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.…
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…
Gift and Estate Tax Primer

Gift and Estate Tax Primer

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The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. This…
Tax Treatment of a Room Rental

Tax Treatment of a Room Rental

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With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable?…