Category Archives: Tax Savings

Senior Moments

According to the US Census, almost 13% of Americans are age 65 and over. With Baby Boomers retiring on a daily basis, thisstatistic will certainly increase. Boomers are simply enjoying getting older. In everyone’s book of life, you slowly move … Continue reading

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A trust keeps you and your family out of court.

A simple probate-avoidance living trust has no effect on either income or estate taxes. More complicated living trusts, however, can greatly reduce your federal estate tax bill if you expect your estate to owe estate tax at your death. Professional … Continue reading

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Compare and Understand Wills vs Trusts

Definitions A Will is a set of instructions regarding the disposition of property, it takes effect at death. Probate is the Court’s supervised disposition of property in accordance with the directions in a Will. A Trust is a set of … Continue reading

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Trusts

Trusts, Estates, wills how do you make sense of all of this. Today, trusts are not used only by the very wealthy. People of a wide variety of income levels use them as estate planning tools. Trusts are complex and … Continue reading

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Estate Tax “Repeal”

The 2001 Tax Relief Act repeals the federal estate tax in one of the most confusing tax measures ever enacted. The law reduces the overall estate tax burden over the years 2002-2009, until it is repealed in 2010-subject to revival, … Continue reading

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Feb Newsletter

  Feburary Tax News letter BY AABS   Automated Accounting & Bookkeeping Services Inc Read Our Newsletter Financial Calculators Tax Center     News From AABS By now you should be getting all your tax papers in the mail or … Continue reading

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The Most-Overlooked Tax Deductions

According to intuit.com and Kiplingers study in 2009 below are the 19 most overlooked tax deductions. 1. State sales taxes 2. Reinvested dividends. 3. Out-of-pocket charitable contributions. 4. Student-loan interest paid by Mom and Dad. 5. Job-hunting costs. 6. Moving … Continue reading

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Maximizing Business Entertainment Expenses

Entertainment expenses are great deductions to add to your taxes and can save you money, however there are some important guidelines to consider when including them on your return. In order to qualify, business must be discussed before, during, or … Continue reading

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