Monthly Archives: July 2013

Credit life insurance can be expensive

Many people have paid for credit life insurance without understanding what it is or how expensive it can be. If you borrow money for any purpose, your loan payment may include a premium for credit life insurance. Moneylenders such as … Continue reading

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Follow the tax rules when you borrow from your corporation

If you’re a business owner and your company lends you money, you’ll enter it in the books as a shareholder loan. However, if your return is audited, the IRS will scrutinize the loan to see whether it is really disguised … Continue reading

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Have a financial talk with elderly parents

One day you may find yourself taking care of an elderly parent who is in declining physical or mental health. This can be stressful, both emotionally and financially. On the financial side, there are steps you can take to prepare … Continue reading

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Taxes and your child’s summer job

With the school year over, your teenager might be taking a summer job. If so, you both may have questions about taxes. Here are some of the common concerns. If your child chooses a typical wage-paying job, he or she … Continue reading

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What are your audit odds?

Do you wonder what your odds are of being selected for an IRS audit? Statistics just released for tax returns filed in 2011 and audited in 2012 show a 1% audit rate for individual tax returns. About 3.6% of business … Continue reading

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It’s tax planning time

It’s midyear 2013, and if you haven’t thought about your 2013 tax situation yet, it’s time to do so. By now, you should have a good idea of what your 2013 income and deductions will be. There are several very … Continue reading

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IRS announces 2014 HSA contribution limits

The IRS recently announced the inflation-adjusted contribution limits for health savings accounts (HSAs) for 2014. HSAs allow taxpayers with high-deductible health insurance plans to set aside pretax dollars that can be withdrawn tax-free to pay unreimbursed medical expenses. The 2014 … Continue reading

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