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...
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...
I.R.S. Announces 2019 Retirement Plan Contribution Limits

I.R.S. Announces 2019 Retirement Plan Contribution Limits

Get ready to save more for retirement in 2019! The Treasury Department has announced inflation-adjusted figures for retirement account savings for 2019, and there are a lot of changes that will help savers stuff these accounts.After six years stuck at $5,500, the...