What is IRS tax return?

A Tax return includes all the documentation related to incomes, credits, deductions, employer withholds, earnings and other tax information that can help to understand your financial situation each pay period

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Loaning money to a family member?

According to data from the Federal Reserve Board Survey of Consumer Finances, personal loans given by a consumer’s family members or friends amounts to a staggering $89 billion each year.

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Estate and gift transfer assets at discounted value(s)

charitable contributions

The CARES Act allows you to avoid paying income taxes on the gift. The transfer generates neither taxable income nor a tax deduction, so you benefit even if you do not itemize your deductions. The CARES Act expands your ability to take a tax deduction for your charitable contributions. Although you typically cannot take a…

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