Launching a Bright Financial Future: Tax Benefits for Your Children

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Setting up a child's financial future can be one of the most impactful gifts parents, grandparents, relatives, and friends can provide. By leveraging various tax-advantaged accounts and strategies, you can not only contribute to a child’s…

Unravelling Education Savings: Mastering 529 Plans to Maximize Tax Benefits

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Section 529 plans are tax-advantaged savings plans designed to encourage saving for future education costs. They are legally known as "qualified tuition plans" and are sponsored by states, state agencies, or educational institutions. With rising…

Navigating the Complex Tax Maze for Student-Athletes

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Article Highlights: Scholarships Grants and Financial Aid Income from NIL (Name, Image, and Likeness) NCAA Eligibility and Tax Considerations Part-Time Jobs Student’s Standard Deduction Education Credit Student Loan…

How an Accounting Pro Can Help You Create and Stick to a Budget

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Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed…

How Does Education Impact Your Taxes?

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The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student…

Planning for a Child’s College Expenses Should Start Early

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Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts The Lifetime Learning credit Qualified Education Loan Interest Some in Congress have proposed “free” (i.e., government-paid) tuition for community college…
Take Advantage of the Education Tax Credits

Take Advantage of the Education Tax Credits

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As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending their children to college, which is…
School’s Out - Who Is Going to Take Care of the Kids?

School’s Out – Who Is Going to Take Care of the Kids?

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Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular…
Gift Tax Treatment of Tuition Plans

Gift Tax Treatment of Tuition Plans

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Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay qualified…

Are You Prepared for a Disaster?

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Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes…