School’s Out - Who Is Going to Take Care of the Kids?

School’s Out - Who Is Going to Take Care of the Kids?

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Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular…
Donor Advised Funds Provide Tax Benefits

Donor Advised Funds Provide Tax Benefits

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If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised fund (DAF) may fill that need.…
Gift Tax Treatment of Tuition Plans

Gift Tax Treatment of Tuition Plans

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Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay qualified…
Top 10 Startup Business Questions Every Entrepreneur Should Answer

Top 10 Startup Business Questions Every Entrepreneur Should Answer

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Starting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions swirling around…
Eldercare Can Be a Medical Deduction

Eldercare Can Be a Medical Deduction

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Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications…
Planning for the Transition to a Single Income Household

Planning for the Transition to a Single Income Household

Going from two stable income streams to one can prove challenging, but it is a necessary step if you, or your spouse, want to stay home with your kids, go back to school or even start your own business. To avoid ending up in a pinch when the…
Why Tax Basis Is So Important

Why Tax Basis Is So Important

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For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares…
How QuickBooks Protects Your Data, and How You Can Help

How QuickBooks Protects Your Data, and How You Can Help

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The data in your QuickBooks company file contains some of the most sensitive information on your computer. Make sure it’s secure. Your customer list is gold. And those Social Security and bank card numbers in your payroll, client, and…
Protecting Yourself from Scams, ID Theft and Cyber Criminals

Protecting Yourself from Scams, ID Theft and Cyber Criminals

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As much as the Internet has changed our lives for the good, it has also opened us up to threats from crooks from all over the world. They are smart and always coming up with a new trick to separate you from your hard-earned dollars or with an…
Tax Issues Related to Divorce

Tax Issues Related to Divorce

Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered tax issues associated with divorce. Family…