You already know that college is expensive. But only when you start writing checks to cover your youngster’s college bills, do you really start feeling the terrible pain. How much pain? Well, the average cost of college tuition, fees, and room and board was recently running at $32,500.If your son or daughter is heading to a private, non-profit four-year college, you’ll … [Read more...]
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New Law Kneecaps Stretch IRA—Here’s What You Can Do About It
Do you have an IRA? Then I urge you to read the full article. Why? Because it explains how the SECURE act, enacted by Congress last December, severely and negatively impacted the Stretch IRA strategy. NOTE: The “SECURE” stands for, “Setting Every Community Up for Retirement Enhancement.” What exactly was the Stretch IRA? The Stretch IRA wasn’t another kind of IRA. It … [Read more...]
Are Classes in How to Fix and Flip Houses Deductible?
Are you planning to start a new business? Then remember this… Before you open your doors or hang up your shingle, be sure you understand the difference between… Educational expenses you incur before you start your businessEducational expenses you incur after you start your business Why is this so important? Because when you deduct these expenses makes a big … [Read more...]
Eight Answers to Questions About the SECURE Act
In late December 2019, Congress passed the “Setting Every Community Up for Retirement Enhancement Act” (SECURE). If you have questions about how the new SECURE Act affects your retirement and Section 529 planning, you are not alone. We’ve received many questions from readers of the Tax Reduction Letter that deal with the impact the SECURE Act will have on their retirement … [Read more...]
Top 8 Changes in the New SECURE Act You Need to Know Now
As year-end approached in 2019, all was not deadlocked in Washington. You see, on December 20th the president signed off on an important new law called the Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act. The new law, explained in my new article, makes significant changes in how you can… Save money for retirementUse your … [Read more...]