DP Financial & Tax

Uncle Sam recognizes the sacrifice of Military Personnel As a member of the US Armed Forces, a lot rests on your shoulders. However, to lighten the load a little bit, you may be eligible for some special tax breaks. Some of them require combat service time, but there are some available to non-combat military, Reservists, and Guard as well. Here are a few of the more notable tips to keep in mind: Deadline Extensions While serving our country, the last thing you want to thin

The IRS and your Life Insurance The first thing to consider about life insurance policies and taxes, is that for federal tax purposes, to be considered a life insurance contract AND qualify for favorable tax treatment it must do two things: 1) meet state law requirements and 2) satisfy the IRS’s statutory definitions of what a life insurance policy is. The IRS looks at several elements of the policy to verify that a life insurance policy is NOT really an investment vehicle;