Tax Warrior Chronicles

Talking Taxes with Kids – 529 Plans, IRAs and 401(k)s

Posted on Thu, Aug 15, 2019

By: Stacie L. Court, CPA, MST


There are many benefits to contributing early to education plans, IRAs, and 401k’s – the largest benefit being the advantage of time to compound funds in tax-advantaged accounts.   Children have many years to grow the earnings in these funds, but how do you talk to your kids about the complex world of investing in these types of funds and encourage them to start early? 


Let’s begin by discussing these different types of plans:   


Section 529 Plans

A 529 plan is a tax-advantaged savings plan used to make it easier to save money for college, post-secondary training and tuition for elementary or secondary schools. 


Originally, 529 plans were designed to

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Tax Help with Planning for College

Posted on Tue, Nov 07, 2017

By: Stefanie Ostrich, CPA


Those of us with children worry about the rising costs of college. However, with the right planning, you can find tax savings while both saving and paying for college.  In fact, from the time your bundle of joy gets their social security number, you can start saving for their education with significant tax advantages. In this post, The Tax Warriors® show you how.


Qualified Tuition Program (QTP) otherwise known as a 529 Plan:  A 529 plan is a way to save for college or post-secondary school.  Accumulated earnings are not subject to federal and state tax when distributions are used for the qualified education expenses of the designated beneficiary. 

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Tax Implications of Selling a Structured Settlement

Posted on Mon, Mar 27, 2017

By: Ted Nebiolo and Bruce Benjamin, CPA, MT


College tuition, purchasing a home, starting a business.  These are all life events that may call for a large, upfront cash outlay.  If you are receiving a structured settlement payable as an annuity, it may be an attractive solution to sell it to obtain the cash for the lump-sum payment. If you are considering this route, know the tax implications and the process that determines the real value of your settlement.


What is a Structured Settlement?

Payments to settle a legal, financial, or insurance arrangement are usually negotiated to be paid in installments over time rather than in a single lump sum.  These are structured settlements

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March Madness – Let’s Skip Right to the “Elite Eight”

Posted on Mon, Mar 13, 2017

By: Eric R. Elmore


Yesterday, the NCAA announced the top 64 men’s basketball teams who will compete for the national championship. March Madness has officially begun! For the next two weeks, we will watch and cheer for our favorite programs to eventually cut the nets and hoist the trophy. Likewise, we’ve also selected our top blogs of 2016—some that can help you with your upcoming tax filings—and you don’t have to wait two weeks to see our winners!  Below are our “Elite Eight” blog posts of 2016. You may find the slam dunk you need to save tax dollars in 2017; or, at the very least, be amused and informed!


#1 Seed:

The 2016 presidential election will go down in history as perhaps the

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A Tax Guide for Students with Summer Jobs

Posted on Mon, Jul 13, 2015

School is out for the summer and students everywhere are looking to land a summer job. If it’s your first job it gives you a chance to learn about work and paying taxes. The tax you pay supports your home town, your state and our nation. We know that sounds patriotic and responsible, but let’s face it, all it really means is you take home less than what you make, and that stinks. 


A few blog posts ago, we gave parents guidance on saving on taxes by hiring children into the family business (there are tips in that post for you, too).  However, with this post, we look to help you, the student, who may choose to not work with mom or dad and venture out on your own into the working world

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Tax Tips for College Students and Parents

Posted on Wed, Aug 28, 2013

August is coming to an end and parents all over the country are taking a deep breath after having just shipped their kids to college. The preparation of going to college, for both parents and students, is stressful enough without having to worry about the seemingly ever-increasing costs.  Very few can count on nurturing their child’s talent for throwing, kicking or hitting a ball as a plan to pay for higher education.  Luckily for the rest of us, several educational tax credit programs are available.


In this short blog, The Tax Warriors® share information about the educational tax credits that are available to help offset some college costs and can hopefully relieve some of your stress!

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