Critter Corner: Beware of Tax Season Scams!

Dear Raider,A friend of mine told me that there has been an uptick in tax season scams, where identity thefts and refund thefts are taking place. What is this all about so we can stay vigilant?Thanks for your help!Rhee … [Read more...]

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How Are Taxes Filed if One Spouse is on Medicaid and the Other Spouse Has an Irrevocable Trust? And Does Getting Social Security Change How Taxes Get Filed?

Q. Thank you again for working with our family last year to protect our parents' assets, get our father approved for nursing home Medicaid, and set up an irrevocable Living Trust Plus for our mother. Now that it's tax time, we … [Read more...]

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Critter Corner: What Tax Deductions Should Seniors Know About this Year?

Dear Kiwi and Mango,We are filing our taxes this weekend. Are there any special tax deductions we should be aware of for seniors for the 2023 tax year?Thanks for your help!Dee Duxshuns--- Dear Dee,Many seniors … [Read more...]

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What Are Some Tax Breaks for Veterans?

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...]

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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...]

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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...]

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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...]

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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...]

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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...]

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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...]

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