Tax Warrior Chronicles

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

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. 

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

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