September 20, 2023

September 2023 Newsletter

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Here are your Articles for September 20, 2023.

Options for Overfunded or Unused 529 College Savings Accounts

Many families set up Section 529 plans to save for college. What happens if your child gets a sizable scholarship or opts for an inexpensive public college over your pricey private alma mater that you saved for — or skips college altogether? Here are some alternatives when the funds won’t be used to pay qualified education expenses for the beneficiary, including a new option.

What’s the Proper Tax Treatment for Intangible Assets?

Intangible assets are critical to most businesses today. For federal income tax purposes, business expenses related to acquiring and creating intangibles may not necessarily be deductible in the year they’re paid. Instead, many of these expenses must be capitalized and potentially amortized over time. Here’s an overview of the tax rules and regulations.

Can Your Building Make Tax History?

Uncle Sam and many states provide tax incentives for the rehabilitation or renovation of “historic structures.” There are many requirements. Find out if your building qualifies for a valuable federal tax break.

Federal Tax News for Individuals

1. Requested an Extension? Avoid Last-Minute Filing
2. Be on the Lookout for a New Fraud Scam
3. Some Tax Help with the Cost of Kids
4. What Can Happen When Taxes Go Unpaid?
5. Revised Dates for Required IRA Distributions

Discussing Inheritances with Heirs

Many people are uncomfortable discussing with heirs how they will distribute their estate. If you don’t discuss your estate plan, disagreements and conflicts could erupt once the details of inheritances are revealed. Keeping heirs informed will alleviate some problems. Continue reading for more details.

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