Getting a Head Start on College Savings
The American family with a child born today can expect to spend about $233,610 to raise that child to the age of 18. And if you’ve already traded that supercharged convertible dream for a minivan, you can expect your little one’s college education to cost as much as $198,000.
Trends in Charitable Giving
When giving to charitable organizations, some people elect to support through cash donations. Others, however, understand that supporting an organization may generate tax benefits. They may opt to follow techniques that can maximize both the gift and the potential tax benefit. Here’s a quick review of a few charitable choices: READ MORE
Letter From IRS? What to Do (or Don’t Do)
If you receive a letter from the IRS, don’t panic. Millions of letters are sent to taxpayers every year for a myriad of reasons. If you receive a letter from the IRS, here’s some advice:Don’t panic. Read the letter carefully. There will usually be an action that is requested of you and a corresponding phone number for you to call. Follow the directions carefully.Be aware of dates and timeframes. The notice you receive will probably have a dated deadline by which to respond with the appropriate action. Be sure to take note of the dates and not miss any deadlines that may be stipulated by the IRS.
Know when to respond. Sometimes the IRS sends a notice or other communication that may not require a response. Again, read carefully, and if needed, respond according to the instructions on the letter. If a payment is required, reply with a payment or visit www.IRS.gov for information about payment options.
You may need to dispute. If you don’t agree with the IRS notice, write a letter explaining why you are disputing the matter and mail it to the address on the contact stub at the bottom of the notice.
* This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax professional.
Tip adapted from IRS.gov[i]
Summer is wedding season
Here are some tips for the newly weds in your life:
Insurance When You’re Newly Married READ MORE
Money Tips for Newlyweds READ MORE
“The best way to predict your future is to create it.” ― Abraham Lincoln
Quarterly McIntosh & Associates Book Club Read:
The Speed of Trust: The One Thing that Changes Everything
by Stephen M.R. Covey
Monday July 15th – 10:00 AM
Learn why you need a financial strategy
Determine which of the five distinctive personalities you identify with
Take the first steps to help you become more financially protected
Know what challenges women face and learn how to face them
Monday August 19th – 3:00 PM
•How to calculate your required amount and its tax liability
•If your beneﬁciaries are set up for maximum tax eﬃciency
•Strategies retirees should consider when they DO NOT NEED their RMDs
•If your asset allocation and withdrawal strategies are appropriate for RMDs
•When you have to take your RMDs, and if there are any exceptions
•How they can impact your Social Security
6 Smart-Home Upgrades to Help Sell Your House READ MORE
The No. 1 most reliable appliance brand in America, according to Consumer Reports READ MORE
Home security systems buying guide READ MORE
Many people retire earlier than planned, here’s why READ MORE
5 key tax questions when you’re responsible for a loved one’s estate READ MORE
These are the new HSA limits for 2020 READ MORE
Harvard professor says ‘winning a $20 million lottery won’t make you happier in life’—but these 4 things will READ MORE
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