In January 2017, the Internal Revenue Service (IRS) issued tax guidance relating to the estates of married same-sex couples. More specifically, the guidance relates to gifts, bequests and generation-skipping transfers between same-sex couples when applying the Supreme Court’s landmark Windsor decision that grants lawfully married same-sex gay and lesbian couples equal rights, recognition, benefits and […]

Raising children can be expensive.  However, the IRS provides families with some financial relief through several tax benefits that help parents reduce the amount of taxes they owe each year.   Dependent Deductions.  Parents may reduce their annual income by claiming a dependent deduction of up to $4,050 in 2016 for each child under the […]