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How to Calculate Your Cost Basis and Save Money…Guaranteed

Posted in Tax News on August 11, 2013

When you sell a capital asset you need to know when you purchased it and what the cost basis is.  These will be used to determine what your capital gain (or loss) is.  Capital assets are items such as stocks,…

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3 Reasons Many Family Loans Turn into Grants

Posted in Tax News on September 4, 2012

Have you made a loan to a child or grandchild? When making a loan, you have an expectation of getting paid back.  When a family loan turns into a grant, you’re not going to get paid back. Here are 3…

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3 Easy Ways to Financially Help Your Children or Grandchildren

Posted in Tax News on July 17, 2012

Do your children or grandchildren need some financial assistance? Here are 3 Easy Ways to help them:   1) Make a Loan Parents and grandparents can loan to their child or grandchild.  If this is the approach taken, a formal…

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How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

Posted in Tax News on February 15, 2012

Annual Exclusion Taxpayers are allowed to gift up to $13,000 per year to an unlimited number of people without having to file a gift tax return or pay a gift tax. If the amount goes over $13,000 to any one…

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7 Smart Year End Tax Planning Moves

Posted in Tax News on December 7, 2011

  1) Harvest Capital Losses Capital gains property includes stocks, bonds and mutual funds.  Currently, the stated rate on long term capital gains is 15%.  If you have a net loss after netting all of your gains and losses, the…

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