Tax traps you need to know about

Can you believe that Pamela Anderson is still getting press? It’s amazing. Remember Pam Anderson? That’s her below.

One of the reasons she is getting press is because her old TV show Baywatch is coming to a theater near you. With Dwayne “The Rock” Johnson.

And of course she has been showing up with carry-out boxes of food at the Ecuadorian embassy to hang with Julian Assange.

Seeing Pamela in the spotlight reminded me of the tangle she had with the IRS not that long ago. You see, she was hit with two tax liens totaling $371,514.65 back in 2012.

In a separate case, the California Franchise Tax Board went after Pamela Anderson in 2010 as a delinquent taxpayer to the tune of $493,000 in personal income taxes owed.

Ouch! Nasty stuff.

From all of this, I got to thinking about all the taxes that can impact people like you and me. There are so many types of taxes in so many areas that it’s mind-boggling.

In fact here at our firm, we are focused hugely on helping our clients with advanced tax planning strategies. It’s a really big deal these days.

I’m not talking about preparing a tax return. I’m referring to helping clients to understand the tax reduction strategies available to them.

So Pamela’s tax problems motivated me to ask you an important question…

Did you know that in addition to the Feds, 14 states and the District of Columbia will also collect a tax on your estate if it exceeds a certain dollar value?

Another six states collect an inheritance tax from your heirs. And two states will actually double-dip, taxing both your estate and the inheritance your loved ones receive when you pass away.

Sound ludicrous? It is.

Wondering who those 14 and 6 states are? Click the button below for the PDF of the culprits.

When we are helping people to “pull it all together” with their estate, asset protection and business planning, solid input on advanced tax planning strategies is a key factor.

Understanding the rules such as the state taxes I reference above is critical to building a truly cohesive planning blueprint.

To Your Planning Success!

Paul

Paul Hitchcock
Director of Business Development
BarthCalderon, LLP
800-548-8564
Website + About Me

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For over 25 years, BarthCalderon’s mission has been delivering high quality estate and asset protection planning services that safeguard you and your family.

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