The 529 savings plan: A tax-smart way to fund college expenses

Tax Savings with a 529 Plan If you’re saving for college, consider a Section 529 plan. Although contributions aren’t deductible for federal purposes, earnings avoid income taxes if used for qualifying educational expenses. In addition, many states, including Ohio, offer tax incentives for contributions. Distributions used to pay qualified expenses (such as tuition, mandatory fees,…

May Tax Planning Tips

Why it’s time to start tax planning for 2016 Now that the April 18 income tax filing deadline has passed, it may be tempting to set aside any thought of taxes until year end is approaching. But don’t succumb. For maximum tax savings, now is the time to start tax planning for 2016. More opportunities…

April Tax Tips

Two tax consequences to consider if you’re refinancing a home Now may be a great time to refinance, because mortgage rates are still low but expected to increase. Before deciding to refinance, however, here are a couple of tax consequences to consider: 1. Cash-out refinancing. If you borrow more than you need to cover your outstanding…

March Tax Tips

Make a 2015 contribution to an IRA before time runs out Tax-advantaged retirement plans allow your money to grow tax-deferred — or, in the case of Roth accounts, tax-free. But annual contributions are limited by tax law, and any unused limit can’t be carried forward to make larger contributions in future years. So it’s a…

January Tax Tips

Congress passes “extenders” legislation reviving expired tax breaks for 2015 Many valuable tax breaks expired December 31, 2014. For them to be available for 2015, Congress had to pass legislation extending them — which it now has done, with the Protecting Americans from Tax Hikes Act of 2015 (PATH Act), signed into law by the…