The IRS taxes “active” and “passive” incomes at different rates and under different rules. Losses from passive income cannot be used to offset gains from active income. This article will discuss different types of active and passive incomes, and the IRS rules governing these incomes. […]
In recent years, as divorce for many couples has become increasingly costly, both financially and emotionally, collaborative divorce has grown in popularity as an alternative to the traditional litigation approach in an effort to help couples part more peacefully, saving them time and money. In 2017, The Collaborative Law Process Act became Part 3 of [...]
A progressive tax system, such as the one used by the federal government of the United States of America, consists of different tax “brackets”. In this system the tax payer starts out paying a certain percentage of every dollar as tax, then as the tax payer earns enough to enter the next bracket they are taxed at [...]
Whether on the Cash Flows Statement of a large corporation or on your personal budget, stakeholders are always looking to increase profits. By definition, this can be achieved by either increasing revenues or by decreasing expenses. So when does it become advisable to increase expenses? […]
The effective tax rate is the average tax rate that a tax payer was effectively assessed in a given year. […]
The marginal tax rate is the tax rate that a tax payer would pay on the next dollar they earn. […]
The legal standard in every child support case is for the court to approve a time-sharing plan that operates in the child’s best interest. The court will consider several factors to determine this parenting plan, such as financial and daily decision-making responsibilities. The following is an excerpt from Florida Statute 61.13 pertaining to a parenting [...]
There was a Jewish boy who grew up in Germany many years ago. This boy deeply admired his father. His father led the family to their Jewish Synagogue faithfully and the boy grew up with strong Jewish values and beliefs. In his teen years his family was forced to move to another town in Germany where [...]
Harvard Law Professor and Collaborative Attorney David A. Hoffman recently lectured on “Lawyers as Peacemakers.” He now describes his occupation as "full-time peacemaker". More and more attorneys, forensic accountants, business valuation experts, CPAs and other professionals are embracing this same job description. Collaborative law, or the practice of peacemaking, is a fast-growing movement with deep historical roots. Abraham [...]
Divorcing couples in Florida often rely on the services of a forensic accountant to help resolve their hotly debated financial issues. When spouses are unable to reach financial agreements, Florida’s domestic relations courts have a duty to determine spousal support and divide the marital assets, which often include the valuation of a business. The forensic [...]
