparing their taxes."
Free File is accessed on www.IRS.gov. The "Help Me" tool...MORE
Can You Deduct Medicare Costs on Your Income Taxes?
Can I deduct my Medicare premiums, deductibles and copayments on my income taxes? I had knee replacement surgery last year and spent quite a bit on medical care out-of-pocket and would like to know...MORE
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