The Newsroom
Financial and Accounting Updates and Information from Maggart
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From the Monthly Newsletter...
Innocent Spouse Rules Offer Protection Under Some Circumstances
Does one spouse have to pay the tax resulting from a fabrication or omission by another spouse on a jointly filed tax return? It depends. If the spouse qualifies, he or she may be able to avoid personal tax liability under the “innocent spouse” rules. Joint Filing Status Generally, married taxpayers benefit overall by filing …
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Are Income Taxes Taking a Bite Out of Your Trusts?
If your estate plan includes one or more trusts, review them before you file your tax return. Or, if you’ve already filed it, look carefully at how your trusts were affected. Income taxes often take an unexpected bite out of these asset-protection vehicles. 3 Ways to Soften the Blow to Your Trust(s) For trusts, there …
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Business vs Hobby: The Tax Rules Have Changed
If you generate income from a passion such as cooking, woodworking, raising animals — or anything else — beware of the tax implications. They’ll vary depending on whether the activity is treated as a hobby or a business. The bottom line: The income generated by your activity is taxable. But different rules apply to how …
