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Posts Tagged ‘tax planning’
Forgiven Debt and Taxes
Being in debt is not pleasant, but when a debt is forgiven, it can be a huge weight off your shoulders. Although it’s a great relief to no longer owe the debt, you may find that you now owe the IRS. The tax implications of debt forgiveness or cancellation, however, will depend on your individual facts and circumstances. Form 1099-C, Cancellation of Debt When a creditor ...
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How to Choose The Best 529 Plan
High fees for higher education are a worry for many parents and students. Average payments made for tuition and other college fees are a whopping $31,000 a year. Scholarships, grants, and tax credits help to lower these costs, but for many parents, the expense is still hard to cover. 529 plans can help parents manage the cost of higher education. 529’s are saving plans that make higher education affordable by providing tax and other advantages.
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How to Help Your Grandkids Pay College Expenses
Rising tuition fees at colleges may take many parents by surprise. Even if they have been saving for their children’s college education, they may find that it’s not enough. According to a report, college tuition and fees account for only about 40% of the total expenses incurred by in-state students for a four-year college education. Even if the student takes a part-time job, the cost of college is often too burdensome to pay. Grandparents that have ...
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