Preparation Tips for a Budget
We offer six easy tips for creating your own budget.
Importance of Budgets
Every day we are surrounded by the realities of rents and mortgages, groceries, children and endless bills. A budget can help make it all work.
Employer Provided Meals—Are They Taxable?
If you stay at work late to meet a deadline and the company buys pizza for dinner, is this taxable? And to whom?
Senior Citizens—Did You Know That You Can Be Charged Tax on Money You Don’t Get?
If you neglect to take your required minimum distribution from your IRA, you will be taxed a 50% penalty on the amount that should have been distributed, but was not.
Selling Investment Property—Like-Kind Exchanges
When we were children trading assets like baseball cards was just fun. Today, if you trade larger assets like a house or business property, it is considered a like-kind exchange, and it can minimize your taxes.
Charitable Giving—Gifts of Appreciated Property
If you are gifting property or stocks, your deduction depends on whether the property is ordinary income property or capital gain property.
Alimony
A number of requirements must be met before divorce-related payments between spouses can be deducted by the paying party as alimony.
Self-Employed Health Insurance Costs: A Window of Opportunity
If you are a sole proprietor, you may be able to offer health care coverage to your spouse if your spouse is a bona fide employee of your business.
IRS website Designed to Help Students Understand the U.S. Tax System
The “Understanding Taxes” website is designed to teach students about the mystery behind the U.S. tax system.
Settlement Damages
Since the 1996 tax law change, one of the main areas of dispute between taxpayers and the Internal Revenue Service has been the allocation of “damage awards.” When you, the taxpayer, receive a settlement payment for damages, the tax consequences vary, depending on the type of award received.