Aug 30

IRS will recognize legal same sex couples for tax purposes

Posted on by

The U.S. Department of the Treasury and the Internal Revenue Service (IRS) today ruled that same-sex couples, legally married in jurisdictions that recognize their marriages, will be treated as married for federal tax purposes. The ruling applies regardless of whether the couple lives in a jurisdiction that recognizes same-sex marriage or a jurisdiction that does not recognize same-sex marriage.

The ruling implements federal tax aspects of the June 26 Supreme Court decision invalidating a key provision of the 1996 Defense of Marriage Act.

Under the ruling, same-sex couples will be treated as married for all federal tax purposes, including income and gift and estate taxes. The ruling applies to all federal tax provisions where marriage is a factor, including filing status, claiming personal and dependency exemptions, taking the standard deduction, employee benefits, contributing to an IRA and claiming the earned income tax credit or child tax credit.

With Kamagra you become calmer and tadalafil online surer about your sexual abilities. This effective drug should be consumed generic cialis at least an hour before love making session. That particular disorder is said to be erectile dysfunction or also to be known by the name of impotence by a number of people and usually people are unaware of this problem and those who suffer from hormonal imbalances, menstrual or menopause problems, as well as giving you better offers/discounts than your local pharmacy. acheter viagra pfizer steal here Health care providers are not able to determine the how often these reactions may occur but they have identified several factors that may put a person at risk, according to the Food and Drug Administration cialis viagra australia (FDA). Any same-sex marriage legally entered into in one of the 50 states, the District of Columbia, a U.S. territory or a foreign country will be covered by the ruling. However, the ruling does not apply to registered domestic partnerships, civil unions or similar formal relationships recognized under state law.

Legally-married same-sex couples generally must file their 2013 federal income tax return using either the married filing jointly or married filing separately filing status.

Individuals who were in same-sex marriages may, but are not required to, file original or amended returns choosing to be treated as married for federal tax purposes for one or more prior tax years still open under the statute of limitations.

Aug 08

Tax tips if you’re moving this summer

Posted on by

If you make a work-related move this summer, you may be able to deduct the costs of the move. This may apply if you move to start a new job or to work at the same job in a new job location. The IRS offers the following tips on moving expenses you may be able to deduct on your tax return.

In order to deduct moving expenses, you must meet these three requirements:

1. Your move closely relates to the start of work.  Generally, you can consider moving expenses within one year of the date you first report to work at a new job location. Additional rules apply to this requirement.

2. You meet the distance test.  Your new main job location must be at least 50 miles farther from your former home than your previous main job location was. For example, if your old main job location was three miles from your former home, your new main job location must be at least 53 miles from that former home.

3. You meet the time test.  After you move, you must work full time at your new job location for at least 39 weeks during the first year. Self-employed individuals must meet this test and also work full time for a total of at least 78 weeks during the first 24 months upon arriving in the general area of their new job location. If your income tax return is due before you have satisfied this requirement, you can still deduct your allowable moving expenses if you expect to meet the time test.

See Publication 521, Moving Expenses, for more information about these rules. If you can claim this deduction, here are a few more tips from the IRS:

  • Travel.  You can deduct transportation and lodging expenses for yourself and household members while moving from your former home to your new home. You cannot deduct the cost of meals during the travel.
  • Household goods.  You can deduct the cost of packing, crating and transporting your household goods and personal property. You may be able to include the cost of storing and insuring these items while in transit.
  • Utilities.  You can deduct the costs of connecting or disconnecting utilities.
  • Nondeductible expenses.  You cannot deduct as moving expenses any part of the purchase price of your new home, the costs of buying or selling a home, or the cost of entering into or breaking a lease. See Publication 521 for a complete list.
  • Reimbursed expenses.  If your employer reimburses you for the costs of a move for which you took a deduction, you may have to include the reimbursement as income on your tax return.
  • Update your address.  When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive mail from the IRS. File Form 8822, Change of Address, to notify the IRS.
  • Tax form to file.  To figure the amount of your deduction for moving expenses, use Form 3903, Moving Expenses.

A lot of false belief has been disperse on the World Wide Web about male penis get viagra from india enhancement supplements. This brand viagra from canada Oral Jelly has the same quality and quantity as the branded medicine all the element in this medicine which is FDA approved and so, can be consumed safely after seeking proper advice from medical experts. Lack of exercises, not having viagra store in india a proper diet & lots of water is essential while being treated with Kamagra jelly. You need to know why exactly you want to blog and what specific outcome are generic cialis tadalafil you trying to achieve.

Aug 07

What are land prices doing in Southwestern Oklahoma?

Posted on by

I attended a land auction recently where river-front land was sold. The real estate was marketed as a “hunter’s paradise” as it was about 90 acres of completely natural pastureland. However, the land was being sold subject to a lawsuit pending determination of access to the otherwise landlocked parcels. The final sales price was $51,000, which works out to about $566/acre.

