Use a Coverdell ESA to help pay college, elementary and secondary school costs

/ Page 29

Use a Coverdell ESA to help pay college, elementary and secondary school costs

0 Comments
October 15, 2019 ,

Coverdell ESA

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 contributions made to an ESA, the earnings on the contributions grow tax-free. In addition, no tax is due when the funds in the account are distributed, to the extent the amounts withdrawn don’t exceed the child’s qualified education expenses.
Continue Reading: Use a Coverdell ESA to help pay college, elementary and secondary school costs

Watch out for tax-related scams

0 Comments
October 8, 2019 , , ,

tax scam

“Thousands of people have lost millions of dollars and their personal information to tax scams,” according to the IRS. Criminals can contact victims through regular mail, telephone calls and email messages. Here are just two of the scams the tax agency has seen in recent months.
Continue Reading: Watch out for tax-related scams

Take advantage of the gift tax exclusion rules

0 Comments
October 2, 2019 , , , , ,

gift tax exclusions

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For 2019, the exclusion is $15,000.
Continue Reading: Take advantage of the gift tax exclusion rules

When is tax due on Series EE savings bonds?

0 Comments
September 24, 2019 ,

Series EE Bonds Tax

You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action to ensure there’s no loss of interest or unanticipated tax consequences.
Continue Reading: When is tax due on Series EE savings bonds?

Uncle Sam may provide relief from college costs on your tax return

0 Comments
September 17, 2019 , ,

College Cost relief
We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation and other expenses that a student may incur.
Continue Reading: Uncle Sam may provide relief from college costs on your tax return

Getting a divorce? There are tax issues you need to understand

0 Comments
September 10, 2019 , , , ,

Divorce Tax Issues

In addition to the difficult personal issues that divorce entails, several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you are in the process of getting a divorce.
Continue Reading: Getting a divorce? There are tax issues you need to understand

The next estimated tax deadline is September 16: Do you have to make a payment?

0 Comments
September 3, 2019 , ,

Self-employment tax due

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The third 2019 estimated tax payment deadline for individuals is Monday, September 16. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.
Continue Reading: The next estimated tax deadline is September 16: Do you have to make a payment?

Expenses that teachers can and can’t deduct on their tax returns

0 Comments
August 27, 2019 , ,

Educator Expense Deduction

As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off.
Continue Reading: Expenses that teachers can and can’t deduct on their tax returns

Taking distributions from your traditional IRA

0 Comments
August 20, 2019 , ,

IRA distributions

If you’re like many people, you’ve worked hard to accumulate a large nest egg in your traditional IRA (including a SEP-IRA). It’s even more critical to carefully plan for withdrawals from these retirement-savings vehicles.
Continue Reading: Taking distributions from your traditional IRA

Avoid common slip-ups when selling your business

0 Comments
August 16, 2019

tips on selling your business