Personal Residence Trusts Can Save

With the greatly depressed value of housing, now is the time to consider a special kind of irrevocable trust that can be used to transfer your residence to your children at a significantly reduced gift tax cost and with no estate tax, yet allow you to continue to live in the residence for as long as you wish. This special type of trust is known as a qualified personal residence trust (QPRT). (QPRTs are sometimes also referred to as “residence GRITs” or “house GRITs”.) Here's how it works.

Car & Truck Expense Deductions

What is expected to substantiate the deduction for using a vehicle for work? Whether it is a claim for actual expense incurred or the standard mileage rate, the IRS requires substantiation of the use. This is a good time to review

How to substantiate business/investment use of a vehicle --

Deductions for the business/investment use of vehicles (including both cars and trucks) are not allowed unless the usage is substantiated with an adequate record of the following elements:

1) The date, mileage and business or investment purpose of each trip;

Excess Insurance Premiums Paid by South Carolina Taxpayers

New Deductions and Credits for South Carolina Taxpayers

South Carolina offers deductions and credits for those whose home insurance premiums are "excessive." In a nutshell, these deductions and credits include the following: