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Over the next few weeks we are going to inform you about some of the most prevalent tax scams of 2012 and how to avoid falling into the trap.
Misuse of Trusts- Unscrupulous promoters have urged taxpayers to transfer assets into trusts, promising reduced taxable income, deductions for personal expenses, and reduced estate or gift taxes that don't deliver as promised.
Tips on how to prevent Misuse of Trusts- One tip would be to have your CPA review the trust plan prior to setting it up to insure it meets your plan. Another tip would be to ask for specific tax savings that will result based on your situation.
Keep an eye out for more tips like these in the near future.
Noack Mitchell & Company
"Don't Let Your Taxes Be Taxing"
Last Updated by Janet Noack on 2012-07-30 11:56:31 AM