Roy Vargis CPA, CMA, CFM, CITA, EA, ACMA, CGMA

The tax code includes a number of incentives that, with proper planning, can provide tax benefits while you, your spouse, or your children are being educated.   Education Financing – A major planning issue is how to finance your children’s college education.  Those with substantial savings simply pay the expenses as they go, while others begin setting aside money far in … [Read more...] about Reap the Tax Benefits of Education Planning

If you have received an inheritance or anticipate receiving one in the future, this article may answer many of your questions. The process of claiming an inheritance can be quite complex, and it helps to understand the basics and to be aware of potential tax liabilities.  An inheritance is generally received after all applicable taxes have been paid along with any outstanding … [Read more...] about Inheritances Can Be Tricky for You

If you have been procrastinating about filing your 2011 tax return or have other prior year returns that have not been filed, you should consider the consequences. Taxpayers should file all tax returns that are due, regardless of whether or not full payment can be made with the return. Depending on an individual’s circumstances, a taxpayer filing late may qualify for a payment … [Read more...] about Haven’t Filed an Income Tax Return?

If you are a parent who wants to assist your child in obtaining his or her first home, there are a number of ways you can help.  Help with the down payment - Real estate lending laws generally will not allow the parents to loan the down payment on the home, since that is considered part of the debt. However, you can make an outright gift of the down payment. Just keep in mind … [Read more...] about Assisting Your Child Acquire a Home