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Taxation of 529 College Savings Account Withdrawals

Taxation of 529 College Savings Account Withdrawals

Nov 24, 2021 | Income Tax

The big advantage of 529 plans is that qualified withdrawals are always federal-income-tax-free—and usually state-income-tax-free too. What you may not know is that not all 529 withdrawals are tax-free qualified withdrawals, even in years when you have heavy college...
Tax-Home Rules You Should Know

Tax-Home Rules You Should Know

Nov 18, 2021 | Income Tax

When you travel out of town overnight, you need to know the tax-home rule. The IRS defines your tax home, and it’s not necessarily in the same town where you have your personal residence. If you have more than one business location, one of the locations will be your...
Principal Residence Gain Exclusion Break

Principal Residence Gain Exclusion Break

Nov 11, 2021 | Income Tax

Here’s a look at how to apply the $250,000 ($500,000, if married) principal residence tax break when getting married or divorced, or when converting another property into your home. In both marriage and divorce situations, a home sale often occurs. Of course, the...