Wealth Strategies Journal

Do More, Better, Faster

Author: Jiaqi Wang (page 1 of 3)

Taxable or Nontaxable Gift? – IRS Tips Help You Determine

The general rule that any gift, money or property, is taxable under federal gift tax has a few exceptions that make the gift nontaxable. For example, gifts that are within annual exclusion of $14,000, gifts that are expenses paid directly to a medical or education institution, gifts to spouses, gifts … Continue reading

IRS Issues Fact Sheet On Taxpayers’ Right to Confidentiality

On March 17, 2015, the Internal Revenue Service (IRS) released a fact sheet on the rights of taxpayers, specifically about confidentiality of information. In this fact sheet, the IRS restructured and grouped taxpayers’ rights in existing tax code into 10 broad categories to make it easier for taxpayers to find … Continue reading

Estate Planning Remains Important Even If Ohio Repeals Estate Tax

Ohio’s move of repealing estate tax and the increase in federal estate tax exemption equivalent has brought about perception that estate planning is no longer important since no estate taxes will be posted upon one’s death. However, this is not true. Coming up with an estate plan saves time and … Continue reading

IRS Tax Tip Regarding Filing Status

It’s time filing for tax return of year 2014. The Internal Revenue Services (the IRS) recently released tax tip regarding how to choose among five filing statuses, which are single, married filing jointly, married filing separately, head of household, and qualifying widow(er) with dependent child. An individual’s marital status on … Continue reading

Winter Getaways Raises Medical Expenses

As retirees move away from up north to Florida, they are likely to face more medical tests than they would have done back home. Since Medicare has strict regulations on prices and procedures of medical testing, doctors can easily increase the items and volumes of testing. According to researches, Florida, … Continue reading

IRS Tips Individuals about Tax Return as to Exemptions and Dependents

The Internal Revenue Service (IRS) released its latest tips on tax return for individuals. This issue involves ten tax facts about exemptions and dependents, with regard to e-file, personal exemptions and exemptions for a dependent, health-care coverage report, disqualified persons and special situations that dependents need to file.

See IRS … Continue reading

Preparing a Complete List of Passwords, Online Accounts, and Digital Property for Estate Planning

Keeping a secure list of passwords, online accounts and digital property makes it smooth for fiduciaries and family members to access your digital assets as well as bring down the cost of administration. One way of keeping the list is to handwrite one and keep it in a secure location … Continue reading

New Book Published: Social Security Works

Co-authors Nancy J. Altman and Eric R. Kingson have their new book on the social welfare system just published. Both of them are very supportive expanding the current social welfare system and believe that doing so will achieve “greater economic security for all of America’s working families.” They explained in … Continue reading

Being a Good Networker

Networking brings not only contacts but also investment and business in the future. Being a good networker first means to be shameless, and to get attention from people by praising them or by discovering similar interests or experiences. A second step is to speak out the right things, even about … Continue reading

IRS Releases Publications for Divorced or Separated Individuals, Small Business Retirement Plans, and Pension and Annuity Income

In the past few weeks, the IRS has released three publications, regarding divorced or separated individuals (Publication 504), small business retirement plans (Publication 560), and pension and annuity income (Publication 575) respectively.

Publication 504 covers filing information if the individual is divorced or separated from his or her spouse. It … Continue reading

CCA Draws Attention to Offshore Partnership with A U.S. Manager

Although a Chief Counsel Advice by IRS is not law, a most recent advice casted alert to non-U.S. partners. In determining the taxability of an offshore partnership with a U.S. manager through whom the partnership conducted all activities, the IRS found that the commercial lending and underwriting activities conducted through … Continue reading

Advantages and Disadvantages for Powers of Attorney to Spring

Powers of attorney for property works to empower an agent to act on behalf of the principle when the principle becomes disabled, while powers of attorney for health care to designate an agent to represent the principal. As people appoint powers of attorney in place, they are sometimes unsure about … Continue reading

Transition of Financial Planning When Financial Adviser Retires

When financial adviser reaches his age of retirement, the clients will have concerns about how their financial planning are to carry on and what the succession plans are. A study by Cerulli Associates dating back to August 2014 showed that 43 percent of financial advisers are over the age of … Continue reading

Illinois Adopts Automatic Enrollment of Retirement Savings Plan for Workers in 2017

Secure Choice, a new retirement saving program adopted by Illinois, is the first in nation to automatically save for workers, and, is a step toward retirement system reform. Starting in 2017, Illinois residents who have jobs but don’t have retirement plan from work will be automatically enrolled to set an … Continue reading

Both Parties to the Billion-dollar Divorce Settlement Appealed to the Oklahoma Supreme Court

Harold Hamm, the CEO and founder of Continental Resources who called a divorce settlement of about $1 billion, is now challenging his divorce settlement with Sue Ann Arnall in Oklahoma Supreme Court. The oil tycoon whose fortune has fallen dramatically due to the fluctuation of oil price argued that the … Continue reading

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