Education Savings Plan Planning and saving for higher education can be daunting for many families given the rising cost of college. According to The College Board, the average per year cost of an in-state public university is $28,840. That’s more than $100,000 for a typical four-year education. However, there are tools available to families
How to Start a Business No two businesses follow the exact same path from start to launch. However, the following steps are important considerations when determining how to start a business: Developing a business concept Performing market and competitor analysis Securing funding for the business Choosing an entity structure Establishing bank accounts for the
If you’ve entered early retirement, drawing from retirement accounts such as IRAs, 401(k)s or 403(b)s may be your best option to maintain a steady income. However, there are tax and penalty considerations to be aware of before making early withdrawals. We’ll present those considerations here, along with a tax planning technique that can minimize
As businesses expand their operations and workforce, they may rely on a combination of employees and independent contractors to carry out day-to-day tasks. And depending on how workers are classified, their relationship to the business is treated differently. Taxation is also handled differently, so it’s important for companies to classify their workers appropriately. Unsure
Divorce and Taxes: Alimony and Tax Implications Divorce is a challenge for the vast majority of couples, and it’s made more complex by financial entanglement and the presence of dependents. When a marriage is dissolved, assets must be allocated, finances must be separated, and support payments – either alimony, child support or both –
For frequent donors, charitable contributions can quickly add up to sizable deductions, but the rules can be complex – like most tax rules. There are qualifications to consider – concerning the type of donation and type of receiving organization – as well as giving limits. When itemizing deductions at the end of the tax
Thinking about starting a business? There is plenty to do before you can open your doors to customers, and finding a good bookkeeping service and tax professional is at the top of the list. A lot of the pre-launch tasks for starting a business require extensive forecasting and planning. It’s a lot for a
Real Estate Professionals: Qualifying for Passive and Investment Tax Benefits Real estate investment is a popular vehicle for wealth building, but unless a taxpayer qualifies as a “real estate professional,” there are additional tax liabilities to consider. As such, it’s worth it for people working in real estate to determine whether they qualify under
Tax Credits Available for Families with Children Family matters are also tax matters to a large degree. As soon as dependents are added to the household – normally children – several tax credits may come into play. Together, these credits can significantly reduce a family’s tax burden, but only if they’re leveraged properly. A
Sale of a Principal Residence: Tax Concerns, Gain Exclusions and How an Accountant can Help Buying or selling a home is a major transaction – likely the most impactful that families will ever engage in. And, of course, major transactions come with major tax ramifications. It’s important for home sellers to be aware of
