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Trusted Answers From Licensed Business Professionals

How Do 529 Plans Compare to Other College Saving Options?


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In our last post entitled, "When a 529 Plan Doesn't Make Sense," we explained how a Roth IRA can be a better option when saving for college. While this is generally true, there are instances when a Roth IRA isn't completely feasible for a family. If this is the case, it is important to know exactly how 529 Plans compare to other college saving options. .
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Planning For Capital Gains Tax in 2011

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The decision to sell this investment now or wait until next year is becoming more and more important. Tax rates across the board will likely start to increase in 2011 with long-term capital gains tax increasing at least 5% from 15% to 20% or even higher. Therefore, it is strongly advised to review your portfolio and the impact that a transaction will have on your tax liability, if any. Read More.

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When a 529 Plan Doesn’t Make Sense


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Sending the kids off to college is perhaps the 2nd most expensive event in a parent's lifetime other than buying a home. It is so expensive today with rising tuition costs & savings accounts continuing to dwindle as a result of the financial crisis. To prepare for the high cost of college, we often hear financial planning experts instruct parents to setup a 529 Plan account. While this can be sound advice, there are instances in which a 529 plan doesn't make much sense at all. .
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When Should I Update My W-4 Form?


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Maybe this year you tied the knot or changed jobs or experienced some other important life event. If this is the case, it is time to think about updating your W-4 Form. For those that forgot, your current employer gave you a W-4 Form when you first started working. On that form, you had to claim allowances so that your employer would take out an appropriate amount of withholding taxes from your paycheck. .
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Maximize That Year End Bonus

2011 tax planning

It is almost a certainty that tax rates across the board will begin increasing come January 1, 2011. Ordinary income tax rates will increase 3-5% for those in the 31% to 39% tax bracket, the dividend tax could jump from 15% to 39.6%, & long-term capital gains tax could go from 15% to 20% or even higher. As we head closer to January 1st, it is becoming more and more important to start accelerating income and deferring deductions. Read More.

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Can I Transfer Assets From One Company to Another I Own?


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Many business owners setup more than one company. Occasionally, they try to transfer assets from one company to another. Find out if this is possible. .
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Where Are Dividend Tax Rates Going in 2011?

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Dividend tax rates will be going up but the big question is by how much? Then, there is the logical follow-up question, what should you do to prepare for the inevitable tax rate hike? Read More.

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How Newlyweds Should Decide on an Accountant

When we hear the term "newlywed," what usually comes to mind is a couple in their late 20s or 30s. However, there are also a large number of newlyweds in their 40s, 50s, & 60s that are also out there & in need of tax advice. As a result, many newlyweds in this older population visit BIDaWIZ with questions such as, "what is the best way to choose an accountant with your new spouse?" .
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Why do I have to Pay Estimated Taxes?

Paying those quarterly estimated taxes on the 15th of April, June, September & January can get awfully annoying. As a side note, estimated taxes are pretty much a requirement by the government for those that are self employed or have a lot of investment income. .
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Tax Questions From Couples

The tax questions coming from couples facing a divorce & other life-changing events have been on the rise so we thought it would be wise to take a step back & answer some of the most common questions. As always, you can send your tax questions to our network of tax experts if you need personalized tax advice. Read More.

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