Financial Questions & Answers

Q. Where can I find information about business permits and licenses required in different states?

A: The U.S. Small Business Administration (www.sba.gov) has an online search tool you can use to get listings of the permits, licenses, and registrations needed to run different kinds of businesses. You'll also find links to state government sites that provide license and permit information.

Q: I recently cashed in a whole life insurance policy and used the money to pay my son's college tuition. Will I be taxed on the amount I received from the insurance company?

A: Surrendering a life insurance policy for its cash value generally results in taxable income but only to the extent the amount received exceeds the policy owner's adjusted basis in the insurance contract (aggregate premiums paid). The income is taxed to the policy owner as ordinary income rather than as capital gain.