Tax Warrior Chronicles

Calculating Contributions to 529 College Savings Plans

Posted on Wed, Jul 21, 2021

by: Olivia M. Seneca, MBA

 

College costs have skyrocketed over the last 20 years, causing parents to desperately search for the best savings options for their children’s education. Thankfully, there are a variety of plans to help families start saving from day one. Today, we will discuss Pennsylvania 529 Education Savings Plans, how contributions are calculated, how plans can be beneficial for any family, and how they vary from other state plans.

Read More

Tax Help Taking Care of Elderly Parents

Posted on Mon, May 01, 2017

By: Lauren O'Byrne, CPA

 

As average life expectancies rise, and more and more American couples both work outside of the home,  the costs related to the care for elderly parents is a significant factor in the family budget.  The Internal Revenue Code provides some tax relief…at least it does for now. Here are some benefits to consider.

Read More

Good News for Small Businesses Under ObamaCare

Posted on Wed, Mar 08, 2017

By: Michael Donahue, CPA, MT, CFP

 

The Affordable Care Act (“the ACA”) has been operational for some time now.  During its life, the ACA has been subjected to praise and criticism in addition to numerous legislative calls for repeal.

Read More

Tax Aspects of Caring for An Elderly Individual

Posted on Mon, Apr 28, 2014

Having elderly relatives move into the homes of their children, nieces, nephews, etc.  is occurring more regularly, regardless of your background, income, age or any other moniker. Elder family members are living longer and this makes the decision to have them live with you, a choice that could affect you for several years to come.

Read More

IRS Cracking Down on Charitable Contribution Substantiation

Posted on Mon, Sep 09, 2013

The IRS is moving toward stricter enforcement of the rules regarding charitable deductions.  In general, you can take a deduction for contributions to charitable organizations.  However, in order for a deduction to be allowed certain requirements must be met.  One such requirement is that the contribution is made to a qualified charity, as defined in the Internal Revenue Code.  The IRS maintains a searchable database of charitable organizations on their website that allows you to obtain information regarding the federal tax status of exempt organizations. Another requirement that must be met is that you must be able to substantiate your contribution.  The kind of substantiation required

Read More

Expedited Review Of New Charity Applications Due To Hurricane Sandy

Posted on Mon, Nov 12, 2012

 

In the aftermath of Hurricane Sandy, millions of people are in need of assistance and charitable organizations are a major source of aid during this time.  The Internal Revenue Service has announced two policies that will both facilitate and promote organizations and individuals to provide relief to the affected people in the Mid-Atlantic and Northeastern region of the country.

Read More