![]() | |
![]() | |
![]() |
Taxes Information |
|
![]() |
Get Uncle Sam To Pay $36,000 For Your Childs Education!
Let's assume that you would like to begin saving for your children's education fund. At the end of each year, for the next 8 years, you will contribute $2,000 into a Coverdell Education Savings Account (Education IRA), using your after-tax dollars. The money grows tax-free, and neither the contribution nor the interest is taxed when you make a withdrawal, as long as you use it for education purposes. By the end of 17 years, your Education IRA will have accumulated to just over $86,000. Contrast this with your fully taxable non-IRA account which would have grown to only $50,000. That is a $36,000 difference! Today, the average 4-year cost of education at a public college in the country is around $38,000. In 18 years it is projected to be close to $86,000. Costs for private education are even higher. This example illustrates that, by funding your child's education using an Education IRA earning 14% with after-tax contributions of $2,000 in each of the first 8 years of your child's life, you can put an extra $36,000 into your child's future rather than Uncle Sam's pocket! There would be enough in the IRA account to pay for the entire projected 4-year education costs. Now, when your child begins their college education, as you draw from the account each year to pay for expenses, and re-invest the remaining funds, at the end of your child's 4th year of college, an extra $27,000 would remain in the IRA that can be transferred to another child's account. If you have a fully taxable Non-IRA account, you'd have to come out of pocket in your child's 3rd year of college because the account didn't have enough to cover the entire education cost. By using a Tax-Free Education IRA account, this allows the contributions to accumulate at a much fast rate than the fully taxable investment vehicle. Brian Gray is a full time real estate investor and web developer. You can visit his website to learn how to Earn 14% Per Year in your IRA. It is a very safe investment.
MORE RESOURCES: Tax Schedule 2023: Every Date You Need To Know Yahoo Finance New York Keeps Piling on Taxes - WSJ The Wall Street Journal How Can My Brother Buy My Share of Our Parents’ Home? The New York Times She Lost Her Childhood Home Over Taxes. Then It Erupted in Flames. The New York Times Lowering taxes to attract and retain residents discussed Nebraska Public Media | News Call Kurtis: IRS suggests Californians hold off on filing taxes over gas tax rebate question CBS News When will I get my tax refund? The Hill Rising property taxes leave property owners with sticker shock The Baldwin Bulletin 7 Tax Benefits of Marriage GOBankingRates 'Taxpayers are asking for relief': Three property tax bills unveiled in ... Bonner County Daily Bee Student Loans and Taxes: FAQs | Student Loans and Advice | U.S. ... U.S News & World Report Money Former Arkansas State Senator Sentenced for Bribery and Tax Fraud Department of Justice Tips to Know for Filing Your 2022 Taxes NBC 5 Dallas-Fort Worth County, school board discuss tax-related issues | News, Sports, Jobs timesobserver.com Tax strategies allow crypto investors to offset losses Cointelegraph Op-Ed: Louisiana’s success hinges on reforming state income taxes The Center Square Mileage fee may replace fuel taxes for Oklahoma drivers Oklahoman.com Wyandotte County’s utility tax is double the national average. Residents aren’t happy Kansas City Star Prembroke residents discuss taxes and new spending at budget ... Concord Monitor Workers have moved on to a hybrid future. S.F's taxes are stuck in ... San Francisco Examiner Letter: Washington taxes not regressive The Columbian 2023 State and Local Tax Considerations EisnerAmper Pa. collected $3.6B in taxes in January, coming in under projections ... - Pennsylvania Capital-Star Pa. collected $3.6B in taxes in January, coming in under projections ... Pennsylvania Capital-Star AARP Tax Aide available at library Herald-Banner Here's what you need to know about the fight over property tax cuts ... The Texas Tribune Pennsylvania inheritance tax for siblings on the chopping block, again Pittsburgh Post-Gazette Which Ohio cities have the highest property taxes? The Wake Up for Friday, Feb. 3, 2023 cleveland.com Columbus Tax Preparer Pleads Guilty to Federal Charges for Filing ... Department of Justice Nevada’s real estate transfer tax could climb — but many big sales don’t generate any Las Vegas Review-Journal BBB: Tips for filing taxes Spectrum News 3 Tax Myths That Could Really Cost You The Motley Fool Hochul wants to raise cigarette taxes, ban flavored tobacco Spectrum News NY1 3 Tax Mistakes to Avoid in 2023 The Motley Fool Here's what's being negotiated in Utah's 'historic' tax cut deal Salt Lake Tribune Philadelphia Man Pleads Guilty To Tax Fraud And Commercial ... Department of Justice Tax Benefits of Real Estate Investing For 2023 Yahoo Finance Cut Taxes, Invest in Our Kids | Office of Governor Jim Pillen Governor Pete Ricketts Larimer County property tax statements have gone out to owners Loveland Reporter-Herald How to sign up for WA’s new Working Families Tax Credit The Seattle Times Kathy Hochul Eyes Higher Payroll Taxes, Casino Revenue to Avoid ... The Wall Street Journal Tax Relief for Californians Impacted by Storms | California Governor Office of Governor Gavin Newsom Will New Mexico get more tax rebates in 2023? KRQE News 13 Mozambican mines, Taliban taxes, and Myanmar's downward spiral ... The New Humanitarian The Pitfalls of Flat Income Taxes – ITEP Just Taxes Blog Tax Season 2023: Tax Day, Free File, and Smaller Tax Refunds Kiplinger's Personal Finance 3 Ways to Pay Less Taxes in 2023 Kiplinger's Personal Finance Avoid Penalties! Pay your taxes by January 31, 2023 Tarrant County Trump Organization Fined $1.6 Million for Evading Taxes The New York Times How Do Full-Time RVers Get Mail or Pay Taxes? 'You Can't Just Fly ... The Wall Street Journal Wealth taxes: State lawmakers plan to introduce bills to tax the rich The Washington Post |
