Paying your child's student loan could have gift tax consequences. (Darren Hester/Morguefile.com) Q. I want to make a sizable payment to my child's student loan. Are there any limits? It is considered gifting? Does it have any income tax ramifications either for the child or me?
-- From Westfield A. You've got a lucky student. Yes, depending on the moves you make, there could be tax consequences. The government taxes your income as you earn it, and it also taxes it when you
When you donate to a sports team, get the most out of your deduction. (Matthew_Hull/morguefile.com) Q. I have a local pizzeria and local sports teams have asked me to make donations. They would put my logo on their shirts in exchange. Can I deduct whatever I give to them or do they have to be set up as a charity?
-- Wondering A. You've got some options. You can look at your donation as either a charitable contribution or it could be considered a marketing expense, said Berni
Q. I lost $7,000 in an IRS scam. I'm wondering if there is any way I can take a deduction for it? -- Scammed A. We're sorry to hear you fell for this scam. You may be able to take a deduction, but it will depend on your income level and your total amount of losses for the year. Really, for most taxpayers, the government sets a pretty high bar for eligibility. The Internal Revenue Code has a provision for "Nonbusiness Casualty and Theft Losses," said Bernie Kiely, a certified