ABLE Accounts More Flexible

New Law Expands the Flexibility of ABLE Accounts Tax-favored Achieving a Better Life Experience (ABLE) accounts are designed to help people with disabilities and their families to save and pay for disability-related expenses. Though contributions to ABLE accounts aren’t tax deductible, distributions, including earnings, are tax-free to the designated beneficiary if used to pay qualified…

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New Businesses Under New Tax Law

Starting a New Business under the New Tax Law Starting up a new business is an exciting but stressful time. Unfortunately, what you might have learned in business school about choosing a business structure, deducting net operating losses (NOLs) and depreciating assets may no longer be accurate under the Tax Cuts and Jobs Act. It’s…

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Education Savings Tools More Flexible

From private preschool classes to college tuition, educating your family can be expensive. You can help lower the out-of-pocket costs by planning ahead with tax-advantaged education savings tools. Liberalized Rules for Section 529 Plans For years, Section 529 plans have been a popular vehicle for saving for higher education. All states offer at least one…

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TCJA Eliminates Work-related Education Deductions

The Tax Cuts and Jobs Act (TCJA) includes many changes that affect individual taxpayers. But, in terms of tax breaks for higher education, the new tax law generally maintains the status quo, with a few minor tweaks here and there. Here’s the rundown on education-related tax breaks for 2018 and beyond. TCJA Eliminates Employee Deductions…

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IRS Encourages Taxpayers to Check Withholding

Are you withholding enough money from your regular paychecks? Are you having enough money withheld from your regular paychecks? The Tax Cuts and Jobs Act (TCJA) has made several significant changes to the tax rules for individuals for 2018 through 2025. As a result, many taxpayers who previously itemized deductions are expected to claim the…

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