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 as the “step-up and step-down” rules), an heir receives a basis in inherited property equal to its date-of-death value. So, […]

Talk to your teens about future medical decisions

Discussions about end-of-life decisions are not easy, but they are necessary to ensure that you and your loved ones’ wishes are fulfilled in the event of illness or devastating accident. Generally these discussions involve spouses and their siblings and parents. But what about your young adult children? It is a wake-up call for many parents […]

Don’t fall for student tax scams

A warning from the IRS advises taxpayers of the latest tax scam and reminds them not to fall for these kinds of common theft attempts. Trying to collect money for an unpaid “Federal Student Tax” debt is the most recent twist on the old con of pretending to be the IRS in order to steal from […]

Protect against medical identity theft

Identity theft does not only happen when thieves steal your credit card number. Health insurance information is another way that criminals can steal your identity and file fraudulent claims with your insurance company, get prescription drugs, run up bills and ruin your credit. Medical identity theft also exposes your most private and sensitive information to […]

A healthy consideration

A popular incentive for business owners is to provide their employees health club or gym memberships. It is important to note, however, that employers who pay for a fitness program offsite for employees must include that cost as a fringe benefit in the employees’ compensation and report it on their W-2s. Once the membership fees […]