Business owners may need capital to support growth, and the money in their IRA can be tempting. Nevertheless, the pitfalls can be steep, as illustrated in a recent Tax Court case (Thiessen v. Commissioner, 146 T.C. No. 7 [3/29/16]). Here, the court ruled that because a married couple had entered […]
Many companies offer 401(k) or similar retirement plans to their employees, and an employer match might be available. If that’s the case, you should contribute to the plan at least enough to get the full match. Example 1: Melissa North earns $80,000 a year. Her company’s 401(k) plan offers a […]
Besides financial aid, specific tax benefits can reduce the net cost of sending a child to college. Among the three major tax breaks—American Opportunity Tax Credit, Lifetime Learning Credit, tuition and fees deduction—you can claim only one on your tax return. American Opportunity Tax Credit (AOTC) This credit, […]
As the first article of this issue of the CPA Client Bulletin notes, the net price of higher education will depend on the amount of financial aid that’s received. The greater the financial aid, the lower the net cost of college. In order to obtain financial aid, a key step […]
The College Board reports that full-time students at private institutions typically paid almost $44,000 for tuition, fees, room and board during the 2015-2016 academic year. That’s the average, so costs at some private colleges and universities were well over $50,000 per year. Higher education at public schools was much less […]
Being the executor of an estate is not a task to take lightly. An executor is the person responsible for managing the administration of a deceased individual’s estate. Although the time and effort involved will vary with the size of the estate, even if you are the executor of a […]
In many states, seniors have the right to decline jury duty based on their age. But the age limits and rules vary by state and by type of court, so if you are summoned for jury duty, check with the court to determine if you are exempt. The majority of […]
In recent years a number of non-lawyers have started businesses offering Medicaid planning services to seniors. While using one of these services may be cheaper than hiring a lawyer, the overall costs may be far greater. If you use a non-lawyer to do Medicaid planning, the person offering services may […]
The federal government recently extended minimum wage and overtime protections to most home health care workers. If you are hiring a caregiver for yourself or an elderly loved one, you need to become familiar with the rules, even if the paid caregiver is a family member. Under the Fair Labor […]