3 Sad Reasons Why Slavery Is Still Legal in the U.S. Job Market

Posted by wpadmin | Posted in Finances, Taxes | Posted on 29-04-2016

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ShareFollow Us  Hundreds of years ago, you could argue that life was a lot different than life now. Culture, beliefs, mindsets, and personalities were nothing like what they are today. One of the biggest differences between then and now, is the idea and practice of slavery. Slavery was “abolished” in the 1800’s, or so we thought. Once the 13th Amendment was passed, we believed that things had finally been worked out, and that this outrageous concept was no more. According…

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Your Army Ranger Son or Daughter’s Pell Grant Application

Posted by wpadmin | Posted in Finances, Taxes | Posted on 15-02-2016

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What about it? Well, it just so happens that while your army ranger of a son or daughter’s serving the country, that same hopeful of yours actually can qualify quite easily for a grant going toward education: the Pell Grant. And getting qualified for the Pell Grant’s quite easy — if you know where to look […]

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The 529 College Savings Plan: Benefiting Taxes and Education

Posted by wpadmin | Posted in Finances, Taxes | Posted on 12-01-2016

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Talk about killing two birds with one stone: the 529 college savings plan, operating very much like a retirement plan, not only saves up some on the expense for college later on life, but cuts down on your taxes over time. A nice little tax shelter benefiting you in the long run and ensuring your kids get the quality college education they deserve.

But How Does the 529 College Savings Plan Work?tax return-1

Also known as qualified tuition programs (QTPs), the way contributions work for these types of plans is that it allows you to defer your taxes. All your contributions to these ‘accounts’, if you wish to call them that, are tax-free. It, therefore, means that when it comes time for your budding college student to leave the family nest and venture out into the unknown, you can pull the funds out and not pay any federal tax for the tuition costs, room, and board. Even better is the benefit that you most likely won’t even have to worry about any state tax if the beneficiary, your child going to college, sticks with a university that’s in the same state. Like we said: killing two birds with one stone, education and finances.

This ultimately saves you on the taxes, as a veritable tax shelter, cutting down with these beneficial credits. Plans do vary, so sign up with the Income Tax Planning Network right away and then consult your ITPN specialist to see what your options are. You may have a variety of lifetime contribution limits, some ranging around $200K, so crunch your numbers and see what you’ve got.

Because the Future of Your Child’s Education Ultimately Revolves Around Your Future Finances

Click here for more information about other tax shelters you can take advantage of, plus some information about tax advice when divorcing, or other business tax write-offs you need to know about. Remember: information is power. Planning is power. And here’s where you get a bunch of it.

 

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