TAX PRO PLUS LA

Tax Breaks for Grandparents

More and more individuals who thought their child-rearing days were over are now raising their grandchildren. The U.S. Census Bureau has found that there were 7 million grandparents whose grandchildren younger than 18 were living with them in 2010. Another study found that the number of grandchildren living with their grandparents has increased 50% over the past ten years. Grandparents in this challenging situation should be aware that a variety of tax breaks may be available to ease the financial burden of becoming primary caregivers for grandchildren.

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Getting Hit With the Alternative Minimum Tax?

There are two ways to determine your tax - the regular way that most everyone understands, and the alternative method. Your tax will be the higher of the two.

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Where's My IRS Tax Refund

The IRS provides up-to-date refund information that is updated every 24 hours, usually overnight. Refunds for e-filed individual tax returns are generally issued within 21 days. Up to 8 weeks for paper filed returns.

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Retroactive Extension for Portability of Deceased Spouse's Unused Estate Tax Exemption Available

Estates of decedents who died after December 31, 2010 may elect to transfer any unused estate tax exclusion to the surviving spouse. The amount received by the surviving spouse is called the “deceased spousal unused exclusion” (DSUE) amount. Making this election can have a profound effect on the taxation of the estate of the surviving spouse.

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Maximizing Qualified Tuition Program Contributions

Qualified Tuition Programs, commonly referred to as Section 529 plans (named after the section of the IRS Code that created them), are plans established to help families save and pay for college in a tax-advantaged way and are available to everyone, regardless of income. These state-sponsored plans allow you to gift large sums of money for a family member’s college education, while you maintain control of the funds.

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