New Accounts for the Disabled. The general information in this publication is not intended to be nor should it be treated as tax, legal, investment, accounting, or other professional advice. Before making any decision or taking any action, you should consult a qualified professional advisor who has been provided with all pertinent facts relevant to your […]
New Accounts for the Disabled Read More »
Leave You may leave the money where it is, provided your former employer\’s plan permits it. But before you do, there are a few things you should consider. First, do you wish to consolidate your plan savings with other savings you may have elsewhere? Second, would you like to have more investment choices than your
Retirement Savings: Leave, Take, or Roll Read More »
Put Your Refund to Good Use Are you expecting a tax refund from the IRS this year? Although it may be tempting to spend your refund on the newest electronic gadget, consider using it to meet one or more of your financial goals. Pay Down Debt Credit card debt can grow quickly if left unpaid.
Put Your Refund to Good Use Read More »
A Tax Review for the Nonprofessional Landlord. Renting Residential Real Estate. Investing in residential rental properties raises various tax issues that can be somewhat confusing, especially if you are not a real estate professional. Some of the more important issues rental property investors will want to be aware of are discussed below. Rental Losses Currently,
Renting Residential Real Estate Read More »
Scholarships Taxable or Not The really great thing about receiving a scholarship is that the award doesn\’t have to be paid back. But does a scholarship represent taxable income? It doesn\’t as long as certain conditions are satisfied. Here\’s a brief rundown of what\’s required for tax-free treatment. Candidate for a degree. The recipient must
Scholarships Taxable or Not Read More »
Business Auto Deductions Do you drive your car for business purposes? The costs of operating and maintaining your vehicle are potentially deductible. Here are some guidelines. Two Methods The IRS provides two basic methods for computing deductions for the business use of an automobile. Actual expense method. With the actual expense method, you deduct the
Business Auto Deductions Read More »
[mp_row] [mp_span col=\”12\”] To most of us, the word \”dependent\” is synonymous with \”child,\” but the IRS\’s definition is a little different. For tax purposes, a dependent must be either a \”qualifying child\” or a \”qualifying relative.\” To be a qualifying child, the child must: Live in your home for over half the year Be
Who\’s a Dependent? Read More »
Does your business offer a retirement plan? Whether you\’ve recently started a business or have been operating one for some time, setting up a retirement plan can be beneficial to both you and your employees. Besides providing strong tax incentives to defer income and save for retirement, retirement plans can help you reward and retain
Small Business Retirement Plans Read More »
If you would like to trade one property for another, consider deferring taxes with a like-kind exchange. It may help you to save some taxes. The like-kind exchange rules permit owners to trade certain appreciated property held for investment or for use in a trade or business for similar like-kind property without recognizing taxable gain.
Deferring Taxes with a Like-kind Exchange Read More »
Year-end income-tax planning, as 2014 winds down, consider some of the following suggestions for saving on your taxes both this year and in 2015. Pay Fourth Quarter Estimated State Taxes Early Taxpayers who itemize on their federal returns may deduct any state income taxes paid during 2014. Paying fourth quarter estimated taxes (generally due in
Year-end Income-tax Planning Read More »
