| Hi, Website Visitor. Here are this weeks ' best practices ' articles from Wertz & Company. Please contact us with questions. |
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| Who Benefits From the New Mortgage Law? |
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Before adjourning for the year, Congress passed new laws that will have a tax impact on many individual and business taxpayers. Click "Full Article" for details about the Mortgage Forgiveness Debt Relief Act, which was signed into law by President Bush on December 20, 2007. In addition to helping homeowners caught in the sub-prime mortgage crisis, the wide-ranging law affects surviving spouses who want to sell their homes, real estate investors and more. |
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| Has Your Company 401(k) Plan Made These 11 Mistakes? |
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The IRS recently released a list of 11 potential 401(k) plan errors. Has your company's plan made any of them? Ignoring these mistakes can lead to costly penalties and even disqualification of a plan's tax-favored status. The good news is you may be able to correct errors before the IRS comes calling.
In other IRS news, the 2008 standard mileage rates were announced. Click "Full Article" to find out what they are. |
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| Supreme Court Limits Trust Fee Tax Deductions |
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In a significant decision, the Supreme Court recently limited the tax deductions that can be claimed by trusts and estates. The ruling, which went against the family that created Pepperidge Farm, affects the amount that trusts and estates can write off for the investment advice they receive. Here are the details.
| A revocable living trust can shelter your estate from the potential expense, delays and public scrutiny of probate. But if you transfer your assets in one of these trusts, make sure you take this important step.
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Full Newsletter 
You can get a double bonus when you give appreciated assets to a charity. But don't donate too much! Here is some guidance on how you can maneuver large contributions to safeguard your tax deductions.