Blogs | October 2021

"Paying for College Tax-Saving Tip"

October 28, 2021

Taxation of 529 College Savings Account Withdrawals, 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 costs. Here are six important points to know about 529 withdrawals.............

 

"New proposal in some recent legislation that would require banks

to report transactions over $600 to the IRS"

October 15, 2021

There’s new legislation that’s brewing, however we do know that this one item that keeps coming Up and this is a very hotly debated topic here, this new proposed reporting requirement of $600. One thing is IRS is trying to do is expand the reporting so as it is now the IRS they can get their information from your bank account, the other but they don’t have it reported to them every day in the same way that let's say a “W2” or “1099” form that’s communicated to them. So, we’re starting to see a lot of debate......

 

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