Category: Personal Finance
Valuation and taxation of Death Put Bonds
Before 1971 certain bonds were issued by the U.S. Treasury known as “Flower Bonds”. These bonds, also called “Estate Tax Anticipation Bonds” would be issued at an amount less than their face value and would mature either at a fixed...
Many Americans regret how they financed college
According to a recent AICPA Survey, 68 percent of Americans regret how they financed college. Thirty-five percent of Millennials would delay starting college to build up savings and reduce need for loans—if they could do things again. Read the full press...
Tax-savvy use of a Health Savings Account
This article appeared in Forbes. More workers than ever are being offered (or pushed into) high deductible health plans at work. While having to pay hundreds or even thousands of dollars in deductibles may sound off-putting at first, there’s a...
Tax-related investment strategies
Below is a roundup of tax-related investment strategies and news. How mutual funds could get a lot less taxing: Investors may want to consider alternatives to mutual funds because they can generate tax liabilities even if they don’t provides earnings, and...
Possible discharge of student loans due to disability
Some physical or mental impairments can qualify you for a total and permanent disability discharge on your federal student loans and/or TEACH Grant service obligation Before your federal student loans or TEACH Grant service obligation can be discharged, you must provide...
IRS sets limits for HSA deductions for 2016
The Internal Revenue Service has released the inflation-adjusted deduction limitations for annual contributions to health savings accounts in 2016. Revenue Procedure 2015-30 provides the 2016 inflation-adjusted HSA deduction limits, which are updated annually to reflect cost-of-living adjustments. For calendar year 2016,...
Interest rate swaps are an integral part of lending
A common feature in many loans today includes an optional interest rate swap. This will occur when a borrower, with an existing loan, wants to “swap” a floating interest rate for a fixed rate, or vice-versa. Interest rate swaps are an essential...
Required minimum distribution deadline for seniors
The Internal Revenue Service is reminding taxpayers who turned 70-1/2 during 2014 that they most likely need to start taking required minimum distributions from their IRAs and other retirement plans by April 1. The April 1 deadline applies to owners...
SR Client Question: Can I avoid paying taxes on the sale of my primary residence?
A person selling his or her primary residence can, if certain conditions are met, avoid paying tax on some or all of the gain realized. This is allowed per code section 121 of the Internal Revenue Code. A maximum gain...
URGENT: IRS letter to confirm your identity is authentic
Taxpayers are suspicious of any "official-looking" IRS communications these days due to the prevalence of tax-related phishing and scam attempts, but if you get a letter from the IRS this tax season asking you to verify you identity, it's probably...