Saving for college takes a good deal of planning. One popular tool used to achieve this goal is a 529 plan. These plans are basically savings accounts with funds used to cover various educational expenses.
The Tax Cuts & Jobs Act has resulted in a number of changes to the normal operation of tax law in the country. One specific area that has changed: the impact of taxes on 529 plans.
Preparation for retirement is a marathon, not a sprint. It is important to address a range of different issues to help better ensure a stable financial foundation when enjoying one’s sunset years. One important area to take into consideration involves tax obligations.
Families throughout the country have grown through the use of adoption. Adoptive parents must take many practical matters into consideration, from the logistics of school districts to the potential headaches that can come with tax filings.
The Internal Revenue Service (IRS) is particular about paperwork. This holds true when it comes to transactions involving cryptocurrency like Bitcoins.
The year is ending, and tax season is just around the corner. In a matter of weeks, tax forms will begin to fill mailboxes throughout the country. In an effort to speed the process of getting refunds out to taxpayers, the Internal Revenue Service (IRS) is encouraging taxpayers to make use of the electronic filing system.
Retirement planning is a complex process with unique tax implications. A failure to complete certain tasks within a given timeline can lead to the loss of potential benefits, like tax deductions, while a misstep could result in an audit.
The current tax proposal under consideration in Congress has a direct impact on homeowners. Essentially, the proposal removes deductions for state and local taxes paid on property that a homeowner can claim on federal tax returns. This can result in an increase in one’s federal tax bill. A publication in The Washington Post discussed this issue, noting this is just one of many tax obligations home owners should note that could change as a result of tax reform.
Tax season is just around the corner. As we get our tax filings in order, it is important to keep in mind the dangers of tax refund fraud. This practice is on the rise in recent years. As noted in a piece in The Huffington Post, the reliance on digital technology likely plays a role in the increase in this form of fraud.
Tax penalties can apply in a number of situations. One example involves a failure to pay enough taxes during the year. Generally, a taxpayer should account for at least 90 percent of an individual’s tax obligation through withholdings. A failure to do so can result in penalties.