Divorce is a difficult process for almost everyone. That’s why being clear and organized can help facilitate the process. This brief article discusses how the first step is generally to compile a marital balance sheet and what that involves....
It’s common for owners of closely held businesses to transfer money into and out of the company. But it’s critical to make such transfers properly or risk unwanted IRS attention. This article explains how and why a transfer should be defined as a loan —...
Intrafamily loans can provide family members with financial support and encourage children to learn financial responsibility, all without diminishing one’s “nest egg.” But there are risks to consider. This article explains how an intrafamily loan should work and what to watch out for....
Given the astronomical cost of college, even well-off parents should consider applying for financial aid. A single misstep, however, can harm a child’s eligibility. This article looks at five common mistakes....
No business owner goes out of his or her way to acquire a bad debt. But they’re not always bad news. This article discusses how a company may be able to write off the noncollectable amount for tax purposes....
Owners occasionally borrow funds from their businesses. This article explains the importance of treating these transactions as bona fide loans and charging an “adequate” rate of interest. It also provides a list of factors the IRS considers when evaluating corporate advances to shareholders....
