529 Saving Plan

You may be ABLE to save for a disabled family member with a tax-advantaged account

There’s a tax-advantaged way for people to save for the needs of family members with disabilities — without having them lose eligibility for government benefits to which they’re entitled. It can be done through Achieving a Better Life Experience (ABLE) account, which is a tax-free account that can be used for disability-related expenses. Eligibility ABLE …

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The 2018 gift tax return deadline is almost here

Did you make large gifts to your children, grandchildren or other heirs last year? If so, it’s important to determine whether you’re required to file a 2018 gift tax return — or whether filing one would be beneficial even if it isn’t required. Filing requirements. Generally, you must file a gift tax return for 2018 …

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A review of significant TCJA provisions impacting individual taxpayers

Now that 2019 has begun, there isn’t too much you can do to reduce your 2018 income tax liability. But it’s smart to begin preparing for filing your 2018 return. Because the Tax Cuts and Jobs Act (TCJA), which was signed into law at the end of 2017, likely will have a major impact on …

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Year-end tax and financial to-do list for individuals

With the dawn of 2019 on the near horizon, here’s a quick list of tax and financial to-dos you should address before 2018 ends: Check your FSA balance. If you have a Flexible Spending Account (FSA) for health care expenses, you need to incur qualifying expenses by December 31 to use up these funds or …

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Time for NQDC plan deferral elections

If you’re an executive or other key employee, your employer may offer you a nonqualified deferred compensation (NQDC) plan. As the name suggests, NQDC plans pay employees in the future for services currently performed. The plans allow deferral of the income tax associated with the compensation. But to receive this attractive tax treatment, NQDC plans …

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529 plans offer two tax-advantaged education funding options

Section 529 plans are a popular education-funding tool because of tax and other benefits. Two types are available: 1) prepaid tuition plans, and 2) savings plans. And one of these plans got even better under the Tax Cuts and Jobs Act (TCJA). Enjoy valuable benefits– 529 plans provide a tax-advantaged way to help pay for …

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