Save for Your Kids Education Using a 529 College Savings Plan
Play • 34 min

More than half of college attendees in the US take out student loans. Imagine saving your kids from the financial burden of student loans without being super-rich. It’s possible with a 529 plan. In this episode, I talk about 529 plans, how they work and why they’re a smart way to save for you kids’ college education.

 

In today’s episode, you'll find out:

 

  • What a 529 plan is
  • The two types of 529 plans to consider
  • How to save your kids from the burden of student loans
  • How much to save each month to pay for your kids’ college
  • What is a UTMA/UGMA account
  • What tax benefits come with saving with a 529 plan
  • Tax penalties to watch out for with a 529 plan
  • What happens to the money if your kid doesn’t go to college
  • What is the rule of 72 and how it can double your savings
  • Which states allow you to open a 529 plan anywhere
  • What to do before opening a 529 plan

Full show notes at: http://studentloanplanner.com/110

 

Like the show? There are several ways you can help!

 

Feeling helpless when it comes to your student loans?

Money! with Stacy Johnson
Money! with Stacy Johnson
MoneyTalksNews.com
The Pros and Cons of Working in Retirement feat. Paula Pant
Not long ago, the phrase "working in retirement" was an oxymoron, much like "bittersweet," "act naturally" or "hot water heater." After all, if you're working, you're by definition not retired. But that was then. These days, working at least part-time while retired is increasingly common. According to one recent survey quoted in Forbes, 27% of pre-retirees said they planned to work part-time in retirement and among retirees, 19% are working part-time. Why so much working during retirement? More likely than not, because of money. As we explained in articles like 8 Reasons Your Parents Had an Easier Retirement Than You Will, pensions are rapidly disappearing, replaced by much less reliable accounts like IRAs and 401(k)s.  And as retiree income is falling, costs are rising. On the plus side, however, while more retirees may be forced back into the workplace to make ends meet, there are more ways than ever to bring in a bit of extra bacon. In short, in my parent's generation, retirement meant not working at all. But for us Boomers, retirement is morphing into something different. It's not about doing nothing. It's about being productive and making money, but by doing what you want to do, rather than what you have to do. What kind of work will today's (or tomorrow's) retiree look forward to doing? Will it be easy to find pleasant, lucrative work? Should we start long before we retire? In this week's "Money" podcast, we're going to find answers to these questions, as well as many more. Our guest is author and super-popular podcaster Paula Pant from Afford Anything. Smart, funny and knowledgeable, you'll have a good time listening to her. Want more information? Check out these resources: 7 Tips for Getting a Great Part-Time Job in Retirement 10 Stats About Working in Retirement This Job Board Specializes in Remote Work and Flexible Gigs 5 Reasons You Should Work for as Long as You Live 15 Jobs for Retirees That Can Be Done From Home 8 Signs That It's Time for You to Unretire AARP: Job Search Resources for 50+ Subscribe to the Money Talks News newsletter Take our The Only Retirement Guide You'll Ever Need course Take our Money Made Simple course Hosts: MoneyTalksNews MirandaMarquit.com Ask us a question Become a member: https://www.moneytalksnews.com/members/ See omnystudio.com/listener for privacy information.
28 min
Crazy Money with Paul Ollinger
Crazy Money with Paul Ollinger
Paul Ollinger
The Glass Closet: Why Coming Out is Good Business (w/Lord John Browne)
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The David Bach Show
The David Bach Show
David Bach
028: Becoming Unstoppable with Jamie Kern Lima
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Journey To Launch
Journey To Launch
Jamila Souffrant
202- Losing $300,000 of Your Life Savings in an Investment Deal Gone Wrong w/ Kierra Asnauskas
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51 min
Paychecks & Balances
Paychecks & Balances
Rich Jones
Giving Yourself Financial Grace ft Malcolm Hodge - PB183
