Paying for tuition

Posted on Leave a commentPosted in Tax

Prepaid tuition vs. college savings: Which type of 529 plan is better? Section 529 plans provide a tax-advantaged way to help pay for college expenses. Here are just a few of the benefits: Although contributions aren’t deductible for federal purposes, plan assets can grow tax-deferred. Some states offer tax incentives for contributing in the form […]

Document!

Posted on Leave a commentPosted in Business Taxes, Tax

Documentation is the key to business expense deductions If you have incomplete or missing records and get audited by the IRS, your business will likely lose out on valuable deductions. Here are two recent U.S. Tax Court cases that help illustrate the rules for documenting deductions. Case 1: Insufficient records In the first case, the […]