Do you have children who are thinking about withdrawing money from their traditional IRAs or savings to pay for college? Then stop them before they face stiff penalties! The culprit is the infamous “kiddie tax” that applies to all full-time students under twenty-four years of age. (That’s right. The IRS considers your twenty-three year old to be a “kiddie.”) Want to learn … [Read more...]
Children as employees
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Get paid for hiring your child!
Want to get a tax deduction for yourself and tax-free income for your youngsters? It’s child’s play when you hire them to work for your proprietorship or partnership. That’s right. There’s lots of money to be made and saved if you know how to play the game and keep the IRS happy. Luckily, we do, and we’ll pass on all our money-saving knowledge to you when you read my new … [Read more...]
Save on your children’s education fees!
Sure, college and other educational expenses are insanely high. But there is something you can do about it! Create a tax-favored Section 127 educational assistance plan for your business. You see, an educational assistance plan can create extremely valuable tax deductions. How can you take advantage of this often overlooked money-maker? Easy. Read my new article titled … [Read more...]
4 year-end family tax-planning strategies
Planning on getting married? Congratulations! Planning on getting divorced? Congratulations! (if they’re in order.) Planning on giving money to family or friends? Congratulations to them and to you for your beneficence! The important point? When you take action and do these things you create very real tax consequences. We’ll tell you how to take advantage of four, … [Read more...]
A great way to pay for college
Is your child 18 or older? If you’re answering “yes,” my new article is for you. You see, it will explain a great college funding tool that can save you a lot of money. Want to find out how to put this proven strategy to work? Read my new article titled Tax Tips: Paying for College. Three ways our fact-filled article can help you: You’ll learn why you should NOT … [Read more...]