Key Takeaways Taxable interest sources include CDs, savings and money market accounts  Interest is taxed at the marginal tax rate, but there are exceptions Expect 1099s from every bank and broker that paid you interest income in the previous tax year Interest income or investment income is income, plain and simple, as far as the […]

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Key Takeaways Save yourself time with document e-delivery Safeguard your personal information Help the environment by cutting down on paper Tax season is only a few months away, and one of the first steps TD Ameritrade clients can consider taking is to switch to e-delivery from paper documents. Getting hard copies of your records is so 20th […]

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Key Takeaways About half of the total U.S. federal revenue comes from income taxes Federal tax rates for individuals are currently broken into seven brackets, ranging from 10% to 37%, based on income level  Contributing to a retirement plan is one way to potentially reduce your taxable income  Income tax on your mind? In his […]

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Key Takeaways Check if your tax withholdings are correct with a W-4 calculator  Learn if you can still itemize deductions this year Find out other ways tax reform may have affected you  Was one of your New Year’s resolutions to improve your financial planning? We’re still in the front end of 2019, so to help […]

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Key Takeaways Expect significantly higher standard deductions for 2018 due to new tax laws Itemizing deductions may no longer make sense for many taxpayers      Learn how the new tax code affects specific deductions such as mortgage interest and alimony As you receive your 2018 tax documents such as W-2s and 1099s, you’re likely starting to […]

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Key Takeaways The 2018 tax law included a potential perk for small business owners who operate as pass-through entities Sole proprietorships and partnerships are typically pass-through entities, as are some LLCs and corporations Tread carefully, as pass-through tax rules can get complicated depending on the type of business entity you own Have you struck out […]

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Key Takeaways Understand the difference between a tax credit and a tax deduction Learn how the type of credit (refundable or nonrefundable) might impact your tax liability Consider how recent changes in the tax code might affect your taxes   Tax season is underway, which means figuring out what you owe—and finding ways to potentially reduce […]

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Go ahead, throw yourself on the mercy of State U’s aid office and crank out the scholarship essays. But you may also want to consider a tax-advantaged 529 College Savings Plan. Ask any college student who’s stumbled through organic chemistry and they’ll probably stress the same thing: always learn the exception to the rule. That […]

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As first-semester college kids head off for the ivied walls, parents are digging deep to cover the skyrocketing costs of a degree, and some are looking at nontraditional accounts like a Roth IRA as a method to fuel the financial madness. It’s an out-of-the-box approach that’s doable, but financial advisors don’t suggest it without heaps […]

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A four-year public, out-of-state college education now averages roughly $100,000 in tuition and other expenses, according to the College Board, leaving multiple generations to help shoulder the bill. For many families, grandma and grandpa are helping to pay for college, and are turning to tax-advantaged 529 College Savings Plans. Why the Need? Parents on average […]

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