Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better Read more
Why the kiddie tax is more dangerous than ever
Once upon a time, some parents and grandparents would attempt to save tax by putting investments in the names of their young children or grandchildren in lower income tax brackets. To discourage such Read more
What you can deduct when you volunteer
Because donations to charity of cash or property generally are tax deductible (if you itemize), it only seems logical that the donation of something even more valuable to you — your time — would also Read more
Factor in state and local taxes when deciding where to retire
Many Americans relocate to another state when they retire. If you’re thinking about such a move, state and local taxes should factor into your decision, because the total cost of state income taxes, local Read more
Do you need to adjust your 2018 federal withholding?
If you received a large refund after filing your 2017 income tax return, you’re probably enjoying the influx of cash. But a large refund isn’t all positive. It also means you were essentially giving the Read more
Get started on 2018 tax planning now!
With the April 17 individual income tax filing deadline behind you (or with your 2017 tax return on the back burner if you filed for an extension), you may be hoping to not think about taxes for the next Read more
Need an extension for your 2017 taxes? Beware of these pitfalls
The federal income tax filing deadline is slightly later than usual this year — April 17 — but it’s now nearly upon us. So, if you haven’t filed your individual return yet, you may be thinking about Read more
You still have time to make 2017 IRA contributions
Tax-advantaged retirement plans like IRAs allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. The deadline for 2017 IRA contributions is April 17, 2018. Deductible Read more
Can you claim your elderly parent as a dependent?
Perhaps. It depends on several factors, such as your parent’s income and how much financial support you provided. If you qualify for the adult-dependent exemption on your 2017 income Read more
Home-related tax deductions may be less valuable in 2018
Home ownership is a key element of the American dream for many, and the U.S. tax code includes many tax deductions that help support this dream. If you own a home, you may be eligible for Read more