During legal proceedings, such as a divorce or bankruptcy, it’s often necessary to uncover money by conducting a financial investigation to expose fraud, embezzlement or hidden assets. How the Analysis WorksAssume that utility expenses for the year under examination are $7,000 (in absolute dollars) or 10% of total operating expenses (common size). During the financial probe,…

The Tax Cuts and Jobs Act (TCJA) virtually doubled the standard deduction through 2025. So fewer taxpayers are itemizing deductions these days. Instead, more people are claiming the standard deduction. When making year-end charitable contributions, consider whether you’ll claim the standard deduction or itemize deductions on your 2024 federal tax return. If you expect to take…

When planning your estate, it’s important to understand the “cost” or “basis” for tax purposes that an individual gets in property he or she inherits. This is an area that’s often overlooked when families start to put their affairs in order. Requirement for ExecutorsUnder certain circumstances, an executor must provide a statement identifying the fair market…