That scholarship may be subject to income tax

That scholarship may be subject to income tax

If your child is deciding between two schools based on a financial aid package, be sure to weigh the taxes that may accompany the offer.Families depend on scholarships, assistantships and grants to help them afford higher education.Indeed, the annual cost of tuition,...
Audit Red Flags

Audit Red Flags

Are you worried about being audited?The fear may be overblown, as only 0.6% of taxpayers had their federal returns examined in 2017 (the most recent information available). That same year, only 4.3% of taxpayers with gross income before deductions of over $1 million...
Fed hikes rate, lowers 2019 projection to increases

Fed hikes rate, lowers 2019 projection to increases

The Fed take the target range for its benchmark funds rate to 2.25 percent to 2.5 percent.Central bank officials now forecast two hikes next year, down from three rate raises previously projected.However, the Fed continues to include in its statement that further...
What Should You Keep?

What Should You Keep?

Even with less itemizing, there are still tax documents you want to retain for years to come.Fewer taxpayers are itemizing in the wake of federal tax reforms. You may be one of them, and you may be wondering how many receipts, forms, and records you need to hold onto...