An election under section 645 of the IRC treats a revocable trust that qualifies as part of the deceased`s estate for federal income tax purposes. California follows the federal election. This usually simplifies the administration of the estate and can offer several tax advantages, as the voting trust follows the income tax rules for an estate rather than a…
The simple answer is that it`s up to you to manage your finances and make sure you file your tax returns. Before you get discouraged by this idea, let`s take a look at the significant tax advantages that independent consultants have on employees: sales tax rates vary from state to state and, in some cases, city to city. So…
At present, all parties involved are exempt from any future liability, also known as actual performance, and the parties involved have performed the contract by mutual agreement. For example, if you are a homeowner who has hired a contractor to add an addition to your home, you need to make sure that you are satisfied with the addition and…