THOUGHTS AND MUSINGS ON FAMILY BUDGETING

Simplicity is the key to a successful family budget. But every budget needs to cover all necessary items. To find the right balance, your budget should address two distinct facets of your family members’ lives: the near term and the…

IN DOWN YEARS, NOL RULES CAN OFFER TAX RELIEF

From time to time, a business may nd that its operating expenses and other deductions for a particular year exceed its income. This is known as incurring a net operating loss (NOL). In such cases, companies (or their owners) may be…

REVIEWING THE INNOCENT SPOUSE RELIEF RULES

Married couples don’t always agree — and taxes are no exception. In certain cases, an “innocent” spouse can apply for relief from the responsibility of paying tax, interest and penalties arising from a spouse’s (or former spouse’s)…

YOU’VE HIT THE JACKPOT! NOW WHAT?

When it comes to nancial planning, most of us spend our time guarding against things that could go wrong. But what if something really good happens? Hitting the jackpot is obviously a nice problem to have.Yet an unexpected in ux of cash…

IDENTIFYING QUALIFYING CHILDREN FOR TAX PURPOSES

As you le your 2016 income tax return, you may be wondering whether you’re eligible for tax breaks related to a niece who lives with you, or perhaps a stepson who spends only part of the year in your home. It all depends on whether,…

4 TIPS FOR DONATING ARTWORK TO CHARITY

Individuals may want to donate artwork so it can be enjoyed by a wider audience or available for scholarly study or simply to make room for new artwork in their home. Here are four tips for donating artwork with an eye toward tax…