28Jul
Planning for a Child’s College Expenses Should Start Early
Learn how a non-working spouse can qualify to fund an IRA.
28Jul
About the 2022 Tax Extension
Shawna Echols March 14, 2022What is a Tax Extension?As spring approaches, so do the tax deadlines. A tax extension can be filed by anyone for any reason. Even if you do not have all your paperwork. An extension gives you six more months to file your tax return. While this...
28Jul
35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season
The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of the tax filing season. Many of those returns have yet to be processed. While backlogs are not unusual, this year’s is...
28Jul
How Long Should You Keep Old Tax Records?
Article Highlights:
The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returnsThis is a common question: How long must taxpayers keep copies of their income tax...
28Jul
Education Credits are for Children? Think Again!
Article Highlights:
Who Qualifies for Education Credits American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit 1098-T Qualified ExpensesWho Qualifies for Education Credits
If you think that education credits are just for sending your children to college, think again. The credits are available to you,...
28Jul
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 GiftsA 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...
28Jul
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 InterestSome 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...
28Jul
Minimizing Tax on Social Security Benefits
Article Highlights:
Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling GotchaWhether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on several issues. The following facts will help you understand...
28Jul
Congress Introduces Tax-Preparer Regulation Legislation
Article Highlights
PTIN Requirements CPAs, EAs, and Attorneys State Regulations American Families Plan Taxpayer Protection and Preparer Proficiency ActAnyone preparing a tax return for compensation must have a PTIN issued by the IRS. Still, there are no requirements associated with obtaining a PTIN—no advance training, no continuing education,...
28Jul
