If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. (Some Read more
Medical expenses that aren’t reimbursable by insurance or paid through a tax-advantaged account (such as a Health Savings Account or Flexible Spending Account) Read more
When someone gives you cash or other valuable assets, do you owe income tax? No. The same is true if you receive an inheritance. The giver may owe gift tax and the Read more
Even relatively modest costs for higher education can be daunting for many families. Therefore, parents should consider starting funds to pay college costs for their children as early as possible. Creating a designated account for higher education may help you Read more
Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits:
Here’s a simplified way to project your exposure to estate taxes. Take the value of your estate, net of any debts. Also subtract any assets that will pass to charity on your death.
The IRS recently issued news release IR-2015-99 warning taxpayers about continued tax scams targeting unsuspecting taxpayers. The release includes a warning that scammers are altering Read more
As you are aware, businesses are required to file correct information returns (1099s) to report certain payments to Read more