Month: October 2015

Archive for October 2015

Hold On to Your Tax Returns

You should always keep a copy of your tax return for your records. You may need copies of your filed tax returns for many reasons. For example, they can help you prepare future tax returns. You’ll also need them if you have to amend a prior year tax return. You often need them when you…

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Eric Williams Named a Top 10 Public Accounting Professional Rising Star in Delaware

Eric Williams, CPA, ACI, the Principal in Charge of the Captive Audit Group in Cover & Rossiter’s Audit department was recently named a Top 10 Public Accounting Professional Rising Star in Delaware by the National Academy of Public Accounting Professionals. The Public Accounting Professional Rising Stars have been practicing less than 15 years. The National Academy of Public Accounting Professionals…

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Tax Tips for Divorced or Separated Individuals

Income tax may be the last thing on your mind after a divorce or separation, but these events can have an impact on your taxes. Alimony and a name change are just two of the items you may need to consider. Here are some key tax tips to keep in mind if you get divorced…

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Lending Money? Make It a Tax-Smart Loan

Lending money to a cash-strapped friend or family member is a noble and generous offer that just might make a difference. But before you hand over the cash, you need to plan ahead to avoid tax complications down the road. Let’s say you decide to loan $15,000 to your daughter who’s been out of work…

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Is Canceled Debt Taxable?

Generally, debt that is forgiven or canceled by a lender is considered taxable income by the IRS and must be included as income on your tax return. Examples include a debt for which you are personally liable such as mortgage debt, credit card debt, and in some instances, student loan debt. When that debt is…

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