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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Many Tax Provisions Expire 12/31/13: Which Will Impact You?

Posted on Fri, Dec 06, 2013

The American Taxpayer Relief Act of 2012 brought not-so-great news to high-income earners in the form of a new higher tax rate. Other legislation, most notably the Affordable Care Act, added new taxes on net investment income and Medicare.  And, though we have covered these unwelcomed changes extensively, we now focus on those glimmers of light (certain deductions, credits and other options) that are set to permanently dim at the end of 2013.


While the House and Senate continue to have debates about a budget, there is no way to know whether any agreement resulting from such negotiations will extend any expiring tax provisions. Because of this uncertainty, you, where possible, should

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