Bartering may seem like something that happened only in ancient times, but the practice is still common today. And the general definition remains the same: the exchange of goods and services without the exchange of money. Because, in a typical barter transaction, no cash exchanges hands, it’s easy to forget about taxes. But, as one [...]
When 529 plans first hit the scene, circa 1996, they were big news. Nowadays, they’re a common part of the college-funding landscape. But don’t forget about them – 529 plans remain a valid means of saving for the rising cost of tuition and more. FLEXIBILITY IS KING 529 plans are generally sponsored by states, [...]
If a relative needs financial help, offering an intra-family loan might seem like a good idea. But if not properly executed, such loans can carry substantial negative tax consequences – such as unexpected taxable income, gift tax or both. Here are five tips to consider: Create a paper trail. In general, to avoid undesirable tax [...]
When it comes to tax planning, you’ve got to be ready for anything. For example, do you know whether you’re likely to be subject to the alternative minimum tax (AMT) when you file your 2016 return? If not, you need to find out now so that you can consider taking steps before year end to [...]
Year end may seem far away. But now’s a good time to start looking ahead to what itemized deductions you may be able to claim for the 2016 tax year. Following is a list of selected deduction and exclusion items to consider. Don’t use the list as a tax planning worksheet. Rather, think of it [...]
When they’re old enough to understand the concepts, some children start investing in the markets. If you’re helping a child learn the risks and benefits of investments, be sure you learn about the tax impact first. POTENTIAL DANGER For the 2016 tax year, if a child’s interest, dividends and other unearned income total more [...]