Lower My Tax Now Blog

Tax rules apply to family loans

There are many worthwhile reasons to lend money to a relative. For example, you may want to help a child or sibling continue their education or start their own business.

But lending money to relatives can have tax consequences. The IRS requires that a minimum rate of interest be charged…

What to consider before lending money to family and friends

When your best friend views your nest egg as a source of start-up funds for his latest business venture, or your nephew hits you up for a car loan, your first impulse may be to reach into your bank account to help. But it’s a fact that loans to…

Supreme Court rules on health care law

On June 28, the Supreme Court ruled that the “Patient Protection and Affordable Care Act of 2010″ was constitutional, including the provision in the law requiring individuals to have health insurance coverage starting in 2014.

Several provisions in the health care law had already gone into effect, and many new…

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