expenses

Tax Reform is Confusing Part 2

Do you struggle feeling Tax Reform is confusing?

Yes, tax reform is confusing. In part 2 we hope to shed light on other areas of tax reform changes. As mentioned last week, we decided to put together a side-by side comparison of the old and new law. At the end of Part 1’s blog post, is an infographic to help you maneuver all the details behind Tax Reform. Below we will break down Part 2 of this very long infographic for an easier understanding. Let’s go!

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529 Plan: Higher Education, Learning the Hard Way

Suppose you have tried to be a good parent and saved diligently into a 529 plan so your kid could pay for college. The big day has arrived and you laughed off that tuition bill because you had plenty of 529 plan money and were able to pay it off. Two years have gone by and you can no longer remember what it was like to have a kid in the house when you get a CP 2000 notice from the IRS. Surprise, the IRS just sent you a proposed bill for $5,000 plus $1,000 penalty & interest for your 529 plan distribution. So what happened? The IRS had a surprise bill of their own. Let’s examine what just happened here.

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