The rules for withdrawing from a 529 college saving plan

Here's an overview of three types of 529 plan distributions. *Qualified withdrawals. When you take money from the account to pay for college education expenses such as tuition, fees, books, supplies, and equipment, the withdrawals are generally tax- and penalty-free, no matter the age of the account beneficiary. Caution: Part of the distribution may be…
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How to cut car maintenance costs

Insurance, fuel, loan interest, maintenance, repairs, depreciation --all the expenses associated with owning and driving an automobile can take a huge bite out of your family budget. Some of these are sunk costs. Because the money is already spent --the down payment to purchase your car, for example --such costs are irrelevant when budgeting for…
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Tips on tip reporting

If you are like millions of taxpayers who work in the service industry, you may receive tips. The tax code is clear; if you receive tips you must report them as income. Some employers have systems to make this easy, while others do not. Here are some suggestions: Think 1-2-3 Proper tip reporting has three…
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