Scholarship money is tax-free income to the recipient if used to pay tuition and fees, or when used to pay for books, supplies, and equipment required by the curriculum. Anything received tax-free is … [Read more...] about COLLEGE SCHOLARSHIP PLANNING – A FAMILY AFFAIR
IRS Tax Planning Ideas, Tips & News
INHERITED IRAs ARE NOT PROTECTED
The US Supreme Court ruled in Clark v. Rainmaker that inherited IRAs (Individual Retirement Accounts) are not protected from creditor claims under Federal Bankruptcy Law. The Supreme Court reached its … [Read more...] about INHERITED IRAs ARE NOT PROTECTED
IRS CHANGES FORM 1099 BACKUP WITHHOLDING PROCEDURES
If you own your own business, and regardless of whether you operate as a sole proprietorship, LLC, partnership or corporation, you are required to issue Form 1099-MISC to independent contractors and … [Read more...] about IRS CHANGES FORM 1099 BACKUP WITHHOLDING PROCEDURES
STOCKS HAVE ZERO COST BASIS
A recent court case (Hoang, U.S. Court of Appeals, 11th Circuit, May 6, 2014) illustrates that if a taxpayer cannot substantiate cost of securities (stocks, bonds, etc.) sold, then the cost basis is … [Read more...] about STOCKS HAVE ZERO COST BASIS
CERTIFICATES OF DEPOSIT (CD) IRA ROLLOVERS
Many senior citizens invest in certificates of deposits (CDs) as part of their retirement nest egg. When a CD matures in an IRA account, some seniors will search for the bank that is paying the … [Read more...] about CERTIFICATES OF DEPOSIT (CD) IRA ROLLOVERS
IS YOUR TAX PROFESSIONAL SITTING BY YOUR SIDE WHEN YOU ARE MAKING FINANCIAL DECISIONS?
Does this type of thinking apply to your individual financial decisions? Could you improve your decision-making to maximize your financial wealth and security? Can you learn from the mistakes of … [Read more...] about IS YOUR TAX PROFESSIONAL SITTING BY YOUR SIDE WHEN YOU ARE MAKING FINANCIAL DECISIONS?
