Taxes

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More Taxes On Online Purchases

Economic News you can Use

A New Avenue for State and Local Taxes Americans love shopping online, in large part because of lower prices. Online merchants offer lowe...

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Sales Taxes Taxes State Taxes

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How the Tax Cut Bill Is Raising Your State Taxes

Why Your State Tax Bill Could Climb

What goes up must come down – when considering the effects of gravity. That principle doesn't typically apply to taxes. In the rare cases wh...

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Tax Returns Taxes Local Taxes State Taxes

Q&A

Asked by an anonymous user

What's the easiest way to decide whether to file joint or separate tax returns as a married couple?

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Answers 1

Answered by Michael Karu
CPA/CFF/CGMA in Livingston, NJ

When we prepare tax returns for couples, we routinely check to determine whether married filing jointly or separately is more beneficial. The process is to calculate ...

Tax Returns Taxes Tax Laws Federal Income Taxes

Q&A

Asked by an anonymous user

I inherited my parents home where we were living, it is paid off. I need to get a home equity loan but my credit score is 547.

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Answers 3

Answered by Mark Haynie
Mortgage Broker in Los Angeles, CA

Unfortunately, the 547 score is a lower score than any lender will consider. I recommend that you consult with a professional in the credit repair business and develo...

Credit Rating Home Equity Loans & Line Of Credit Borrowing Taxes

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New Tax Laws Should Lower Your Audit Odds

What You Need to Know About Getting Audited Today

The recent Tax Cuts and Jobs Act (TCJA) represents one of the biggest changes to the tax code in many years. Will the Internal Revenue Servi...

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Tax Returns Taxes Tax Laws Federal Income Taxes

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Why Aren't 529 Plans More Popular?

Many Americans Aren't Taking Advantage of These Educational Savings Plans

How do you plan to fund your children's education? According to the 2017 Report from Sallie Mae, How America Pays for College, you are proba...

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College Funds (529 Plan) Investing & Retiring Taxes

Q&A

Asked by Mary

Our independent student son is returning to school. If we make him owner of some of our existing 529 funds, will we be subject to gift tax?

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Answers 1

Answered by Kim Miller PRO+
CFP® in Redmond, WA

Hi - The annual gift tax exclusion allows you to give $14,000 per year to any one person without filing a gift tax return. A married couple who "join" in the gift ca...

College Funds (529 Plan) Other Taxes Investing & Retiring Taxes

Q&A

Asked by victor piediscalzo

I am 51 years old and have nothing for retirement. I put 100.00 a week in my savings and have about $10k now. What can i do for more interest?

Answered by Tracy Scott Burke
CFP®, ChFC® in Harrisburg, PA

Victor, Thanks for your question. Some type of a tax-deferred retirement account would likely be best in your situation in lieu of bank savings. If you have acces...

401(k) Bonds Retirement Investing & Retiring Taxes Mutual Funds IRA Stocks

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