Sports leagues like the NFL, NBA, and to a lesser extent the MLB and NHL create almost overnight millionaires when they recruit young players into the world of professional sports. Many of these athletes come into this brave new world straight out of the somewhat sheltered worlds of family and college. Many of them have […]
Archives for July 2015
What Does the Executor of a Will Do?
A number of decisions have to be made when a Last Will and Testament is created. The majority of those decisions relate to the disposition of estate assets; however, there are other decisions that must be made as well, including the appointment of an Executor. All too often, the appointment of an Executor is more […]
Online Gambling – Do I Need to Report What I Win?
Gambling, in one form or another, is certainly nothing new. For some people gambling is nothing more than an occasional form of entertainment while for others it is a profitable way to make a living. Over the last decade, recreational gambling has increased noticeably, due in large part to the rapid growth of online gambling […]
Tax Planning for Medical Office Buildings – Doctors and Dentists
Recent tax law changes have created the need for thorough tax planning for dentists and doctors who own office buildings. This article will walk you through the maze of tax complexity to achieve the best tax outcomes for your valuable office real estate. Suppose that you’re about to build a new office at a cost […]
Real Estate Professionals – Do I Qualify?
It is exceedingly difficult for taxpayers to prove to the IRS’s satisfaction that they meet the real estate professional threshold if they are otherwise employed in an unrelated occupation. The IRS typically uses this first factor to exclude taxpayers with non-real-property-related full-time occupations. An examiner assumes that 40- or 50-hour-a-week wage earners would have to […]
What is a 529 College Savings Plan?
Today saving for college is more critical than ever before. Tuition and fees are already at all-time highs and the cost is only looking to increase in coming years. The 529 college savings plan is one of the most effective methods for parents interested in investing for their children to go to college. 529 college […]