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What Is the Gift Tax, and When Does It Apply?

Nov 25, 2015 2:56:52 PM / by Jason Shaw posted in Uncategorized

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What is the Gift Tax?

The gift tax is a tax levied on the transfer of property from one person to another in exchange for nothing or for less than the property’s full value. While this seems to cover many transactions that most of us make many times throughout the year, the exceptions to the gift tax actually make taxable gifts fairly rare.

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I Just Won a Lawsuit! Is My Award Taxable?

Nov 11, 2015 2:26:47 PM / by Jason Shaw posted in Uncategorized

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Law gavel on a stack of dollars isolated on gray

When you receive money from a lawsuit or settlement, it’s important to consider your tax liability before you start spending it. The IRS rules make distinctions between different types of awards when determining what you must claim as income and what you can leave out.

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Tax Tips For Starting a Business

Sep 24, 2015 5:51:41 PM / by Jason Shaw posted in Uncategorized

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Starting your own business can be exciting and rewarding.  It is critically important, however, to understand all of your tax and recordkeeping obligations. Use this guide to help you make sure you are ready for tax season.

One of the first things you will need to do is decide what type of business you will establish.  Each carries its own legal and tax requirements.  For detailed information on the types of business taxes to which you may be subject, see http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Business-Taxes.

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Be Alert to the Latest Iowa Tax Scam!

Mar 5, 2015 12:16:35 PM / by Jason Shaw posted in Uncategorized

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If you receive an automated call that claims that you are eligible for a refund from the Iowa Department of Revenue, you may be a target of new tax scam. To further mislead call recipients, the perpetrators have very cleverly managed to make the Iowa Department of Revenue’s general taxpayer services number (515-281-3114) appear on caller IDs; however, that number is never used for automated calls.

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Beware of IRS-Impersonation Phone Scams!

Dec 20, 2014 12:30:57 PM / by Jason Shaw posted in Uncategorized

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We have been receiving calls about the latest tax scams that are appearing throughout the country.

An aggressive and sophisticated phone scam targeting taxpayers, including recent immigrants, has been making the rounds. Callers fraudulently claim to be employees of the IRS. These con artists can sound convincing, using fake names and bogus IRS identification badge numbers. They may know a lot about their targets, and they usually alter the caller ID to make it look like the IRS is calling.

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Holiday Financial Planning for Your Family Budget

Nov 28, 2014 3:05:35 PM / by Jason Shaw posted in Uncategorized

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Holiday shopping can put a major strain on anyone’s budget, but some simple planning can help you control its impact on your family’s financial health. Rather than allowing the frenzy of Black Friday and pre-Christmas bargains to carry you into a bacchanalia of careless spending, plan ahead to avoid the financial hangover that inevitably follows.

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Saving for Retirement on a Modest Income

Nov 24, 2014 2:40:29 PM / by Jason Shaw posted in Financial Planning, Retirement

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Saving for retirement is particularly challenging for those living on a modest income.  You may feel as though there isn’t any money left after covering your basic expenses each month. Even if you do manage to put away a few dollars, investing in an IRA often involves an initial deposit of at least $1,000.  Low- to moderate-income earners do have some tools available to help them get started, however. If you have found it difficult to begin saving for retirement, these tools and incentives can help.

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Roll Over Your After-Tax 401(k) Contributions to a Roth IRA

Nov 14, 2014 2:36:35 PM / by Jason Shaw posted in Uncategorized

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If you have access to a 401(k) plan, contributing at least the amount for which your employer will provide matching funds is one of the best ways to save for retirement.  That has been true for some time.  However, the IRS has just given you even more incentive to pack money into your 401(k).

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Making the Most of Your Social Security Retirement Benefits

Nov 3, 2014 2:30:55 PM / by Jason Shaw posted in Uncategorized

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How to claim your Social Security benefits can be a critical and complex decision. Making this choice without understanding the factors that can influence the amount you will ultimately be able to collect in Social Security benefits can cost you tens of thousands of dollars in retirement.  Before you make a choice about claiming benefits, it is wise to speak with a retirement planning professional to be sure you are making the most advantageous choice.

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Comprehensive Financial Planning for Your Family

Oct 23, 2014 1:51:35 PM / by Jason Shaw posted in Uncategorized

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Boelman Shaw Capital Partners offers a specialized blend of expertise in multiple aspects of financial planning.  We provide our Des Moines area clients with well-rounded advice to create an optimized financial plan that provides for the needs of individuals and their families. We advise families just starting their financial journey with their first steps toward securing their child’s college tuition and individuals nearing retirement who worry that they have not saved enough.  Wherever you are on your financial path, we can help.

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