Saving for College – 529 Plans

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  The Economic Growth and Tax Relief Reconciliation Act of 2018 make 529 college savings plans more valuable than ever. Basically, a college savings plan allows you to place money in a state plan to be used for the beneficiary’s higher-education expenses at any college or university. These expenses include tuition, fees, books, supplies, and certain […]

Hobbies have new tax consequences

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Hobby-Related Loss Deductions Are Disallowed, but Don’t Give Up Hope Let’s say you have an unincorporated sideline activity that you think of as a business, including an activity involving horses. If you have a net loss (deductible expenses exceed revenue) on that activity and you think you can deduct that loss on your personal federal […]

Should divorcing couples sell their house?

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A side from child custody, the most emotionally charged issue in a divorce is usually who gets to keep the house. For most couples, a house is their most valuable asset, and it has enormous symbolic value as well. But while couples often fight over who gets the house, keeping the house isn’t always the […]