What to Do Now with Coverdell ESAs
Coverdell Education Savings Accounts, or ESAs, were greatly enhanced by the Economic Growth Tax Relief Act of 2001 as a tax-advantaged way to pay for education. However, the provisions in that act are set to expire at the end of 2010 and likely will not be extended; starting in 2010, old rules will again apply. These old rules are not very favorable; you may want to take action with respect to existing Coverdell ESAs before the end of the year. More
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Tax Tips
Turn health savings accounts into retirement income.Free
If you are covered by a high-deductible health plan and have a health savings account (HSA), you don't have to touch the funds in the account if you don't need to. Stay healthy and use the account to build up a source of retirement on a tax-deferred basis. Withdrawals from …More
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Ask JK Lasser
A: Yes, indeed it is, to an extent. Here is a simple breakdown. You can deduct your interest up to $2,500 per year. This is available to taxpayers with income under set amounts (different limits apply to single individuals and to joint filers). …More
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Report It All!
Don't neglect to report all your business income. Report any interest on business bank accounts, recoveries of previously deducted bad debts, and any loan forgiveness (unless you opt to reduce certain tax attributes that will impact your taxes down the road).
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