Category: Individual Income Tax

Tax Planning When Saving for Your Kids’ Education

July 20th, 2014 by

© 2014 Thomson Reuters/Tax & Accounting Here’s a little-known secret for parents planning to send their children to college in the future: Some of the tax-saving moves you make now could hurt your student’s chances for getting financial aid later. Another Key Point Under the federal college aid formula, 20 percent of the assets in […]

Tax Responsibilities After Someone Dies (Part 2)

July 15th, 2014 by

© 2014 Thomson Reuters/Tax & Accounting After a loved one dies, there are a number of tax requirements that must be taken care of. In a previous article here, we described one of the first tax-related duties of an estate executor or administrator — making sure the decedent’s final income tax return is filed for […]

Tax Responsibilities After Someone Dies (Part 1)

July 9th, 2014 by

© 2014 Thomson Reuters/Tax & Accounting The death of a loved one is always difficult but it can be even more challenging if you are the one who must handle all the resulting tax responsibilities. Who Can Be an Executor? In most states, any U.S. citizen over the age of majority, who has not been […]