For tax purposes, December 31 means more than New Year’s Eve celebrations. It affects the filing status box that will be checked on your tax return for the year. When you file your return, you do so with Read more
Save for a disabled family member with tax-advantaged ABLE account
There’s a tax-advantaged way for people to save for the needs of family members with disabilities without having them lose eligibility for government benefits to which they’re entitled. It can be done through Read more
Protecting youth sports leagues from fraud
Who would defraud a kids’ organization? The answer, unfortunately, is that trusted adults sometimes steal from not-for-profits benefiting children. Youth sports leagues and teams are ripe for fraud. Cash Read more
Use a Coverdell ESA to help pay for your child’s education
There are several ways to save for your child’s or grandchild’s education, including with a Coverdell Education Savings Account (ESA). Although for federal tax purposes there’s no upfront deduction for Read more
Big changes for individual income tax returns this year
When you file your 2018 income tax return, you’ll likely find that some big tax law changes affect you. Yes, individual income tax rates have decreased. But the Tax Cuts and Jobs Act (TCJA) has also Read more
529 plans offer two tax-advantaged education funding options
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
New tax law may increase tax savings for hiring your child
If you own a business and have a child in high school or college, hiring him or her for the summer can provide a multitude of benefits, including tax savings. And hiring your child may make 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
Personal exemptions and standard deductions and tax credits, oh my!
Under the Tax Cuts and Jobs Act (TCJA), individual income tax rates generally go down for 2018 through 2025. But that doesn’t necessarily mean your income tax liability will go down. The TCJA Read more