Prepare your kids for financial independence

A recent survey discovered that parents are more likely to talk with their children about manners, eating habits, school grades, and substance abuse than about finances. All these topics are important, but it is also vital to teach your kids the basics of handling...
When an elderly parent might qualify as your dependent

When an elderly parent might qualify as your dependent

It’s not uncommon for adult children to help support a elderly parent. If you’re in this position, you might qualify for the adult-dependent exemption. It allows eligible taxpayers to deduct up to $4,050 for each adult dependent claimed on their 2016 tax return. Basic...
The kiddie tax trap

The kiddie tax trap

It’s common for parents, grandparents and others to make gifts to minors and college students. Perhaps you want to help fund education expenses or simply remove assets from your taxable estate. Or maybe you’re hoping to shift income into a lower tax bracket. Whatever...