If you have a child in college, living expenses can be significant. One way to save money is to invest in an on-campus condominium for him or her and any roommates to reside in. As an added bonus, you may be able to sell the condo for a gain after graduation. Here are the details on the federal tax rules on rental properties for college kids and advice on how to avoid potential pitfalls.
In some family businesses, the succession plan is simply to pass the operation on to the oldest child, or in some cases, the oldest male child. While this may have worked in royal dynasties years ago, it has no place in family businesses. Here are seven steps that current senior owners should consider taking to help make passing the business on a success.
Deductions for vehicle expenses may be easy targets during IRS audits. That's because many taxpayers misunderstand the rules and fail to maintain detailed mileage logs. Or they mistakenly assume their company qualifies for an exception from the IRS's strict recordkeeping requirements. Here's what you should know to preserve your deduction for vehicle expenses.
Many of today's college students graduate with a bundle of loan debt. Sometimes the loans are discharged or forgiven. In other cases, employers pay off all or part of student loans as a fringe benefit. In either case, there are tax implications for the student loan borrower. This article explains.