Offer in compromise is a program instituted by the Internal Revenue Service (IRS). It aims to help taxpayers who cannot pay the taxes they owe, or for taxpayers for whom it would create a financial hardship to pay the taxes they owe. It allows taxpayers to settle...
Taxes are, without a doubt, a necessary source of funds that the government needs to operate, fund public services and maintain the country’s infrastructure. However, nobody wants to pay more taxes than they need to. As long as you do things correctly, there’s nothing...
Estate planning is a significant aspect of financial management. It includes understanding complex laws and tax systems. Knowing these rules can help you plan for the future and ensure your family and loved ones face minimal financial burdens during an already...
When a person creates an estate plan, they choose people to make decisions for them and handle their affairs when they no longer can. Typically, these involve an executor, a trustee and sometimes a guardian. Under the law, these individuals are called fiduciaries and...
Capital gains tax poses a significant consideration in Louisiana estate planning. It is a tax levied on the growth in value of assets—like stocks, bonds and property—between when you buy them and when you sell them. Employing strategies to limit capital gains tax will...
It is common to have apprehensions about tax audits. You may view it as an overwhelming, time-consuming process that potentially could lead to additional tax liability. While you cannot guarantee the prevention of a tax audit, you can take steps to reduce the...
Estate planning involves preparing for the management and disposal of a person's estate during life and after death. Through estate planning, you can protect your assets and provide guidance for your family. Understanding the necessary steps and what you should...
Parents of autistic children face daily struggles in caring for their offspring. Kids with special needs often find themselves reliant on Medicaid and other government assistance programs. However, they have other options in the form of special needs trusts (SNT), a...
No one welcomes the prospect of a tax audit. The process can stir feelings of anxiety and worry. This is particularly true in Louisiana, where state tax laws can present a complex maze to navigate. However, with a clear understanding of what the process entails, a tax...
A solid estate plan will include many documents to ensure your best interests are fully protected. Living wills are just one essential document that all estate planners must include for their own peace of mind. Living wills contain information on the type of medical...