Is college financial aid taxable? A crash course for families

/ Articles by Kevin Brunelle (Page 5)

Is college financial aid taxable? A crash course for families

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June 24, 2025 , , ,

college financial aid tax

College can be expensive. According to the College Board, the average sticker price for tuition and fees at private colleges was $43,350 for the 2024–2025 school year. The average cost for tuition and fees for out-of-state students at public colleges was $30,780. For in-state students, the cost was $11,610. Of course, there are additional costs for housing, food, books, supplies, transportation and incidentals that can add thousands to the total.
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Are you missing a valuable tax deduction for Medicare premiums?

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June 17, 2025 , ,

Medicare tax deduction

If you’re age 65 or older and enrolled in basic Medicare insurance, you may need to pay additional premiums to receive more comprehensive coverage. These extra premiums can be expensive, particularly for married couples, since both spouses incur the costs. However, there may be a silver lining: You could be eligible for a tax deduction for the premiums you pay.
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Tax breaks in 2025 and how The One, Big, Beautiful Bill could change them

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June 10, 2025 , , ,

tax breaks 2025

The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks.

Curious about how the bill might affect you? Here are seven current tax provisions and how they could change under the bill.
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The advantages of a living trust for your estate plan

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June 4, 2025 , ,

living trust

Do you believe you don’t need to worry about estate planning because of the current federal estate tax exemption ($13.99 million per individual or $27.98 million for married couples in 2025)? Well, think again. Even with this substantial exemption, creating a living trust can offer significant benefits, especially if your goal is to avoid probate and maintain privacy.

Here are some answers to questions you may have about this estate planning tool.
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How working in the gig economy affects your taxes

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May 20, 2025 , , , ,

gig economy

The gig economy offers flexibility, autonomy and a way to earn income, but it also comes with tax obligations that can catch many workers off guard. Whether you’re driving for a rideshare service, delivering food, selling products online or offering local services like pet walking, it’s crucial to understand the tax implications of gig work to stay compliant and avoid costly surprises.
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The tax rules for legal awards and settlements: What recipients should know

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May 14, 2025 ,

legal settlement

If you’ve recently received a settlement or award from a lawsuit, or you’re expecting one, you may be wondering how the IRS views this money. Will you need to pay taxes on it? The short answer: It depends on the type of damages you received. Understanding the basic rules can help you avoid surprises.
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Still have tax questions? You’re not alone

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May 7, 2025 , ,

tax return questions

Even after your 2024 federal return is submitted, a few nagging questions often remain. Below are quick answers to five of the most common questions we hear each spring.
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The “wash sale” rule: Don’t let losses circle the drain

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April 30, 2025 , , ,

stocks wash sale rule

Stock, mutual fund and ETF prices have bounced around lately. If you make what turns out to be an ill-fated investment in a taxable brokerage firm account, the good news is that you may be able to harvest a tax-saving capital loss by selling the loser security. However, for federal income tax purposes, the wash sale rule could disallow your hoped-for tax loss.
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Understanding the “step-up in basis” when inheriting assets

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April 23, 2025 , , ,

step-up inheritance

If you inherit assets after a loved one passes away, they often arrive with a valuable — but frequently misunderstood — tax benefit called the step-up in basis. Below is an overview of how the rule works and what planning might need to be done.
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An essential tax deadline is coming up — and it’s unrelated to your 2024 return filing

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April 8, 2025 , ,

estimated tax payments

Tuesday, April 15 is the deadline for filing your 2024 tax return. But another tax deadline is coming up the same day, and it’s essential for certain taxpayers. It’s the deadline for making the first quarterly estimated tax payment for 2025 if you’re required to make one.
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