You don't want to miss out on deductions if you're travelling for charity this summer. Here are some excellent tips (straight from the horse's mouth) that you can employ if you're involved in charitable activities. IRS Summertime Tax Tip 2017-12
Employer-Owned Life Insurance Policy Holders—Take Note of this Potential Tax Implication
Many business owners are unaware of the Pension Protection Act passed in 2006 and its potentially costly tax implications for beneficiaries of employer-owned life insurance (EOLI) policies. This legislation enforces a tax rate of up to 50 percent on the death benefits of EOLI policies purchased after August 17, 2006. Normally, these benefits would be tax exempt—and they still can be if the proper notice and consent forms are completed before the policy is issued.
They say that an ounce of prevention is worth a pound of cure. For many adult children, it’s hard to contemplate the fact that their once seemingly invincible parents may now—or at some point down the road—become dependent on them to take care of their everyday needs. If you don’t feel prepared to take on these tasks, this scenario can be very stressful—especially when part of your duties involves taking care of your parents’ finances.