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529 college savings plans are tax-advantaged college savings vehicles and one of the most popular ways to save for college today. Much like the way 401(k) plans revolutionized the world of retirement savings a few decades ago, 529 college savings plans have revolutionized the world of college savings. As of March 2009, there were over 11 million 529 plan accounts. (Source: College Board’s Trends in Student Aid 2009) Tax advantages and more 529 college savings
The following information is reprinted with permission from Forefield, Inc. The tax code allows IRAs to be created as trust accounts, custodial accounts, and annuity contracts. Regardless of the form, the federal tax rules are generally the same for all IRAs. But the structure of the IRA agreement can have a significant impact on how your IRA is administered. This article will focus on one type of trust account commonly called a “trusteed IRA,” or
Guaranteeing the stability of the U.S. banking system Bank deposits are protected by the Federal Deposit Insurance Corporation (FDIC), an independent agency backed by the full faith and credit of the U.S. government. Established in 1933 after the United States experienced a wave of bank failures, FDIC insurance is intended to reassure depositors and offer protection in case a bank becomes insolvent, is liquidated, or experiences other financial difficulties. Tip: You do not have to be
The health-care reform legislation that was recently signed into law contains a number of tax changes. Some of these changes take effect immediately; others won’t have an impact for a few years. Here’s a year-by-year breakdown of some of the changes worth taking note of. Changes taking place in 2010 Bad news if you frequent tanning salons–after July 1, 2010, there will be a new 10% tax assessed on amounts paid for indoor tanning services.
Offered by merchants of all types, rewards programs are marketing tools that encourage brand-loyalty purchasing through Price discounts Bonus points and/or coupons toward future purchases Donations to your favorite charity And even cash rebates. If you’re part of the program, you access it by using a membership card that looks like (and often is) a credit card. The card compiles information about your purchases and the rewards you’ve earned; it also stores information about you that’s
What is it? Money market deposit accounts are like money market mutual funds, but deposit accounts are FDIC insured, while mutual funds are not.Banks, savings and loan associations, and credit unions began offering money market deposit accounts in 1982 in response to the growth of money market mutual funds that were being offered through brokers and mutual fund companies.The rate of interest paid on money market deposit accounts rises and falls with interest rates in
Many of the uncertainties affecting most everyone are finally being cleared up. While 2010 is nearly over, there is still time for last minute planning. The best news of all is that we finally have solid information from which to build our tax plans. While there is much more to come, let’s start with something fairly straight forward. Standard Mileage Rates Announced for 2011 The IRS has announced the optional standard mileage rates for use
Get ready, the big day is fast approaching – that is January 1, 2011. Unless Congress takes action, the passing of 2010 will mark the end of the so called Bush Tax Cuts. According to the Tax Foundation, those tax cuts have been worth about $2,200 in tax savings each year for the median family of four. While significant, it pales in comparison to the opportunity potentially missed by small business owners. For years I
Currently, there is a window of opportunity for Estate Planning. With current provisions set to expire at the end of 2012, view this short video clip to learn how you might take advantage of the current provisions Estate Planning – 2011 and 2012 Window of Opportunity
The health-care reform legislation that passed earlier this year was incredibly broad in scope, so it’s probably not surprising that there’s a good deal of confusion, and a number of false or misleading claims being circulated. Here’s the truth behind two of the claims that have gained the most traction lately. The claim: Beginning in 2011, you’ll be taxed on the value of your employer-provided health insurance There are several e-mail campaigns making their way