8 College Expenses That Are Tax-Deductible or Tax-Free

Elyssa Kirkham Updated on June 28, 2018 Editorial Note: This content is not provided or commissioned by any financial institution. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by the financial institution. Is college tuition tax deductible? Are college expenses tax deductible?In some cases, the answer is yes. Getting an education can [...]

By |2019-02-11T12:30:52-05:00February 11th, 2019|CPA-Blog|0 Comments

What is a 529 Plan?

By: Savingforcollege.com | Updated:  August 29th, 2018 A 529 plan is a college savings plan that offers tax and financial aid benefits. 529 plans may also be used to save and invest for K-12 tuition in addition to college costs. There are two types of 529 plans: college savings plans and prepaid tuition plans. Almost every state has at least one 529 plan. There is also a 529 plan operated [...]

By |2019-01-11T12:01:10-05:00January 11th, 2019|CPA-Blog|Comments Off on What is a 529 Plan?

FAFSA Tips & Common Mistakes to Avoid

FAFSA Tips & Common Mistakes to Avoid The best way to complete the Free Application for Federal Student Aid (FAFSA) is early, online, and without any mistakes (download and print our checklist of what you'll need to have on hand in order to file your FAFSA). If you aren't yet ready to file a FAFSA, the Department of Education's FAFSA4caster tool can help you estimate your eligibility for federal student aid by providing some [...]

By |2018-12-20T20:25:48-05:00December 20th, 2018|CPA-Blog|Comments Off on FAFSA Tips & Common Mistakes to Avoid

Tax Strategy: Uncertainties continue in tax planning for 2018

Tax planning can help you avoid an unpleasant tax bill on April 15th.  With all the tax reform changes affecting 2018, it is never too late to review your tax situation and make changes now.   Each tax situation is different.  Contact us and our expert team can answer any of your questions. While the Tax Cuts and Jobs Act, enacted at the end of 2017, promises on the [...]

By |2018-11-13T21:05:15-05:00November 13th, 2018|CPA-Blog|Comments Off on Tax Strategy: Uncertainties continue in tax planning for 2018

Guide to Filing Taxes as Head of Household

Most taxpayers file their tax return using the same tax status year after year. But what if you had a life event that changed that? Did you get legally separated or divorced during the year? Did your adult child move back home? Did you become the primary care giver of a parent? You may qualify to file as Head of Household. Head of Household status can lead to [...]

By |2018-10-02T19:35:37-05:00October 2nd, 2018|CPA-Blog|Comments Off on Guide to Filing Taxes as Head of Household

Your 2018 Guide to College Tuition Tax Breaks

Here are the details about the three ways tuition could translate into tax savings in 2018. Matthew Frankel, CFP (TMFMathGuy) Mar 17, 2018 at 6:53AM During the tax reform process, there were several proposals that called for modifying or eliminating certain education tax breaks. Fortunately for American college students and their families, most of the major tuition tax breaks are still in place for the 2018 tax year. [...]

By |2018-09-25T17:01:31-05:00September 25th, 2018|CPA-Blog|Comments Off on Your 2018 Guide to College Tuition Tax Breaks

How The New Tax Legislation Will Affect Small Businesses

Business Tax Changes Recent changes in tax laws means small businesses are going to get some relief on their taxes. The new legislation represents one of the most important tax revamps in many years and it offers reduced rates to corporate entities and pass-through businesses . Insurance company Insureon, in partnership with Manta, carried out a survey of 2,700 small businesses to find out the potential [...]

By |2018-08-16T11:31:03-05:00August 16th, 2018|Business Services, CPA-Blog|Comments Off on How The New Tax Legislation Will Affect Small Businesses

Common items that can be written off by your business for taxation purposes

In order to generate income, you have to spend money . However, federal tax laws can offer some relief from the pain of company expenses .There are common business write-offs that can lower taxable income and reduce your company’s tax obligation on April 15. Overall, the expenses that are written off by a business usually have to be standard in that particular industry and essential to the business [...]

By |2018-08-11T12:41:05-05:00July 11th, 2018|Business Services|Comments Off on Common items that can be written off by your business for taxation purposes

Why Small Businesses Require The Services Of A CPA

All businesses, regardless of their sizes, require the services of a tax and financial advisor. Nevertheless, your business needs the services of a CPA (Certified Public Accountant) and not simply an accountant. Distinguishing Between CPAs and Accountants The term accountant’ generally refers to tax and finance professionals who abide by specified rules and regulations such as Generally Accepted Accounting Principles(or GAAP).These are rules and standards that are established [...]

By |2018-05-29T11:45:43-05:00May 29th, 2018|CPA-Blog|Comments Off on Why Small Businesses Require The Services Of A CPA

How To Pay Quarterly Taxes As A Self-Employed Person

Any self-employed person might be obliged to pay quarterly taxes. An individual who is self-employed can be described as one who: Operates as an independent contractor Works in a particular field or trade as a sole proprietor Belongs to a partnership that carries out business activities, for example a limited liability company (LLC) Operates a business by themselves, even if it is part-time Denna Smith, a Seattle-based [...]

By |2018-03-23T14:50:59-05:00March 23rd, 2018|CPA-Blog|Comments Off on How To Pay Quarterly Taxes As A Self-Employed Person