In the midst of these very uncertain times, as we’re trying to navigate the new normal of social distancing and working from home, or adjusting to more family members at home, and other job changes or losses, there’s one less thing you’ll have to worry about, at least...
I have $1,000 to start a college savings account for my child and plan to contribute to it each year, but I'm not sure where to begin. I've heard of "529 plans." Can you tell me what that is and if it would be a good choice? A 529 plan is a...
It's almost April 15th, and I haven't had time to do my taxes! What can I do? Don't worry George, you can get an automatic six month tax extension. All you have to do to receive it is file form 4868. What a relief! That's...
How much would my penalty be if I don't file my tax return on time or pay my taxes on time?That depends on a few different things. If you don't owe any taxes, there will not be a penalty. If you don't file your taxes within 3 years though,...
If I wanted to give my parents a gift of $100,000 in 2018, would they have to pay tax on it?The 2018 annual gift tax exemption is $15,000 per person (up from $14,000 in 2017). This means that you can gift anyone $15,000 per year without...