Need help deciding between college savings plans with a tax-saving edge? Here are the tax benefits for three basic plans specifically designed for college savings: 1. Qualified Tuition Program (529 Plan) You’ve no doubt heard of Qualified Tuition Programs, commonly known as 529 plans. It’s a popular way to save for college, and you can […]
Should you save for your kids’ college education in your own accounts, or put college savings in each child’s name? Getting started saving for college can seem daunting. You have to decide how to save, how much to save, and how to invest. You may choose a tax-deferred plan or any other investment. Before you […]
What’s the best way to start handling finances as one household? Fifty years ago, merging finances may have seemed simpler. Most people got married younger, chances were higher that only one spouse worked, and divorce was less common. Now, when you become a couple, you’re more likely to work and have your own incomes. You […]
April 15 has come and gone. If you didn’t quite finish your tax return, you should have filed Form 4868, Application for Automatic Extension of Time to File, to the IRS. This automatic extension gives you another six months to file your tax return – no questions asked. Your tax return is now due October […]
What is cost basis, and how do you go about finding it? You’re making great progress on your tax return, when suddenly you need to enter something called a “cost basis” for an asset. If only that were as simple as remembering what you paid for the asset. Here are 7 questions and answers about […]
Owning a home has long been a great way to save on your taxes. That’s still true. Take a look at the following ways that owning a home can still give you a break on your taxes.
When people go through a financial crisis, sometimes bankruptcy is the best or only solution. For example, when someone has insurmountable debts, often due to one-time events such as divorce, catastrophic illness, or business failure, bankruptcy may be the best way to overcome debt that person has no way of ever paying back. By “bankruptcy,” […]
For most people, the biggest change in 2014 is the individual mandate for purchasing health insurance. If you’re a high-income taxpayer, you may also pay higher tax rates and new taxes. If you qualify for certain tax breaks, you’ll be glad to know most of them are extended through 2014 or beyond. See if any […]