IRS

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. These plans offer a number of benefits, including tax savings. Those who wish to use these financial tools are wisecontinue reading…

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. What are 529 plans? Officially known as “qualified tuition plans,” 529 plans are savings plans that offer various tax benefits.continue reading…

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. Taxes generally impact retirement accounts in one of three ways: Before investment. Some accountscontinue reading…

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. Does adoption impact adoptive parents’ tax returns? The addition of a family member into one’s household will directly impact thecontinue reading…

The Internal Revenue Service (IRS) is particular about paperwork. This holds true when it comes to transactions involving cryptocurrency like Bitcoins. Why would I need to keep a record of these transactions? The IRS requires that any earnings made on these transactions be included in tax documents. A piece in Forbes discussed the agency’s requirements by delving intocontinue reading…