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A 529 plan is a tax-advantaged investment account offered in the United States as a means to save for higher education expenses for a beneficiary. Many states offer their own version of a 529 plan. 529 plans are no longer just a tax effective means to save for college. Among many changes in the recent Tax Cuts and Job Act is a provision allowing you to distribute up to $10,000 per beneficiary during the taxable year for tuition expense incurred in relationship to a public, private or religious elementary or

One of the many changes to the tax code modifies the deductibility of meals and entertainment expenditures by businesses. The following modifications apply to tax year beginning after December 31, 2017. Below is a list of updated provisions for meal and entertainment expenditures under the new tax law: Entertainment expenses are not deductible unless specific exceptions are satisfied. Office holiday parties remain 100% deductible under the new tax law. Meals paid for while entertaining clients remain 50% de

The Tax Cuts and Jobs Act covers a wide variety of tax changes. In the retirement plan world, before the final bill was passed, there was a lot of talk about reducing contribution limits and/or requiring Roth Deferrals as opposed to pre-tax deferrals. Thankfully, neither of these proposals are in the final approved Act. There are however a few changes. Re-characterization of Roth IRA contributions: Traditional contributions can still be converted to Roth. Roth contributions can still be converted to traditi

The IRS announced that tax season will open on Monday, January 29, 2018. The IRS will begin accepting paper and electronically filed tax returns at that time. Paper returns won’t begin to be processed until mid-February. That is why the IRS strongly suggests to file your 2017 tax return electronically. By filing your return electronically, you are more likely to get your tax refund quicker, if you qualify for a refund. The filing season will close on Tuesday, April 17, 2018. Since April 15 falls on a

With President Trump signing the new tax bill last week, and as more information is made available about the changes in tax law, we want to let people know about some last minute tax strategies to implement before December 31, 2017 to be in a better position for 2018. We talked about a few strategies in our blog last week, but we would like to bring up a few more. Charitable contributions are an item that become a little tricky in the new tax bill. With many itemized deductions getting the axe in the new bi