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Trusted Answers From Licensed Business Professionals

Should I Gift Rental Property To My Child Or Wait?

Individuals looking to pass along their wealth to their children need to be mindful of future tax consequences. Specifically, gifting property directly now as oppose to waiting until death can be a costly mistake and result in higher than necessary future capital gains tax to the recipient. The situation becomes even more complicated when rental property is involved. Read More.

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Lawmakers May Let the Payroll Tax Cut Expire

The social security payroll tax cut that many Americans have enjoyed the past two years is set to expire on December 31, 2012. Lawmakers and the President appear to be in agreement with letting the payroll tax cut expire and focusing on extending the Bush tax cuts. What will this mean for you? Read More.

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The Supreme Court’s decision to uphold the heath care mandate means that many investors will be penalized with higher taxes in 2013. The degree in which tax rates rise is still up for debate, but we know for sure that they’ll rise at least 3.8%. Read More.

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The Tax Consequences For Inheriting A Relative’s IRA


The tax rules can be very confusing when inherited IRAs come into the picture. There are many exceptions to the withdrawal rules and some financial professionals do not even understand them all. Make sure you're not receiving incomplete or inaccurate advice. .
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Now may be the time to move your IRA assets from one financial institution to another. This is a fairly straightforward process, yet, many financial institutions are notorious for providing limited and sometimes inaccurate information for rolling over or transferring IRA funds. Mistakes can be costly and may trigger an unexpected taxable event. .
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Is Your Mileage Reimbursement Check Lower Than It Should Be?

Employees that travel on business frequently accumulate hundreds if not thousands of dollars in out of pocket expenses annually. Some employers will reimburse the worker up to IRS standard deduction rate of $0.555 per mile while others may return much less and sometimes nothing at all. Is your employer treating the reimbursement correctly for tax purposes and how should you report it on your own tax return? Read More.

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Discussing Estate Planning And Wills With Your Parents


Baby boomers and those from Generation X likely have parents that are reaching the later stages of their lives. One of the more important conversations that sometimes doesn't happen until after the fact, relates to the distribution of a parent's estate and assets when they are no longer around. There are certain ways to start this sensitive conversation and key areas to discuss. .
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Will We Owe Taxes For Selling Our Home Before We Are Divorced?


No one likes going through the financial details of a divorce, but, it's necessary. Fortunately, the process of determining your tax liability for selling your home should be straight forward. But, soon to be divorcees need to meet certain requirements to claim the capital gains tax exclusion. .
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We've all heard of 401(k) plans offered by employers to help their employees plan for retirement. Rarely, do we hear about 403(b) plans which are commonly offered to public school employees and 501(c) organizations (i.e. hospital workers, church associations, and local government groups). Teachers need to be very cautious in relying solely on those plans for retirement. .
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Why You Need Both a 401(K) And a Roth IRA


For some, building a retirement plan is equivalent to allocating a portion of ones paycheck toward their 401(k). While contributing to a 401(k) plan is a step in the right direction, it by no means secures a path to a fruitful retirement. What else should you be doing to prepare for retirement? .
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