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Weekly Favorites: Beware These 5 Terrible Tax Surprises, and more

TaxACT Weekly Favorites

TaxACT Weekly Favorites:  February 28, 2014 Beware These 5 Terrible Tax Surprises via Bankrate You’ve always followed the sage advice of the late singer-songwriter Jim Croce: You don’t tug on Superman’s cape, you don’t spit into the wind, and you don’t try to pull a fast one on the Internal Revenue Service. OK, maybe that last […]

Gift Tax: The Tax Implications of Supporting Adult Children

Gift Tax: The Tax Implications of Supporting Adult Children - TaxACT

Do you currently have your adult child(ren) living under your roof? If you support your adult children, or even give them a helping hand now and then, you’re not alone. In today’s tough job market, getting a good career started can take a little longer than planned. The last thing you need when you’re trying […]

Family Loans: Does The IRS Care If I Lend My Kids Money?

Family loans: Does the IRS care if I lend my kids money? by TaxACT

You might lend your kids money from the time they are little – to buy a bicycle, to get that first car, or to buy a house. Does the IRS have anything to do with these family loans? For small loans, the answer is “no.” The IRS isn’t concerned with most personal loans to your […]

Gift Tax: Do I have to pay gift tax when someone gives me money?

Gift Tax: Do I have to pay gift tax when someone gives me money? - TaxACT

Surprise – Mom and Dad gave you a nice check! Maybe it’s enough for dinner, or maybe it’s more of an “early inheritance.” Either way, do you need to worry about paying tax on your gift? Annual limits before the IRS takes notice First, a gift must be quite substantial before the IRS takes notice. […]