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Attorney At Law
Certified Public Accountant
Licensed Real Estate Broker / Appraiser

Phone: 610-459-8074
Fax: 610-459-8653

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Saturday December 20th, 2014

Attorney at Law | Certified Public Accountant | Licensed Real Estate Appraiser | Licensed Real Estate Broker

Since 1973

Tax News

Saturday December 20th, 2014

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The Poster Boy for U.S. Expat Tax Woes

London Mayor Boris Johnson, who holds dual U.S./U.K. citizenship, says he won’t pay certain taxes the U.S. is seeking.

The IRA Advantage of a Low Tax Bracket

In years when your income is low, consider a Roth conversion, writes Jonathan Clements.

A 'Standard' Tax Break for Seniors

If you’re older than 65, add $1,200 to your standard federal deduction.

A Two-Year Plan to Lower Your Taxes

Bunching deductible expenses into every other year can lower tax bills over time.

The Rules on Capital-Loss Deductions

You typically can deduct as much as $3,000 a year in capital losses from your ordinary income. You can carry unused deductions into subsequent years until they’re used up.

The Tax Advantages of Donating Stock

Instead of a cash donation to charities, you can donate stock shares that you have owned for more than a year and that have appreciated since you bought them, averting capital-gains tax. They also are deductible.

Act Now to Lower Your 2014 Taxes

Tax Report: Many tax-saving strategies require action by year-end. Here’s what to do before it’s too late.

The New Rules of Estate Planning

A higher exemption for the federal estate tax is shifting the focus to minimizing capital-gains taxes and state levies. Here are the latest strategies.

How to Find a Missing Tax Refund

The IRS says refunds generally are issued within 21 days after the government receives your return. If your refund is missing, start with the IRS website—and consider direct deposit.

Man Crashes Car Into Spanish Governing Party Headquarters

A man smashed a car laden with explosives into the Madrid headquarters of Spain’s governing Popular Party, but failed to detonate them and caused no casualties..

Spanish Political Office Subject of Failed Attack

A Look at the Year Ahead With Three Financial Advisers

Fee-only financial advisers discuss how investors can prepare for increased volatility, any action by the Fed and other investment and tax issues.

Private Trusts for the Very Rich

Mega-rich families increasingly are setting up their own trust companies to manage and invest their wealth.

What to Know Before Donating Art

Sure, it’s nice to get your name on a plaque on the wall. But the price may be much higher than you think.

Donating or Selling a Collection? How About Both?

Art collectors looking to dispose of a pricey collection can sell it, often in pieces, donate it—or find a museum that will take the whole thing but pay only part of its value, with the rest becoming a tax-deductible donation.

A ‘Standard’ Tax Break for Seniors

If you’re older than 65, add $1,200 to your standard federal deduction.

The IRA Advantage of a Low Tax Bracket

In years when your income is low, consider a Roth conversion, writes Jonathan Clements.

Charitable IRA Rollovers Could Get Reprieve

Congress ended the week poised to revive a popular tax provision that encourages charitable donations of individual-retirement-account assets. Many expect Congress to revive it retroactively for 2014.

In Search of Common Ground on Tax Overhaul

Sen. Rob Portman and Rep. Chris Van Hollen say compromise is possible. Maybe.

Why You Need to Sell Those Losing Stocks

Why do people hang on to losing investments? In truth, the real loss is in not selling.

Estate-Planning Essentials for Single People

It’s important to create, at a minimum, a will and/or a revocable living trust stating specifically how you want your assets to be distributed after you die and naming an executor and/or trustee to carry out your wishes.

Giving the Gift of Money

Financial gifts to loved ones can provide lasting value—and save you cash.

The Poster Boy for U.S. Expat Tax Woes

London Mayor Boris Johnson, who holds dual U.S./U.K. citizenship, says he won’t pay certain taxes the U.S. is seeking.

How to Think About Risk in Retirement

The recent roller-coaster ride on Wall Street offers important lessons about adjusting your stock/bond mix and how to guard against your greatest risk: running out of money.

Some Important Numbers for Tax Year 2015

Thanks to inflation, standard deductions and personal exemptions are rising.

Canada Studies Options as B.C. Port Upgrade Subject to U.S. Policies

British Columbia Port Upgrade Subject to U.S. Policies

Canada said it is looking at its options after learning a ferry-terminal upgrade at a port on its Pacific Coast is subject to U.S. policies that would prohibit the use of Canadian-made iron and steel.