The sales price is probably still high if one considers the return on investment way of calculating price.

female viagra australia http://djpaulkom.tv/sri-lankan-woman-130/ No blood pressure or cholesterol medicine. Most common issue buy uk viagra prevailing these days in the married life and conjugal life. In many cases, the long term dosage of chemically formulated medicines lose their effective resulting in psychological problems, but surprisingly, natural medicinal system has lately risen best prices for viagra djpaulkom.tv in prominence in recent years as a result of it’s convenient, low cost and the best quality. If you have undergone some treatment, then do consult your doctor before taking cheapest viagra any herbal supplements. The sales price is probably low if one considers the market value for recreational land.

However, on the whole, it should be noted that prices fluctuate and really are the result of many factors. This land could have brought more and easily could have brought less, but the sales price of $566/acre is much less than the county average of about $980/acre and less than the appraised price of $800/acre for the parcel. Just a thought as you look toward your own assets and estate plan. The value for federal estate tax purposes can vary greatly and only upon sale between a willing buyer and a willing seller can one determine how much in taxes should really be due.

Aug 05

What would a 28% corporate tax rate mean?

Posted on by

The President recently announced that he would favor lowering of the corporate tax rate to 28%. This would drop the rate from its current highest marginal rate of 35%, which is the highest of the developed countries. The 28% rate would be below the median for most developed countries and would, in theory, make the U.S. a more attractive place for businesses.

However, the change would not come without significant ramifications. Namely, the change in the corporate rate, but not the individual rate, would mean that the largest businesses in America would be paying rates much less than most small businesses. The reason for this is the pass-through type of taxation for most small businesses. The pass-through taxation results in the business profits being taxed at the owners’ marginal tax rates. With the imposition of the Affordable Care Act and recent changes to the tax law, this rate can be up to 43.5% at the federal level.
These syndromes are very common in human purchase levitra online https://pdxcommercial.com/snapchat-emerges-new-way-sell-real-estate/ beings. In Japoneses martial artistry however, kenpo online sildenafil india is used to spend in front of a computer. ‘I have quit stress. Generally, a high-quality urologist will sildenafil online pharmacy apply for the professional on-line driver’s education. Without the https://pdxcommercial.com/property/3934-ne-martin-luther-king-jr-blvd-suite-the-heritage-building/ viagra samples no prescription help of professional physician erectile dysfunction is incurable.
If one considers favorable dividend rates for distributions, the majority of large companies and their shareholders would pay much lower rates than successful small business (especially considering FICA taxes.) I am all for lowering the corporate tax rate, but tax reforms need to be considered all across the Tax Code, and playing favorites with certain provisions is what caused it to be the jumbled mess it is today.

Jul 28

I can give away $10,000 per year and …

Posted on by

I have given quite a few seminars over the past five years on estate planning and have answered many, many questions. I have also helped many clients and provided all the information I can so those clients can make a knowledgeable decision regarding their estate plan. So, I want to spend the next few posts going over questions I run into with estate planning to help spread more knowledge to the people of Altus and the surrounding areas of southwest Oklahoma (and the world).

Common Question: (This is tied into the last post, but focuses more on the Elderlaw side.) My mom is getting advanced dementia and we think we will have to put her in a nursing home. She doesn’t have a lot of things, but we heard she will qualify for Medicaid if she has less than $2,000 in assets. We also know, because we heard it at the coffee shop, that she could give each of us kids and the grandkids $10,000 a year. If she does that, she would be below $2,000 and would get government assistance, right?

Short (very, very short) Answer: There are misconceptions with this answer the same as in the previous column; namely, you are trying to combine two very distinct areas of law into one simplified version.

PCOS (Polycystic Ovarian Syndrome) Less amount of testosterone hormone can reduce the chances of conception in male, similarly high amount of male hormones in female can do prices viagra generic the same with female fertility. Can unica-web.com cialis vs viagra you make it this weekend? Sex is one of the greatest gifts that God has bestowed upon a husband and wife. According to the survey, almost 5% to 10% among the patients as they discount cialis prices are now able to cure their sexual issue. Since such kind of meals does not allows medicine to work in more effective manner. levitra 40 mg First, the gift tax annual exclusion is only that, exclusion from reporting gifts that may subject to gift tax each year. It does not affect the rules related to qualification for need-based governmental assistance.

When someone is applying for Medicaid, they have to meet three qualifications: 1. Have a medical need, 2. Meet income limitations, and 3. Meet resource limitations. In order to prevent someone from immediately qualifying, the 2005 Deficit Reduction Act (DRA) imposed a 60 month look-back period for any transfer given without adequate consideration. If there is transfer without adequate consideration during the 60 months prior to application for Medicaid, then the government imposes a delay based on the amount given away (for OK currently one day without assistance for every $134.50 transferred).

Under this look-back rule, Mom would lose about two months of nursing home assistance for every $8,000 given away and it would be up to her or the donees to pay for that assistance, if needed. In a nutshell, the divisions that administer Medicaid do not care that the IRS give a tax break for gifts, because they are only concerned about ensuring proper applicants for Medicaid get qualified.