Your kids will learn math in school, but that doesn’t necessarily equate to personal finance. If you want them to become financially responsible adults, you should give them some training yourself. Here’s how.
There is now a ton of media chatter about the recently introduced federal tax reform package being passed around in Washington, D.C. While it’s still early in the process, here are some of the key elements of the current proposal.
Taxable or not taxable? The taxability of income, gifts, or services you receive might surprise you.
Suppose a relative gives you an expensive painting. Several years later, your relative dies and you decide to sell the painting. Your accountant says you’ll owe capital gain tax on the sale, and asks for your basis in order to reduce the amount on which you’ll pay tax. What’s your answer?
Are your children in college? You may be able to offset some of the costs of their education with tax breaks.
Here are two questions to ask before incurring debt. What are the benefits of taking on this debt? And does the cost exceed the benefit? Continue reading “Good debt, bad debt: What’s the difference?”
Disaster preparedness involves answering the question: How would a disaster affect your business? Continue reading “When disaster strikes, will your business be prepared?”
Did you know that you can claim a federal income tax credit when you pay someone to care for your kids while you’re at work or school? Continue reading “Summer day care expenses can add up to a tax credit”