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 states do offer tax incentives for contributing, North Carolina does not as of the date of this article.)...
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) may be deductible — but generally only to the extent that they exceed 10% of your adjusted gross income....
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 decedent’s estate may owe estate tax but you, as the recipient, won’t owe income tax. The situation will...
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 avoid...
Contributing to a traditional employer-sponsored defined contribution plan, such as a 401(k), 403(b) or 457 plan, offers many benefits: Contributions are pretax, reducing your modified adjusted gross income (MAGI), which can also help you reduce or avoid exposure to...
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. Then, if you’re married and your spouse is a U.S. citizen, subtract any assets you’ll...
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 caller ID information and issuing letters with authentic looking letterhead to trick...
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