Ann Emery, CPA has some tips for parents who are looking for ways to make college tuition payments manageable:
If you are a parent with college-bound children (or your children are already college age,) there are approaches that seek to take maximum advantage of tax benefits to minimize your expenses.
Here are a few of these saving opportunities:
Education Credits: Education credits are available for qualified tuition and/or related expenses. You can tak Read More >>
Kelly Linden, CPA has the scoop on this helpful tax benefit:
It’s not easy juggling all of the responsibilities of today’s working adult, especially if you’re a caretaker for children and family members. Mental and physical strain aside, financial resources can take a hit as well. However, dependent care benefits can help!
Dependent care benefits are a wonderful advantage for those who are responsible for children, elderly parents, or other individuals. T Read More >>
Tax planning is an important part of personal finance, and everyone likes to save money! These tips from Chris Eichmuller, CPA can help you do just that:
The holiday season is upon us. So many people to see, cards to address, and so much food to eat. What a joyous- and hectic- time! One item that could be addressed before all the fun and excitement of last-minute gift wrapping is how can you prepare for, and save on, your individual taxes.
Here are just a few ideas to c Read More >>
Successful business succession planning comes with lots of planning. Intentionally Defective Grantor Trusts, according to Tom Krause, CPA, can keep things simple and save you money.
There are a number of businesses that will be transferring ownership over the next ten years. Why? Baby boomers. There is a large population of baby boomer business owners who will be upon retirement age and desiring to sell or transfer their ownership.
These business owners a Read More >>
Chris Eichmuller, CPA, explains the circumstances in which the sale of your home could be tax-free:
Selling your home and moving into a smaller house or a condo is seldom an easy decision, but at least part of the decision-making process is a little easier in light of an exclusion that eliminates most people’s federal tax liability on gain from the sale or exchange of their homes.
Under these rules, up to $250,000 of the gain from the sale of single person Read More >>
Ann Emery, CPA outlines the keys to valuable savings on college tuition costs:
The rising cost of college tuition can seem insurmountable. However, there are savings opportunities and planning strategies you can take advantage of, and your CPA has the knowledge to help! Here are three ways to make the cost of college tuition less cumbersome:
- Education Credits: Education credits are available for qualified tuition and/or related expenses. You can take an A
Ann Emery dives in to explain the PATH Act of 2015 and how it could affect you:
President Obama has signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015, which provides a number of significant tax changes for both individuals and businesses. The PATH Act includes the retroactive extension of numerous taxpayer-favorable tax extenders. A large number of tax breaks expired on December 31, 2014, so for these breaks to be available in 2015, legi Read More >>
Molly Stinn, CPA details how real estate losses could benefit you come tax time:
Losses from real estate can generally only be used to offset income from “passive activities.” Any remaining losses must be carried forward — unless you’re a real estate professional.
There’s another catch: Even real estate professionals must pass a “material participation” test in order to use passive losses to offset non-pass Read More >>