For parents, deciding who will raise their minor children if the parents die is one of the hardest decisions to make. In fact, the decision is so difficult that many parents avoid the topic and never do it. Not making a decisions is also making a decision and for those parents who avoid the issue,… Read More
Often employees spend their own money in furtherance of their job. If these costs aren’t reimbursed, you may be able to get a tax deduction for them. If your employer pays for or reimburses you for your business expenses, then you can’t deduct them. If your employer has an “accountable” plan, meaning that you must… Read More
Can you get an income tax deduction for your moving expenses? It depends. If you moved your home due to a change in your job or business location, or because you started a new job or business, you may be able to deduct your moving expenses. The move must be because of a job. It… Read More
Engagement rings have a long history, dating from Roman times and before. An engagement ring indicates that the person wearing it is engaged to be married. Usually, the ring is presented to the bride-to-be as a betrothal gift by a man when she accepts his marriage proposal. Not every engagement results in a marriage. If… Read More
When a person makes a loan to a family member, friend or relative at less than the market rate of interest, there may be adverse tax consequences. There are two tax implications to consider: income tax and gift tax. Even though the loan is interest free or carries a very low rate of interest, you… Read More
403 (b) plans are the retirement savings plans for educators and employees of tax-exempt organizations. They are also known as tax sheltered annuity plans (TSAs). Participants include teachers, school administrators and other personnel, nurses, doctors, professors, librarians, and ministers. Many of these folks also receive a pension, but often the pension is not enough to… Read More
When your children are too old for day care and too young to leave at home to their own devices, hiring them to work for you seems like a good idea. Congress, in shaping public policy through tax laws, seems to think so too. There are tax breaks for the child who works for mom… Read More
“The amount of sunshine energy that hits the surface of the Earth every minute is greater than the total amount of energy that the world’s human population consumes in a year!” – Home Power Magazine Solar energy, heat and light from the sun, has long been used by humans. Solar power, which is the conversion… Read More
Since 1997 Pennsylvania law has permitted the registration of securities in “POD” or “TOD” form. POD means “pay on death” and TOD means “transfer on death.” Titling accounts POD or TOD permits the naming of a beneficiary on all sorts of investments. In the past only life insurance and pension plans had this option available.… Read More
codicil (käd’ i sɘl, -sil’) noun 1. an addition to a will, that changes, explains, revokes, or adds provisions If you have a will, congratulations. That’s great. Now you want to change it. How do you do that? First: NEVER make changes to a will by inserting, crossing out, or doing anything to alter the… Read More