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How an inherited asset differs from a gift
When someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax and the decedent’s estate may owe estate tax but you, as the recipient, won’t owe income tax. The situation will...
Facing College Costs
Even relatively modest costs for higher education can be daunting for many families. Therefore, parents should consider starting funds to pay college costs for their children as early as possible. Creating a designated account for higher education may help you avoid...
Why you should contribute more to your 401(k) in 2015
Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to...
How to determine if you need to worry about estate taxes
Here’s a simplified way to project your exposure to estate taxes. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll...
IRS issues new warnings concerning tax scams
The IRS recently issued news release IR-2015-99 warning taxpayers about continued tax scams targeting unsuspecting taxpayers. The release includes a warning that scammers are altering caller ID information and issuing letters with authentic looking letterhead to trick...
Increased Penalties for Failure to File 1099s
As you are aware, businesses are required to file correct information returns (1099s) to report certain payments to vendors including rents, royalties, interest, non-employee compensation, and other income. This requirement does not apply for payments made to...
Washington, NC 27889
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Friday
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