The tax implications of employer-provided life insurance

August 5th, 2020|Comments Off on The tax implications of employer-provided life insurance

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you. “Phantom income” The first [...]

Are scholarships tax-free or taxable?

July 28th, 2020|Comments Off on Are scholarships tax-free or taxable?

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If [...]

Take advantage of a “stepped-up basis” when you inherit property

July 21st, 2020|Comments Off on Take advantage of a “stepped-up basis” when you inherit property

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes. Fair market value rules Under the fair market value basis rules (also known [...]

Even if no money changes hands, bartering is a taxable transaction

July 21st, 2020|Comments Off on Even if no money changes hands, bartering is a taxable transaction

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, [...]