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January 31, 2017

1. 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 child and his or her spouse have $56,000 for the down payment.

The gifts should be in four separate checks.

2. Lend the money. If you lend money to your child to purchase a home, the child can deduct the mortgage interest that h...

January 27, 2017

Starting a new business can be exciting and stressful at the same time. However, you decided to start your business, let's look at some tax benefits with this new venture.

Instead of waiting until you officially open for business, you can start the timer now on your deductible expenses. The tax law allows you a deduction for start-up expenses. Think of this as the money you spend while thinking about and investi...

January 23, 2017

New teenager

What should parents teach their teenagers about finances? How can you help them avoid the lure of easy credit and overspending?

  • First, teach by example. Do you tell your youngster to save for the future when you don't set aside money for retirement? Do you finance your purchases with ever-increasing debt, or does your lifestyle show financial restraint? Children watch their parents, and learn.
     

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January 20, 2017

Traditionally, women have kept the household accounts while their husbands handled investing. But these days, women are likely to have their own careers. They get married later in life and may get divorced. And on average, they live about seven years longer than men. So whether by choice or necessity, many women will be responsible for their own money at some point in their lives. Here are some ideas to help ge...

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