Why 529 plans can help prepare for the near and distant future

The cost of education continues to climb to the point where many parents and students simply acknowledge they will need to take out significant loans in pursuit of a diploma or degree. By planning early, parents and grandparents can help eliminate, or significantly decrease, the need to be saddled with debt before they even get […]

What’s in the Covid relief bill: Tax extenders

The Consolidated Appropriations Act of 2021 includes a number of provisions beneficial to individuals and business owners, particularly in light of ongoing economic turmoil in the wake of the coronavirus pandemic. In addition to the extension of the Paycheck Protection Program, direct payments and other tax provisions, the Taxpayer Certainty and Disaster Tax Relief Act […]

Cash gifts a good way to say ‘well done’ this school year

This school year has been like no other. Students, teachers and parents have all been tested, and graduating seniors have perhaps made the biggest sacrifice by not being able to participate in commencement ceremonies. You may want to show your extra appreciation and admiration for their hard work and congratulations on a job well-done by […]

SECURE Act brings changes to retirement plans, kiddie tax and more

Congress recently passed, and the President signed into law, the Setting Every Community Up for Retirement Enhancement Act (SECURE Act), landmark legislation that may affect how you plan for your retirement. Many of the provisions go into effect in 2020, which means now is the time to consider how these new rules may affect your […]

Education tax credits can help with rising cost of college

A new school year has begun, which makes it a good time to think about how you may be able to save some money by taking advantage of some available tax credits. It’s no secret that cost of higher education is climbing ever higher. According to the College Board, the average cost of tuition and […]

It’s now easier to look to IRA for college expenses

Imagine buying a new car every year for four – or five or six – years. At a cost of nearly $25,000 per year, that’s exactly what it’s like paying for a child’s college education. According to Collegedata.com, the College Board reports that a moderate college budget for an in-state public college during the 2016-17 […]

New education tax provisions are available this year

Over the past 15 months, Congress passed several pieces of legislation containing a variety of new tax provisions, including some tax breaks for education expenses. Taxpayers must have Form 1098-T in order to claim education credits or tuition deductions. Generally, educational institutions are required to provide Form 1098-T to students and file a copy of Form […]