HB Morgan, Inc. - Newsletter

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Here are your Articles for July 15, 2026.

Investing in a Limited Partnership? Beware of the PAL Rules

Being a limited partner in a business generally offers liability protection and potential self-employment tax advantages. But it may also trigger the passive activity loss (PAL) rules, which can limit loss deductions for federal income tax purposes. We explain what to know before investing or filing a return reporting partnership losses.

Estate Planning: Review Your Beneficiary Designations Regularly

In estate planning, beneficiary designations determine who'll receive certain assets, often regardless of the content of a will or trust. Reviewing and updating these designations regularly, as well as after major life events, helps prevent unintended outcomes. This article lists key forms to update and discusses other important points.

Should You Help Fund a Relative or Friend's Start-Up?

"I've got a great idea!" These words, or words like them, have launched many a conversation between budding entrepreneurs and family members or friends. If you're the latter, it's imperative to move slowly and cautiously when deciding whether to provide the money. This article discusses the key implications of making gifts, loans or equity investments to relatives or friends seeking to launch a startup.

Medical Costs: Can I Really Get a Tax Break for That?

Can you deduct the cost of a facelift? How about "Lasik" eye surgery or the cleaning solution for contact lenses? Some of the procedures that pass muster with the IRS may surprise you. Take a look at a chart with eligible and not-eligible medical expenses. There are some unusual qualified expenses that might allow you to get a tax break.

Rules of the Game: The Right Way to Handle Gambling Winnings

If you've won money gambling, know that gambling winnings are subject to federal and, possibly, state tax. This includes winnings from casinos, lotteries, raffles, sports betting, horse races and other contests. Before you spend your winnings, you should also consider other uses for the money, such as saving it for emergencies, retirement or your child's college education.

HB Morgan, Inc.

215 East Chatham Street
Suite 210
North Carolina, NC 27511

919-388-3901

www.hbmorgan.com

Cary Location

215 East Chatham Street, Suite 210, Cary, NC 27511
T: (919)-388-3901
F: (919) 388-3902

Fuquay-Varina Location

225 South Main Street, Fuquay-Varina, NC, 27526
T: (919) 552-8000
F: (919) 552-1888

Pinehurst Location

295 Olmsted Blvd Ste 1, Pinehurst, NC, 28374
T: (910) 295-3800
F: (910) 295-3803

Wendell Location

2485 Wendell Blvd, Wendell, NC, 27591
T: (919) 365-9060
F: (919) 365-3655

Our firm provides the information in this e-newsletter for general guidance only, and does not constitute the provision of legal advice, tax advice, accounting services, investment advice, or professional consulting of any kind. The information provided herein should not be used as a substitute for consultation with professional tax, accounting, legal, or other competent advisers. Before making any decision or taking any action, you should consult a professional adviser who has been provided with all pertinent facts relevant to your particular situation. Tax articles in this e-newsletter are not intended to be used, and cannot be used by any taxpayer, for the purpose of avoiding accuracy-related penalties that may be imposed on the taxpayer. The information is provided "as is," with no assurance or guarantee of completeness, accuracy, or timeliness of the information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.