Laying The Groundwork For Your 2018 Return

By | January 21st, 2019|Accounting and Auditing, Estate planning, Taxation|

The Tax Cuts and Jobs Act (TCJA) made many changes to tax breaks for individuals.  Let’s look at some specific areas to review as you lay the groundwork for filing your 2018 return. PERSONAL EXEMPTIONS For 2018, through 2025, the TCJA suspends personal exemptions.  This will substantially increase taxable income for large families.  However, enhancements [...]

Comments Off on Laying The Groundwork For Your 2018 Return

Study Up on the Tax Advantages of a 529 Savings Plan

By | September 17th, 2018|Accounting and Auditing, Business, Estate planning, Taxation|

With kids back in school, it’s a good time for parents (and grandparents) to think about college funding.  One option, which can be especially beneficial if the children in question still have many years until heading off to college, is a Section 529 plan. TAX-DEFERRED COMPOUNDING 529 plans are generally state-sponsored, and the savings-plan option [...]

Comments Off on Study Up on the Tax Advantages of a 529 Savings Plan

Able Accounts Can Help Support the Disabled

By | June 5th, 2017|Taxation|

The Achieving a Better Life Experience (ABLE) Act of 2014 created a tax-advantaged savings account for people who have a qualifying disability (or are blind) before age 26.  Modeled after the well-known Section 529 college savings plan, ABLE accounts offer many benefits.  But it’s important to understand their limitations.   Tax and Funding Benefits Like [...]

Comments Off on Able Accounts Can Help Support the Disabled

Why You Might Want to Not Claim Your Child as a Dependent

By | March 14th, 2016|Taxation|

Understandably, many parents get in the habit of claiming their children as dependents on their federal tax returns.  You generally may do so as long as your child is either under age 19 (nonstudents) or under age 24 (students).  But there is a reason to not claim your child as a dependent – and it [...]

Comments Off on Why You Might Want to Not Claim Your Child as a Dependent

Education Planning – It’s best to start early

By | December 28th, 2015|Taxation|

The increasing cost of higher education has made education planning and important aspect of personal financial planning.  However, because the actual expenditure will not be incurred for many years, it is often given a low current priority.  Also, some parents are counting on scholarships to cover the cost of their children’s education.  Unfortunately, this tendency [...]

Comments Off on Education Planning – It’s best to start early

COLLEGE FINANCIAL AID BASICS

By | June 16th, 2014|Uncategorized|

COLLEGE FINANCIAL AID BASICS After your children have submitted their financial aid applications and started receiving award letters from various colleges, it may be difficult to interpret and compare their offers.  The following information should be helpful in this regard. College financial aid is usually characterized as either self-help aid or gift aid.  It is [...]