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Most of the time, how to classify gains and losses from selling an asset is fairly straightforward. But there are some gray areas that require a closer look at the facts and circumstances, especially when real estate is involved, as a couple of recent cases demonstrate.  ...

Summer — the traditional wedding season — is just around the corner. Marriage changes life in many ways. Here’s how it may affect your tax situation. Marital Status Your marital status at year end determines your tax filing options for the entire year. If you’re...

Currently, home ownership comes with many tax-saving opportunities. Consider both deductions and exclusions when you’re filing your 2016 return and tax planning for 2017: Property tax deduction. Property tax is generally fully deductible — unless you’re subject to the alternative...

Strategic Planning for Your Kids 1. Consider an Automatic Savings Plan to Fund College. The costs of attending college are high and they keep growing. Transferring $250 each month to a child’s custodial account will accumulate to almost $39,000 over 10 years at a 4 percent...

It’s already starting to feel like summer in many parts of the country. But the forecast for Washington remains unclear as officials continue to discuss various tax-related issues. No matter what happens in Washington, don’t get stuck in a holding pattern yourself....

With Health Savings Accounts (HSAs), individuals and businesses buy less expensive health insurance policies with high deductibles. Contributions to the accounts are made on a pre-tax basis. The money can accumulate year after year tax free, and be withdrawn tax free to pay for a...

“No person should ever have to be injured, become ill, or die for a paycheck,” says the Occupational Safety and Health Administration (OSHA), the agency which enforces the requirement that workplaces be safe and healthful. OSHA administers the Occupational Safety and...

Private companies with more than one owner should have a buy-sell agreement to spell out how ownership shares will change hands should an owner depart. For businesses structured as C corporations, the agreements also have significant tax implications that are important to...

Have you been contemplating moving to another state with lower taxes? Your move could lower your state tax bill, but you want to make sure to establish that the new state is your place of legal residency (also known as your “domicile”) for state tax purposes....

Graduation can be one of the most exciting — and intimidating — times in your life. You’re officially an adult, and with that new-found independence comes financial responsibilities. No pressure, but the decisions you make today about spending and saving can mean the...