Amy's Feed
Jul 11, 2013

Column: What to do when you inherit a tax mess

NEW YORK (Reuters) – When someone you love dies, the last thing you want to think about is money, yet a surprising number of people inherit tax problems along with the family china.

“One in 10 estates have some tax issues,” says Scott Cripps, chief fiduciary officer and head of trust services at Bank of the West in San Francisco. “There’s nothing worse than being in your worst grieving moments and having to deal with financial chaos.”

Jul 11, 2013

What to do when you inherit a tax mess

NEW YORK, July 11 (Reuters) – When someone you love dies,
the last thing you want to think about is money, yet a
surprising number of people inherit tax problems along with the
family china.

“One in 10 estates have some tax issues,” says Scott Cripps,
chief fiduciary officer and head of trust services at Bank of
the West in San Francisco. “There’s nothing worse than
being in your worst grieving moments and having to deal with
financial chaos.”

Jun 27, 2013

Same-sex couples see big tax benefits from historic ruling

NEW YORK (Reuters) – Jennifer Cole-Ruiz, a chef who recently opened La Mujer Gala tapas restaurant in Brooklyn with her wife, Madelein Ruiz, on Wednesday night planned to celebrate the historic U.S. Supreme Court decisions in support of same-sex marriage with a glass of cava after their customers had gone home.

The high court’s landmark decision on Wednesday forces the federal government to recognize same-sex marriages, like that of Cole-Ruiz and Ruiz. The ruling also equalizes how same-sex couples, whose marriages are recognized by their states, will be treated for tax purposes.

Jun 25, 2013

P2P lending pulls in big investors – should you bite?

NEW YORK (Reuters) – Less than a decade ago, peer-to-peer lending came to the United States as an upstart enterprise – a service that would in a very personal way link would-be borrowers with individual lenders and bypass the banking industry.

The theory was that by cutting out the middle man, online P2P services like Lending Club and Prosper could create a “win-win” situation: Credit-challenged borrowers who needed money for school, to buy a car or put on a roof could obtain loans at less-than-credit-card rates. Lenders, in turn, could cash in on better interest rates than their bank accounts would pay.

Jun 24, 2013

Column: Dear entrepreneur, we are canceling your health insurance

NEW YORK (Reuters) – As President Obama’s health care overhaul begins to change how Americans get their health insurance, the nearly 22 million people who are self-employed will see some of the most dramatic changes, with perhaps half of them headed for the new health exchanges in the fall.

I’m one of them – I recently received notice that the insurance I had been buying for three years would “terminate.” I will be shopping for coverage on one of the new health insurance exchanges.

Jun 24, 2013

Dear entrepreneur, we are canceling your health insurance

NEW YORK, June 24 (Reuters) – As President Obama’s health
care overhaul begins to change how Americans get their health
insurance, the nearly 22 million people who are self-employed
will see some of the most dramatic changes, with perhaps half of
them headed for the new health exchanges in the fall.

I’m one of them – I recently received notice that the
insurance I had been buying for three years would “terminate.” I
will be shopping for coverage on one of the new health insurance
exchanges.

May 14, 2013

Column: Coming clean on your taxes

NEW YORK (Reuters) – It goes without saying that you should file your tax returns each year and pay what you owe. But if you mess up, there are ways to move beyond the problem.

Except in cases of tax fraud, the U.S. Internal Revenue Service will generally work with taxpayers to get them back into the system. You can often negotiate a payment plan, and if you are truly strapped, you may be able to cut a deal on how much you must pay. But first you must fess up to the problem.

May 14, 2013

Coming clean on your taxes

NEW YORK, May 14 (Reuters) – It goes without saying that you
should file your tax returns each year and pay what you owe. But
if you mess up, there are ways to move beyond the problem.

Except in cases of tax fraud, the U.S. Internal Revenue
Service will generally work with taxpayers to get them back into
the system. You can often negotiate a payment plan, and if you
are truly strapped, you may be able to cut a deal on how much
you must pay. But first you must fess up to the problem.

Apr 29, 2013

Don’t let that 529 college plan hurt your financial aid

NEW YORK (Reuters) – Tax-advantaged 529 college-savings plans have been a huge help for many students and their families as the costs of higher education have soared. But if you’re applying for financial aid (and who isn’t?) you need to know how these accounts will affect your bottom line.

The basic problem: Not all 529 accounts are treated equally, so two different students with the same basic profile could get different aid offers, based on who actually owns their 529 plan.

Apr 11, 2013

Owe taxes and can’t pay? You have options

NEW YORK, April 11 (Reuters) – There are many reasons to
hate tax time, but here’s one of the worst: You discover while
doing your taxes that you owe far more than you can possibly
come up with by April 15.

Cry, scream, punch the wall if you have to. But then deal
with the problem head on.

    • About Amy

      "Amy Feldman is an award-winning journalist and writer, specializing in business and finance. She writes a twice-monthly column on taxes for Reuters. The opinions expressed are her own."
    • Follow Amy