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Donor-Advised Funds
Donor-Advised Funds

Establishing a donor-advised fund can be an effective vehicle for your charitable dollars while allowing you to delay the decision making process until you have more time to determine which charities you would like to be the beneficiaries of your charitable dollars.

The Grandparent "Gotcha" in 529 College Savings Plans!
The Grandparent "Gotcha" in 529 College Savings Plans!

Merely opening a 529 for a grandchild does not affect the grandchild’s eligibility for financial aid because a 529 owned by a grandparent is not reportable on the Federal Application for Student Financial Aid (FAFSA). However, withdrawals from the grandparent’s account to pay for college is treated as untaxed income to the grandchild.

Three Ways FAI Reduces Your Taxes With Portfolio Management
Three Ways FAI Reduces Your Taxes With Portfolio Management

Everyone likes making money on their investments, but most people don’t like having to pay taxes on those returns. Interestingly, only certain portions of your investment return are subject to taxes in any given year. Interest and dividends are taxable in the year made (unless they are earned in a tax-deferred account such as an IRA or 401(k).

The State of Maryland Loses Double Taxation Case in the U.S. Supreme Court
The State of Maryland Loses Double Taxation Case in the U.S. Supreme Court

On May 18, the Supreme Court of the U.S. determined, in Comptroller of the Treasury of Maryland versus Wynne, that the State of Maryland can no longer “double” tax residents that work outside of Maryland. Hope explained to Early that she lives in Columbia, Maryland and her business is located in Virginia, but she is paying state tax to Maryland and Virginia.

Open Your Heart, Donate, Get a Tax Deduction, and a Tax Credit
Open Your Heart, Donate, Get a Tax Deduction, and a Tax Credit

In the U.S., most people donate time, talent, and money out of the goodness of their heart. To encourage donations, the federal, state, and local governments provide tax deductions for contributions to qualified charities and nonprofits.