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October 2016 Archives

Would you prefer a larger paycheck or a bigger tax refund?

At the end of October, it is not very common to talk about tax refunds. Let’s face it, more people are concerned about what their kids are going to wear to go trick-or-treating.  This apathy about taxes must frustrate financial advisors around this time of year, especially clients who do not heed warnings about giving interest free loans to the federal government because they allow too much withholding through their paychecks.

How you can be held liable for someone else tax bill

In a number of our posts, we have highlighted how people lament the power of the IRS to collect taxes from them. This power is rooted in federal law, and can lead to taxpayers having their wages garnished and property being taken in extreme circumstances. If that is not bad enough, the IRS may have the power to collect taxes from you even though they were originally meant for someone else.

Olympic medalists won't be taxed on cash prizes

Earlier this summer we highlighted the taxes that U.S. Olympic medalists could be subject to because of the U.S. Tax Code. Under federal law, the cash prizes that come with each medal ($25,000 for gold, $15,000 for silver and $10,000 for bronze) would be taxed as they would be considered income. The subject garnered a great deal of negative attention because the notion of taxing these athletes for recognition of their hard work simply did not sit well with the American public.

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Law Offices of Robert T. Leonard, APC

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Toll Free: 888-408-9486
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