Tax-Smart College Savings Strategies for Parents College is expensive. Data for the 2019–2020 academic year indicates that the average cost of tuition, fees, room, and board was $30,500. The tax law has provisions to help you cover the costs, including Coverdell accounts, Section 529 savings plans, and Section 529 tuition plans. Contribute to a Coverdell
Congress passed the Tax Cuts and Jobs Act Bill (TCJA) in December 2017. Implementation of some key provisions is still being finalized, but the following are major changes that will affect tax returns you file for 2018 through 2025: Changes to Tax Brackets Most taxpayers will benefit from a decreased tax bracket beginning in 2018.
If you’ve never considered tax planning before, this might be the year to reconsider. At a minimum the IRS recommends that every W-2 wage earner should do a “paycheck checkup” and review their withholding. In response to the Tax Cuts & Jobs Act (TCJA), withholding tables changed earlier this year to give employees more money
If you’ve been following the latest updates on the Trump tax plan, you may be wondering what the new rules set forth by Congress as part of the Tax Cuts & Jobs Act, or TCJA, will mean for you when you file your 2018 taxes. The truth is, the major tax reform passed by Congress