The Rules on Capital-Loss Deductions

You typically can deduct as much as $3,000 a year in capital losses from your ordinary income. You can carry unused deductions into subsequent years until they’re used up.

Three Year-End Tax Moves for Small Businesses

New health-plan rules and delayed action by Congress may require some quick action before Dec. 31.

NTSB Rules Drones Subject to FAA Rules

The National Transportation Safety Board upheld a Federal Aviation Administration fine against a man for operating a drone recklessly, ruling drones are aircraft and subject to existing FAA rules.

Deciding Whether to Join the Muni Rally

Weekend Investor: State and local government debt is a hot investment, as bankruptcy fears recede. Here’s what investors need to know now.

A Two-Year Plan to Lower Your Taxes

Bunching deductible expenses into every other year can lower tax bills over time.

A Guide to Picking the Right Trust

Set up the right way, they’re a great way to protect assets. But beware the pitfalls.

Strategies for Disaster-Relief Giving

Today’s multitude of disaster-relief funds and the speed at which new ones spring up has donors and financial advisers rethinking how they should respond to calls for aid.

Investors Find Warmer Welcome in Europe

Journal Report: European countries are trying to attract wealthy foreigners by offering residency status in return for real estate and other investments.

What to Watch Out for When Changing 529 Plans

It’s easy to get blind-sided by rules and restrictions that can cause the account owner to owe taxes and penalties.

Financial Moves to Make This Year

Brett Arends writes about getting tax breaks to using up expiring mileage awards.

VA Says More Than 5,000 Employees Subject to Disciplinary Proposals

VA Says More Than 5,000 Subject to Discipline

More than 5,000 Department of Veterans Affairs employees are currently subject to disciplinary proposals with more than 40 of them related to patient care, according to the VA, but no hard timeline has been put in place for many of those cases.

Act Now to Lower Your 2014 Taxes

Tax Report: Many tax-saving strategies require action by year-end. Here’s what to do before it’s too late.

AutoNation Halts Sales of Cars With Takata Air Bags

AutoNation, Inc. says it has stopped sales of all vehicles equipped with Takata Corp. air bags covered by a series of recalls and warnings from federal regulators who say the devices could explode and harm drivers.

The New Rules of Estate Planning

A higher exemption for the federal estate tax is shifting the focus to minimizing capital-gains taxes and state levies. Here are the latest strategies.

How to Find a Missing Tax Refund

The IRS says refunds generally are issued within 21 days after the government receives your return. If your refund is missing, start with the IRS website—and consider direct deposit.

Lilly Sees Light After a Difficult Year

Chief Executive John C. Lechleiter talks about the opportunities and challenges ahead for the drug maker.

The Tax Exclusion on a Home Sale

It’s typically $500,000 of profit for couples and $250,000 for singles.

Good News and Bad for Retirement Savers

It’s cheaper to roll into a Roth IRA, but harder for your heirs to shield it from taxes.

A Tax Advantage in Retiring Single

Depending on your income, the IRS favors unmarried couples.

For College Students, History’s a Mystery

Few schools mandate courses in subjects like U.S. government, history or economics, according to a survey of core curricula at 1,098 four-year colleges and universities.

Washington Scrutiny of ‘Supersize’ IRAs

The U.S. is seeking more information on hard-to-value holdings in retirement accounts, and some proposals would speed withdrawals by an heir.

Office Gossip Is Fun, Unless It Is About You

Evaluate the sources of gossip, the nature of rumors and their potential damage when you are the subject of the rumor mill at work. Experts offer techniques for silencing the whispers.

Tax Breaks for Recent College Grads

Deductions, credits and tax-favored savings plans can all trim one’s tax bill.

Inflation Could Help You Next Year

Indexing should effectively cut taxes for most households.

The Roth-IRA Math for 50-Somethings

These accounts can sometimes pay off even for people who expect a lower tax rate in retirement.

Penalty For Not Having Health Coverage Adds Up

For a high-income family of five, the ACA charge can top $12,000.

ETF Ideas for Banks in a Rising-Rate Environment

Some financial advisers say it would be a mistake to exit bank-related investments because of rising rates, especially for a long-term holder.

Your Annual Gift-Tax Exclusions

You may give $14,000 tax free to as many recipients as you like.