Category: Education

  • The 2019 Gift Tax Return Deadline Is Coming Up

    The 2019 Gift Tax Return Deadline Is Coming Up

    If you made large gifts to your children, grandchildren, or other heirs last year, it’s important to determine whether you’re required to file a 2019 gift tax return. And in some cases, even if it’s not required to file one, it may be beneficial to do so anyway. Who must file? Generally, you must file…

  • Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

    Congress Gives a Holiday Gift in the Form of Favorable Tax Provisions

    As part of a year-end budget bill, Congress just passed a package of tax provisions that will provide savings for some taxpayers. The White House has announced that President Trump will sign the Further Consolidated Appropriations Act of 2020 into law. It also includes a retirement-related law titled the Setting Every Community Up for Retirement…

  • When Is Tax Due on Series EE Savings Bonds?

    When Is Tax Due on Series EE Savings Bonds?

    You may have Series EE savings bonds that were bought many years ago. Perhaps you store them in a file cabinet or safe deposit box and rarely think about them. You may wonder how the interest you earn on EE bonds is taxed. And if they reach final maturity, you may need to take action…

  • Uncle Sam May Provide Relief from College Costs on Your Tax Return

    Uncle Sam May Provide Relief from College Costs on Your Tax Return

    We all know the cost of college is expensive. The latest figures from the College Board show that the average annual cost of tuition and fees was $10,230 for in-state students at public four-year universities — and $35,830 for students at private not-for-profit four-year institutions. These amounts don’t include room and board, books, supplies, transportation…

  • Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

    Expenses that Teachers Can and Can’t Deduct on Their Tax Returns

    As teachers head back for a new school year, they often pay for various expenses for which they don’t receive reimbursement. Fortunately, they may be able to deduct them on their tax returns. However, there are limits on this special deduction, and some expenses can’t be written off. For 2019, qualifying educators can deduct some…

  • Tax-free Fringe Benefits Help Small Businesses and Their Employees

    Tax-free Fringe Benefits Help Small Businesses and Their Employees

    In today’s tightening job market, to attract and retain the best employees, small businesses need to offer not only competitive pay, but also appealing fringe benefits. Benefits that are tax-free are especially attractive to employees. Let’s take a quick look at some popular options. Insurance Businesses can provide their employees with various types of insurance…