Since their inception in 1996, 529 plans have long been regarded as a valuable college savings vehicle, helping families mitigate the burden of substantial educational expenses. As tuition rates continue to rise year over year, recent changes in the Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act further enhance their appeal and bring greater…

Investing in real estate is widely recognized as one of the most effective strategies for building long-term wealth. It provides a tangible asset that not only serves as a portfolio diversifier but also tends to move independently of the volatility in the stock and bond markets. However, for many investors, the idea of purchasing and…

The short answer is no. Donations made to political organizations or political candidates are not tax-deductible. The IRS makes clear that expenditures for lobbying and political expenditures incurred with “influencing legislations, participating or intervening in any political campaign on behalf of (or in opposition to) any candidate for public office, attempting to influence the general public…

The US Department of the Treasury and the IRS have issued final regulations requiring custodial brokers to report sales and exchanges of digital assets, including cryptocurrency. These digital asset transactions are already subject to tax. These final regulations, that implement reporting requirements of the Infrastructure Investment and Jobs Act enacted in 2021, require brokers to…

When starting a family, you might be interested to know that you’re now eligible to claim new credits and deductions, which ultimately lessens the total value of your tax liability. You can start by utilizing the official IRS Withholding Estimator to check your withholding. This will allow you to update your Form W-4, which is…

Now that tax season is drawing to a close, it may feel like a good time to declutter the accumulated piles of paperwork. But there are some recommended guidelines to be aware of before you discard any official documents. The following article outlines what you need to know about retaining tax records, important property documents,…

You may be in for a tax break if you’ve been shelling out the bucks for day care. Among the tax credits and deductions available to parents and families, one of the most overlooked and beneficial is the childcare tax credit, formally known as the Child and Dependent Care Expenses Tax Credit and claimed with…