Tuesday, August 14, 2018

529 Plans

If you have college-bound children or grandchildren then you may be interested in establishing a qualified tuition plan for them.  These plans are known as 529 plans, so named after the IRS code section establishing the plans.  You can contribute to a qualified prepared tuition plan or a savings account established for a specific beneficiary to help pay for that beneficiary’s college tuition.  While the contributions are not tax deductible, the funds grow and earn income tax-free.  When the designated beneficiary withdraws funds to pay for qualified educator expenses, no taxes are paid on the income!  Qualified education expenses include those for any college university, vocational school or post-secondary educational institutions that are eligible to participate in student aid programs administered by the U.S. Department of education.  Beginning in 2018, the funds can also be used to pay for qualified higher education expenses such as private or religious elementary or secondary schools. 

How to get started? Every state has their own 529 plans and you are not limited to the plan in your state, so research the state plans to find the one best suited to the needs of your designated beneficiary.  If you would like assistance in learning more about Qualified Tuition programs please contact the tax professionals at Ken R. Ashworth & Associates.

Tuesday, August 7, 2018

A Paralegals day!

What's a day in the life of a Paralegal? BUSY! An integral role in the "day in the life of a law office" for certain, but generally not the glamorous life of Erin Brockovich! A paralegal performs many tasks essential to the day-to-day routines and procedures in support of the practice of law by attorneys.  Typically, in a day, a paralegal might accomplish a wide variety of tasks, such as Contact and conference with clients; Update master calendars with dates for client meetings, court hearings, deadlines relevant to litigation, business and tax work; Case planning, development and management; Draft, revise and finalize litigation and probate pleadings, trust agreements, contracts and correspondence; Perform Legal research, analysis and summarization of various documents; and facilitate filings with the various levels of the Federal, State, Justice and Municipal courts, as well as Federal and State administrative agencies. A paralegal might also attend court or administrative hearings and trials, depositions, executions of wills and trusts, real estate escrow closings, and just might possibly -on the rare occasion-have an occasional lunch date with colleagues and co-workers!

IRS Guidance on Tax Withholding for 2019

The beginning of the year is always a good opportunity to review w-4 withholdings for employees. On Tuesday, November 27, 2018, the IR...