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A college education is an investment that continues to grow more expensive every year. The majority of financial aid is in the form of loans. Unfortunately, the interest incurred on most of these loans can cost more for the student to attend college, than if the student created a savings plan. For this reason, It is important to understand the tax-advantaged ways to save for college
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If you own a property that you intend to sell for a gain, you may be able to avoid owing any current capital gains tax by swapping the property in a “like-kind exchange” instead of selling it for cash.
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Many business owners make loans to, or take loans from, their corporations and partnerships. But if care isn’t taken, such loans can cause costly tax or legal problems even when they are made for perfectly legitimate purposes.
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Recent legislation has made available 2 new means of savings for medical expenses on a tax-favored basis: health savings accounts (HSAs), health reimbursement arrangements (HRAs). This article describes the basic nature of such plans and the tax advantages that they can provide.
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Taxpayers should carefully review their expenditures to maintain or recondition property used in a trade or business to determine whether such amounts are deductible or capitalizable and in addition, retain full and adequate records to substantiate all such costs.
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