Estate planning isn’t just for married couples or parents. Estate planning for singles is just as important, because a plan helps ensure your wishes will be carried out and important decisions remain in trusted hands. If you don’t have one, courts or state law may determine how decisions are made and assets are distributed. Preparing […]
Invest in your kids’ or grandkids’ future – with help from the tax code
If you’re thinking about helping a child or grandchild pay for school, you’re not alone — and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient. Tax advantages With a 529 plan, your contributions grow tax-deferred, and no taxes are due when the […]
Could you be hit with the Trust Fund Recovery Penalty?
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty. It’s called the Trust Fund Recovery Penalty (TFRP). It applies to Social Security and income taxes, which must be withheld from employees’ wages. These taxes are government property employers collect and hold in “trust” for […]