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What Happens When I Withdraw From 529 Plan?

A Section 529 plan is a savings plan set up for higher education. It is usually set up for the account beneficiary who will be going to pursue higher education, usually your child or grandchild. If you have a Section 529 college savings plan, you know that there are a...

Must Joint Activities be Treated as Partnerships?

Filing taxes is confusing; that’s simply a fact of life. Filing gets even more confusing when you have to account for your joint activity, and you aren’t sure if you have to file jointly with your partner or if you can both do separate returns. Filing...

2015 Tax Season: Start Planning Now

Though the 2015 tax season is not upon us quite yet, now is the time to take steps towards planning for next year. If you are a business owner, it is never too soon to schedule a meeting with a local Certified Public Accountant to review your finances as they stand in...

What Should You Do After You Have Filed For A Tax Extension?

If you owe taxes to the IRS but can’t afford to pay the total owed in April, you can file for an extension that can buy you up to six months. When you file an extension, you still have to pay the tax money owed, but you have a longer period of time to pay it. That...

Rules on Deduction Business Start-Up Expenses

A new decision by the U.S. Tax Court drove home the importance that current deductions are not allowed for most new businesses start-up expenses. The appropriate tax treatment for start-up costs has been a continuous confusion for taxpayers, leading business owners to...