Help Your Kids Build a Fortune With a Roth IRA

If you have teenage children or grandchildren with part-time jobs, there’s a tax-favored way to help them save money for college, a first home — and even retirement. By socking away some of their earnings in a Roth IRA, your youngsters can begin a savings plan...

Bad Debt Losses: Can You Deduct Loans Gone Bad?

The IRS is always skeptical when individual taxpayers claim deductions for bad debt losses. Why? Losses from purported loan transactions often fail to meet the tax-law requirements for bad debt loss deductions. For example, a taxpayer might try to write off a capital...

Giving Gifts to Employees? IRS Wants Its Share

Do you want to be extra-generous to employees who are doing a good job? Bonuses and gifts can be an effective motivational tool, but be aware of all the tax consequences. Usually, employees will face a tax bill for your generosity. Explain Tax Implications:...

Working Out a Tax-Free Perk

Your company probably offers an array of fringe benefits to its employees, including health insurance and group-term life insurance. While there are certain requirements, these fringe benefits are generally deductible by the company and tax-free to the employees as...