What Happens When I Withdraw From 529 Plan?
A Section 529 plan is a savings plan set up for higher education. It is usually set up for the account beneficiary who will be going to pursue higher education, usually your child or grandchild. If you have a Section 529 college savings plan, you know that there are a...
Must Joint Activities be Treated as Partnerships?
Filing taxes is confusing; that's simply a fact of life. Filing gets even more confusing when you have to account for your joint activity, and you aren't sure if you have to file jointly with your partner or if you can both do separate returns. Filing separate returns...
What You Need to Know About the 529 College Savings Plan
According to the Bureau of Labor Statistics, about 66 percent of students enroll in college after high school graduation, implying that your children are likely to go to college. Since the costs of higher learning keep rising, you may feel like you will never be...
Start Planning Now For 2015 Taxes
It is fall again, and that means the leaves are changing colors. It is time to bring on the apple picking and pumpkin pie, and while you may not be thinking about it now, this is also the perfect to start planning for your 2015 income tax filing. Get a head start by...
Personal Tax Breaks Often Overlooked
You are sitting at your home office or your kitchen table. You’re sweating bullets and you’re dreading the next several hours. That’s because you’re about to file your taxes. The process is daunting and can sometimes just be downright cruel and unusual punishment. Any...
3 Rules for Startup Deductions
While start-up mania has been in full swing for a while now, and new companies from Silicon Valley to Washington D.C. have been heralded as the saving grace of a growing U.S. economy, the American Tax Code has been sluggish in keeping up with start-up business...
2015 Tax Season: Start Planning Now
Though the 2015 tax season is not upon us quite yet, now is the time to take steps towards planning for next year. If you are a business owner, it is never too soon to schedule a meeting with a local Certified Public Accountant to review your finances as they stand in...
5 Items a CPA Firm Can Do For Your Business
Businesses - whether they are nonprofit, public, or private - have plenty to take care of. There are the day-to-day duties of interacting with customers, as well as making the important decisions that drive the company’s mission and determine policies. Ultimately,...
What Should You Do After You Have Filed For A Tax Extension?
If you owe taxes to the IRS but can’t afford to pay the total owed in April, you can file for an extension that can buy you up to six months. When you file an extension, you still have to pay the tax money owed, but you have a longer period of time to pay it. That...
Rules on Deduction Business Start-Up Expenses
A new decision by the U.S. Tax Court drove home the importance that current deductions are not allowed for most new businesses start-up expenses. The appropriate tax treatment for start-up costs has been a continuous confusion for taxpayers, leading business owners to...