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1

Worthless stock and tax timing

In the last few years, you may have purchased stock in a dot-com that’s now out of business, or in another company whose share price is now just pennies. Does this mean you can take a tax loss for a worthless security? Here’s a quick look at the rules. First, the stock must be completely […]

David Bradsher, CPA
2

Grandparents can help with college costs

Are you a grandparent who wants to help pay for a grandchild’s college education? You’ll find several ways to do this, each with its own limitations and tax consequences. GIFTS. The simplest way is to make an outright cash gift to your grandchild each year. In 2014, you can give up to $14,000 without any […]

David Bradsher, CPA
3

IRS posts “Taxpayer Bill of Rights

The IRS has just issued a “Taxpayer Bill of Rights” that you should be aware of. The Rights are divided into ten main categories. According to this “cornerstone” document you have The Right: * to be informed * to quality service * to pay no more than the correct amount of tax * to challenge […]

David Bradsher, CPA
4

Hiring family in the family business can cut taxes

As the summertime school vacation season approaches, young family members may be looking for a job – and having a hard time finding one. Hire them in your family business, and you get a double benefit: helping the kids gain valuable experience and garnering tax breaks for your company. Here’s what you need to know. […]

David Bradsher, CPA