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Life Insurance & Annuities

We offer several types of Life Insurance products and Annuities.

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Tax Tips Small Business

New Rules for Spouses Who Operate a Business Together

Do you qualify for simplified reporting?

Spouses who operate a business together have a new option for reporting their business income. In the past, husband and wife joint owners were considered a partnership for reporting purposes. New rules, which took effect in 2007, give spouses the option of reporting their business income as two separate sole proprietorships.

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Small Business Quick Tip

Employer Provided Education

Employer-provided education assistance benefits of $5,250 provided under a written plan are excludable from wages. The education doesn't need to be job-related to qualify.
Sunday, 20th April 2014
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Tax Tips Personal

Divorced?

Know the rules before claiming a dependent

If you are a divorced or separated parent, the rules for determining which one of you can claim the children as dependents is confusing at best. A few years ago, the IRS created rules that provided a uniform definition of a child for purposes of claiming certain tax benefits such as the head of household filing status, the child tax credit, the dependent care credit, arid the earned income tax credit.

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Personal Quick Tip

IRA for Children

If your child has earned income from a summer job, you may want to consider opening an IRA for him or her. There is no minimum age for contributing to an IRA. The only requirement is that the person making the contribution has earned income and has not reached age 70 1/2.