Can I Claim my Parent as a Dependent?

Dear Mr. Premack: As I get serious about completing my tax return, I am wondering if it is possible to reduce my taxes by claiming my father as a dependent. He lives in assisted living but could not afford the rent. So every month he pays $1100 (his entire social security check) and I pay…

Estate Tax Breaks Available to Couples

There are many complexities in the estate tax system, but two opportunities for reducing taxes will impact most people. First, the unlimited marital deduction eliminates estate tax on all assets passing to your surviving spouse. There is no dollar limit on the deduction. However, it must be used correctly to avoid bumping the survivor’s estate…