![]() |
![]() |
![]() |
RELATED ARTICLES
Tax Trap #5 -- Ignoring The IRS (and the 5 best ways to contact them!) We all love to criticize the IRS, don't we? And I'mjust as guilty as anyone. It's easy to ridicule a hugeorganization of government bureaucrats who often seemto be Public Enemy #1. Tax Records - What You Should Keep And For How Long Many taxpayers are confused about how long they should keep tax records. The term "tax records" refers to your tax returns and the documents that support the information in the returns. Electronic Commerce Taxation and Pakistan Assume a buyer in Pakistan downloads software from the Internet for a 30-day trial. If he likes the software, he submits his credit card information and receives an authorization code that allows him unrestricted use of the software. Tax Secrets - How Drew Miles Helped Me How about a Tax Tip?As we all know Taxes are a necessary evil. While none of us like paying taxes there are many strategists out there that can make your life a lot easier when that dreaded day arrives. Amending Procedural Laws for Collection of E-taxation The electronic transaction ordinance defines the certificated copies in which are to be presented for adjudication. Where any law requires or permits the production of certified copies of any records, such requirement or permission shall extend to print outs or other forms of display of electronic documents where, in addition to fulfillment of the requirements as may be specified in such law relating to certification, it is verified in the manner laid down by the appropriate authority. Small Business Tax Deduction - Write-Off Bad Debts Practically every small business has receivables that it cannot obtain from clients. If your small business doesn't have any such receivables, consider yourself lucky. How to Maximize Your Home Business Tax Deductions for 2005 Someone once said, 'the best way to calculate your taxes is?Honestly'. For 2005, add 'Smartly' to that and you'll get to keep more than you make. The Annual Gift Tax Exclusion: Getting The Edge Whether helping the kids with a down payment on their first home, paying the premiums on a life insurance policy in an irrevocable trust, or moving appreciated assets to a younger generation, annual gifting will touch the lives of millions of Americans. But before the transfer is made, an investor should spend some time looking at the investment and the tax ramifications of the property to be passed. IRS Certifies 2006 Toyota Hybrid for Clean Fuel Deduction The Internal Revenue Service has certified the 2006 Toyota Highlander Hybrid as being eligible for the clean-burning fuel deduction. This certification means that taxpayers who purchase one of these hybrid vehicles new during calendar year 2005 may claim a tax deduction of up to $2000 on Form 1040. Paying Workers - What Can You Write-Off? As your business grows, you are going to need help. This help comes in the form of employees and independent contractors. What Is Tax Law? The federal tax code is complex. This complexity generally arises from two factors: the use of the tax code for purposes other than raising revenue, and the feedback process of amending the code. How to Donate Your Car to Charity and Get Tax Deduction Donating your used car to charity is a win-win situation; the charity gets your gift and you get tax deduction. Below are some simple steps to make a car donation. Where to Find Tax Breaks for Your Home Based Business April 15th looms in front of most people every year like a big, full moon full influencing a tax based frenzy, but knowing where to find tax breaks for your home based business can make that frenzy a little less frantic and more beneficial to you and your home based business. Finding tax breaks for your home based business is not overly difficult, but make sure you discuss tax breaks for your home based business with the person doing your taxes. The Internet Tax Man Cometh Q: I was contacted by the city tax collector to say that my business is scheduled to be audited to see if I owe sales tax on items purchased on the Internet. Can they really make me pay sales tax on internet purchase? I thought you could buy things online tax free? -- Charlie B. IRS Lock-In Letters - What's An Employer To Do? Employers often ask employees to designate the amount of tax withholdings for paychecks. Occasionally, employees will fail to withhold a sufficient amount in the eyes of the IRS. Highlights of IRS List of 2005 Tax Scams Each year, the IRS lists various scams taxpayers get caught up in. The top 2005 scams include several that manipulate laws governing charitable groups, abuse credit counseling services or rely on refuted arguments to claim tax exemptions. Understanding Marketing Tax Deductions Marketing is a necessary expense in running practically any business and the IRS acknowledges as much. You may run advertisements on or in the Internet, radio, television, magazines, newspapers and other media to sell your products or services. Complaince of Tax Return in Electronic Commerce Taxation Emerging Legal issues of Tax compliance of e-business Self-assessment system relies on taxpayers voluntarily meeting their tax obligations by tax payee. This concept is recognised in all tax statutes, which sets out taxpayers' primary obligations to fill tax return on self-assessment, and clearly spells out that taxpayers are required to determine the amount of tax payable correctly and to pay it on time. Home Business Tax Tips If you have recently started an Internet or home business, your probably a little intimidated by having to submit a tax return and the possibilities of being audited. Simply follow these guidelines and rest assured that filing your next tax return will go smoothly. Six Urban Myths About Taxation Six Urban Myths - Taxation"I am proud to be paying taxes? I could be just as proud for half the money." - Arthur Godfrey Temporary Taxation in Canada In 1917, the Income War Tax Act (7-8 George V, Chap. ![]() |
home | site map |
© 2006 |