Taxes play an important role in society, funding public services and infrastructure. However, understanding tax law and preparing taxes can seem daunting. Several methods exist to clarify the process and offer straightforward steps for efficiently managing your taxes. Defining tax law Tax law encompasses the rules, policies and procedures that oversee the legal process of taxation. This includes taxes on income, property and sales. Additionally, governments use tax law to collect revenue for public services. It is important to understand the basics of tax law to fulfill your obligations and po ..read more

Divorce can be a daunting prospect, especially when financial stability is at the forefront of a 30-ish parent's mind. If you are part of a dual-income household in Arkansas and find yourself contemplating the end of your marriage, you should understand the financial implications, particularly about the marital home. It is understandable for parents to want to remain in their home after divorce, but it is not always possible. Considering your children's well-being Staying in the family home after divorce can offer children a sense of stability. Familiar surroundings provide comfort during a ch ..read more

Receiving audit notification from the IRS can be daunting and stressful. However, there are steps you can take to prepare for your audit. It is beneficial to have a clear understanding of IRS audits and how to navigate them effectively. Understanding why audits occur The IRS conducts audits to verify the accuracy of a taxpayer's returns and ensure compliance with tax laws. Audits do not always imply wrongdoing. They can result from random selection or because something in your return may have raised a red flag. IRS audits are relatively commonplace. The IRS conducted over 700,000 tax return au ..read more

Navigating financial challenges is often challenging. Many people consider bankruptcy as a viable option to overcome their financial problems. Understanding bankruptcy law in Arkansas helps those facing economic hardships decide if this option is the best choice. The basics of bankruptcy in Arkansas Bankruptcy is a legal process designed to help individuals or businesses overwhelmed by debt find relief. In Arkansas, like in other states, bankruptcy laws provide a framework for managing financial crises. Chapter 7 bankruptcy. This involves liquidating certain assets to pay off debts. Certain es ..read more

According to D.A. Davidson & Co., only around 34% of adults in the U.S. have an estate plan in place. Divorce is one of those major life changes where you will need to make several changes in your estate plan to reflect your new single status. Ending your marriage can impact your estate planning in various ways, requiring careful consideration. To ensure you do not overlook anything, explore the aspects that demand your attention. Review Beneficiaries and Heirs In your current plan, your spouse is likely a beneficiary and heir. You should go through all your accounts and situations mention ..read more

If you are like most parents, you do not want to think about a time when you cannot care for your children. However, this world is full of unknowns, and anything can happen. Therefore, if you have not completed an estate plan and designated guardianship of your minor children, you should do so quickly. This is what you should know about naming a guardian. Candidate evaluation The person you choose should have the same values, morality, religious beliefs and child-raising strategies as you do. Your choice also needs the physical, mental, financial and emotional capability to care for your child ..read more

A suspected DWI traffic stop may have you wondering if you will lose your license. Here is what you need to know about DWI license suspensions in Arkansas to reduce the uncertainty of your situation. DWI suspensions If this is your first DWI offense, you can lose your license for up to six months. A second offense within five years of the first can earn up to a 24-month suspension. A third DWI, also within five years of the first offense, has a penalty of 30 months without a license. The state may revoke your license for four years after the fourth and future offenses. To get your license back ..read more

Divorce can be a scary process with many open questions. Often there is confusion about how to handle your income tax returns as a newly divorced couple, but most have simple answers. What filing status do you use? The filing status you chose depends on when your divorce was final. If it finalized at the beginning of the new year, you could still file jointly for the previous year. If it legally ended before the start of the new year, you will need to file separately. If you are still single and have a child in your home, you can file as head of household. Is alimony tax deductible? If you for ..read more

Executors are an essential part of the probate process in Arkansas. They oversee the distribution of assets to beneficiaries according to your will and pay off any debts you still owe. Whether there is a will or not, your estate will require an executor. With a will, you can choose who distributes your estate to beneficiaries. According to SmartAsset.com, the court will appoint someone to be the executor if you neglect to draft a valid will. Executors can file for simple probate Arkansas has not adopted the Uniform Probate Code. However, Arkansas allows your executor to file for simple probate ..read more

Divorce is sometimes a complex process, especially if you have a substantial estate and a long-term marriage. One crucial part of the divorce process is updating your estate plan to reflect your new wishes accurately. Consider these documents that may need reflection. Will or trust Listing your spouse as the beneficiary or executor of your estate is common. However, once you decide to dissolve the marriage, you will need to name a new executor. Should you decide to remarry later on, you would likely want to update your will again. If you have a living trust, you can make changes to ensure your ..read more