April 2015

Check the tax issues in family loans

Lending to family members probably dates back to the invention of money. The IRS entered the mix a great deal later, but it now looms large in the equation. Tax problems can arise when you first lend money, as you’re being repaid, or if you’re not repaid. The issues usually involve imputed income, gift tax, or bad debts. Imputed income. Imputed income is revenue presumed earned but neither recognized nor received by the alleged recipient. The

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April is tax filing time

Wednesday, April 15, is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines. Filing 2014 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by April 15. The automatic extension (you don’t need to explain to the IRS why you need more time) gives you until October 15, 2015, to file your return. An extension does not,

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