New Law Makes Education-Savings Tools More Flexible
Getting an education for your children or grandchildren can be expensive. Fortunately, various tax-advantaged savings options can help lower out-of-pocket costs. Here's an overview of two tax-smart savings tools Section 529 plans and Coverdell Education Savings Accounts as well as information about tax-favored ABLE accounts that help families pay for qualified disability expenses.
The ABCs of Higher Education Tax Breaks
School planning seems to start earlier every year. As you begin to shop for dorm supplies and other necessities, here's some important information about tax breaks for higher education costs, along with some of the rules and restrictions that apply under the new tax law. We'll also explain how the Tax Cuts and Jobs Act eliminates deductions for job-related education costs incurred by employees.
Is an Association Health Plan Right for Your Company?
The availability of a new health plan option is soon to become a reality for small businesses. Last October, the Trump Administration set in motion the development of "association health plans" as an alternative for employers to provide health insurance to their workers. Whether individual employers will see this as good news or bad news depends on their current situations. Here's an overview.
Effects of the Tax Law Vary Based on Major Life Events
What stage of life are you in? The Tax Cuts and Jobs Act affects everyone a little differently, depending on their specific circumstances. Here are provisions of the law that may be relevant if you are at various milestones, including marriage, new kids, divorce, new homes, death and even business start-ups.
New ACA Legal Battle Could Affect Individual and Employer Health Coverage
The Affordable Care Act (ACA) has survived many legal challenges over the last decade. But eliminating the penalty for failure to comply with the "individual mandate" under the Tax Cuts and Jobs Act could be the ACA's undoing. In addition, a high-profile case could change the health care coverage game for some employers and individuals.
Sales Tax: Supreme Court Ruling Affects Retailers and Consumers
On June 21, the U.S. Supreme Court issued a ruling overturning a 1992 precedent that had barred states from requiring online retailers without a "physical presence" there to collect sales taxes. The ruling is expected to hurt online retailers and help brick-and-mortar stores. Going forward, this decision will present numerous challenges to businesses of all sizes that sell products online.
IRS Encourages Taxpayers to Check Withholding
The Tax Cuts and Jobs Act is a game changer for many U.S. households. Most people will owe less tax under the new law but some people will owe more. Many taxpayers are unsure whether their current 2018 withholding and estimated quarterly payments will be sufficient. Here's an overview of the provisions that might affect your withholding and scenarios that might require a "paycheck checkup."
Tax Reform: Whats Changing for Individuals?
A new set of rules will apply when you file your 2018 tax return next spring, thanks to the Tax Cuts and Jobs Act. The changes for individual taxpayers are sweeping, but most expire at the end of 2025. Unfortunately, many people are unclear about what's changing and how it might affect their tax obligations. Here's a list of 30 major tax issues to consider as you plan for the 2018 tax year.
Watch Out for these Tax Issues When Planning for Your Business in 2018
The Tax Cuts and Jobs Act has significantly changed the federal income tax rules for businesses and their owners. Although many businesses and owners expect to owe less federal income tax in 2018, the impact of the new law depends on your specific circumstances. Here's a list of some tax buzzwords to be on the lookout for as you plan for the 2018 tax year.
Will States Conform to the New Tax Rules?
Federal tax laws traditionally serve as the basis for many state tax laws. This year, in light of major federal tax reforms, some state legislators face a tough question: Which provisions of the Tax Cuts and Jobs Act should we conform to and which should we decouple from? Here are some key provisions of the new law that must be addressed and how each change might affect your state tax bill.