Tax and Personal Finance Tips for New Parents
Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant outflow of […]
Tax Benefits When Saving for College Education
Article Highlights: Planning for a Child’s Post-Secondary Education Tax-Favored Plans Tax-Free Earnings Coverdell Accounts Qualified Tuition Plans Have Others Contribute Gift Tax Issues Tuition Gifts A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected […]
IRS Reference Code 2017 Savings bond request allowed – more than 3 weeks from refund date
You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your refund and any status using a reference code. See a quick reference guide in plain language to […]
Tax Benefits for People with Disabilities
Article Highlights: ABLE Accounts Disabled Spouse or Dependent Care Credit Medical Deductions Home Modifications Special Schooling Nursing Services Impairment-related Work Expense Individuals with disabilities, as well as parents of disabled children, are eligible for several income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer […]
Portability of Unused Estate Tax Exclusion
Article Highlights: Estate Tax Lifetime Exemption Surviving Spouse Portability Election Financial Drawback Election Considerations Portability Extension When an individual dies, the value of that individual’s estate is subject to estate taxation, which is currently 40% of the individual’s taxable estate. However, there is a lifetime exclusion (exemption) to the estate tax, which for 2022 is […]
IRS Reference Code 2016 – Savings bond request denied – total offset
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo. You can check the status of your return and your refund check (for paper returns) or direct deposit (for electronic returns) at the IRS.gov website. The “Where’s My Refund?” portal provides an estimate of when you should expect your […]
Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t.
Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a tax return because they didn’t earn enough money to be required to file, but these folks may miss out getting a refund […]
Not All Interest Is Deductible For Taxes
Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds […]
Planning for a Child’s College Expenses Should Start Early
Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts The Lifetime Learning credit Qualified Education Loan Interest Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the […]
Take Tax Advantage of a Low-Income Year
Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who […]