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I was asked about a parent helping a child buy a home, and that triggered the following five thoughts.   Gift. You and your spouse can each gift $14,000 to your child and to the child’s spouse for a down payment. This gives you a tax-free gift of $56,000 using the gift exclusion, and your

There is some remarkably bad and wrong and hazardous-to-your-health information out there that—despite being repeatedly debunked—just will not go away. Some of those ideas are clearly erroneous, but others can snag even very bright people.   Consider the case of Carter White Rae, a dentist in Michigan. He followed some bad advice and ended up

November 18, 2014 Year End Tax Planning Update for Individuals From:  Robert W. Craig, E.A. Tax Services Dear Client or Subscriber, It’s that time of year where we should think about preparing an estimate of your current year tax liability and see if we can reduce that liability. There are several things to consider when

Tax Audits On The Rise This is a long post but it is a very important topic, so please read the whole thing. And do feel free to pass it along to anyone you think may be interested. Do you know how many tax return audits are based on “random selection”? The answer is about

Defense wins games. LA 83-79!!