Q. Due to inflation, rising costs of home ownership, and increased property taxes, everything is so expensive these days. As veterans, my husband and I can use any tax breaks we can get. I know that you are accredited to work with … [Read more...]
Critter Corner: Property Tax Exemptions for Veteran Homeowners
Dear Raider, Home values went up so much last year that our property taxes have increased dramatically. My husband is a disabled veteran. Are there any programs where disabled veterans can get a property tax break or even have … [Read more...]
Using LLCs and Asset Protection Trusts for Asset Protection of Rental Property
Q. I own a rental property in Springfield, Virginia, that's just in my name. I heard the best way to protect my assets, should I be subject to a lawsuit, is by creating an LLC for my rental and deeding the house to the LLC. But I … [Read more...]
What Is the Difference Between a Tax Credit and a Tax Deduction?
Q. When talking about taxes, I’ve heard phrases including, “just write it off,” “go ahead and deduct it,” and sometimes “I think there’s a tax credit for that.” My understanding is that both tax deductions and tax credits can save … [Read more...]
Critter Corner: How Can I Get Organized and File Taxes Earlier this Year?
Dear Angel, Tax season is upon us, and I heard that it may take longer to get tax refunds this year. I am not the most organized person in the world, but want to make sure I am prepared earlier than usual this year since I … [Read more...]
Farr Law Firm Now Filing Tax Returns for Our Clients
Q. My sister and her husband set up an irrevocable asset protection trust with your firm as part of their estate planning. She was trying to explain this type of trust to me, but I still don’t understand, so I signed up for one of … [Read more...]
Critter Corner: Farr Law Firm Now Filing Estate Tax Returns and Gift Tax Returns — What You Need to Know
Dear Oakley, My father died last year at the age of 95, and my mother is still alive, but she’s in an assisted living facility suffering from pretty significant memory loss. I’m wondering if you can tell me whether I need to … [Read more...]
Giving Gifts to Grandchildren Without Wrecking Your Own Financial Future or Creating a Sense of Entitlement
Q. I have six grandchildren -- three from each of our two daughters. They live close by so I see them often and adore every one of them. I am not getting any younger and have some money I’d like to gift to them now, while I am … [Read more...]
What are the Medicaid, Tax, and Liability Implications of Paying an Independent Caregiver?
Q. We are getting ready to hire a new caregiver for my mom, and she is an independent contractor. Prior to now, we have hired caregivers from an agency. The caregiver has asked about being paid in cash, which will amount to $3,000 … [Read more...]
Critter Corner: What Taxes Do We Need to Pay for an Independent Caregiver?
Dear Oakley, We are hiring an independent caregiver, meaning she is not from an agency. My understanding is that we are responsible for paying taxes for her, since she is considered to be a household employee. What taxes are we … [Read more...]