- Who Controls the Funds in a Section 529 Plan?
- This question frequently arises: Who controls the funds held in a Section 529 qualified tuition account? These accounts can become quite large, as they are limited only by the projected cost of a college education, and those costs will vary between state plans. Some states base their maximums on the cost of an in-state, four-year education, but others use the cost of the most expensive schools in the U.S.—including graduate studies. Most have limits in excess of $200,000, and some can reach $475,000 or more. Thus, it is only natural that those who fund an account would be concerned about who controls the account's distributions. This is especially true when grandparents or others are making contributions to an account that is limited only by gift-tax considerations.
- Tips for Last Minute Payments and Filing
- If you are up against the April 18, 2017 deadline and still need some information to complete your tax return, you can obtain a six-month automatic time extension to file your 1040.
- Keeping Old Tax Records
- With tax day quickly approaching, the question arises on how long you need to keep your tax records. The answer, it depends. Watch the video for more info or contact our office for more details.
- Uber (and Lyft) Drivers' Tax Treatment
- If you are one of the many individuals in the ridesharing business who is working through services such as Uber or Lyft — or if you are thinking of getting into this business — you may have some questions about the tax issues associated with this fast-growing business model. Generally, these drivers do not work full time, and their driving jobs are supplementary to their primary employment.
- Consequences of Filing Married Separate
- If you are married and thinking about not filing a joint return with your spouse, you will most likely use the married filing separate (MFS) filing status. If you are considering filing MFS, then you should be aware that the tax code is laced with special restrictions so that married individuals cannot benefit by filing MFS. This article describes some of the more frequently encountered issues when making the choice of filing status. Note: dollar amounts are those for 2017.
  |
|  |