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2019 Tax Considerations

(Date posted: November 4, 2019)

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2019 Tax Considerations are categorized in the following sections:

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The tax implications of employer-provided life insurance

(Date posted: August 4, 2020)

Does your employer provide you with group term life insurance? If so, and if the coverage is higher than $50,000, this employee benefit may create undesirable income tax consequences for you.

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Are scholarships tax-free or taxable?

(Date posted: July 30, 2020)

COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded a scholarship, that’s cause for celebration! But be aware that there may be tax implications.

Scholarships (and fellowships) are generally tax-free for students at elementary, middle and high schools, as well as those attending college, graduate school or accredited vocational schools. It doesn’t matter if the scholarship makes a direct payment to the individual or reduces tuition.

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Even if no money changes hands, bartering is a taxable transaction

(Date posted: July 23, 2020)

During the COVID-19 pandemic, many small businesses are strapped for cash. They may find it beneficial to barter for goods and services instead of paying cash for them. If your business gets involved in bartering, remember that the fair market value of goods that you receive in bartering is taxable income. And if you exchange services with another business, the transaction results in taxable income for both parties.

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Take advantage of a “stepped-up basis” when you inherit property

(Date posted: July 21, 2020)

If you’re planning your estate, or you’ve recently inherited assets, you may be unsure of the “cost” (or “basis”) for tax purposes.

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