Malcolm Hodge is a 27-year-old self-confessed personal finance/supply chain/fitness/travel enthusiast gone savage. A native of Atlanta, GA, Malcolm currently lives in Seattle, WA where he works at Microsoft, leading global strategy for some of the most current devices in the tech space. Malcolm’s passion is helping others build and sustain real wealth, which is why he founded the Dreamers Creative Foundation to support the next generation of millionaires, and his philosophy that everything you put into the universe will manifest itself is the commitment he makes to himself and everyone he supports through the foundation. Malcolm shares what got him interested in personal finance in the first place and dives into some of the milestones he has achieved over the past two and a half years. He explains how he has smashed his goals because of the mindset he has built from listening to guests on this podcast and others and how that mindset contributed to helping him crush over $90,000 of debt. Malcolm also explains why it is important to him to make space to check in with his values every week to ensure that he remains aligned with his goals.   “You have to give yourself grace because things change; life events happen over time. But the things that are intrinsic to you, those things that are at your core, they will stand the test of time.” - Malcolm Hodge *This week on Paychecks and Balances:* ●      The two pieces of advice that Malcolm’s first mentor gave him that changed his life ●      Malcolm’s philosophy of having a board of directors to support him, both professionally and personally, and how you can build a team of people who buy into who you are and what you want to accomplish  ●      Some myths Malcolm has to dispel about the experience of working for Microsoft, how he got the job there and why he still holds onto a piece of paper that helps him reflect on what he has achieved so far in life  ●      How Malcolm accumulated $90K of debt and how he built a three-year plan for attacking it  ●      What the ‘vesting cycle’ is and Malcolm’s advice on how to leverage it to pay off your debt ●      The impetus that drove Malcolm to be so intentional about paying off his debt ●      Malcolm’s advice on whether you should focus on your credit score or net worth and why ●      Why Malcolm is an advocate of better financial advice in schools ●      The importance of gratitude and grace on your journey to financial freedom   *Connect with Malcolm Hodge:* ●      Malcolm Hodge Website ●      The Dreamers Creative Foundation Website ●      Malcolm Hodge on LinkedIn ●      Malcolm Hodge on Instagram ●      Malcolm Hodge on Twitter   *Connect with Paychecks and Balances:* ●      Paychecks and Balances Website ●      Patreon Paychecks and Balances ●      Paychecks and Balances on Instagram ●      Paychecks and Balances on Facebook ●      Paychecks and Balances on Twitter
49 min
Strengthening the Soul of Your Leadership with Ruth Haley Barton
Strengthening the Soul of Your Leadership with Ruth Haley Barton
Ruth Haley Barton
Season 12: Episode 2 | Into the Jungle: The False Self
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Anderson Business Advisors Podcast
Anderson Business Advisors Podcast
AndersonAdvisors.com
Tax Tuesday with Toby Mathis 02-16-2021
It’s never a good idea to gift things to somebody. Instead, make them work for it. Take care of yourself, your family, and your taxes. Toby Mathis and Jeff Webb of Anderson Advisors answer your tax questions. Submit your tax question to taxtuesday@andersonadvisors. Highlights/Topics: * How do I gift my son a fully depreciated rental property without causing a tax consequence? Typically, gifts do not cause tax consequences; however, it is not always wise to do so * We are considering purchasing a vehicle, which will be used about probably 75% of the time for our real estate business. Should we purchase it in the LLC (an S Corp) or personally? What are the advantages and disadvantages of both? Consider liability, tax consequences, cost factor, and value of vehicle; unless it’s a maintenance or utility vehicle, put it in your personal name and get reimbursed for the mileage because commercial insurance is much more expensive * Excluding the 1031 Exchange, is there any way to legally avoid paying depreciation recapture tax when you sell a rental property? Don’t have a gain on your sale * I have several vendors refusing to give me their W-9, and I have to threaten to withhold payments. When should I collect and not collect W-9? Vendors need to complete the W-9, but you are not required to issue them 1099s—although you should anyway * Can we sell our home on an installment sale to an Intentionally Defective Grantor Trust (IDGT) and then lease it back? And at the same time, have the depreciation and other costs flow to our return because of IDGT taxation rules? IDGT is an irrevocable trust that is not actually irrevocable because of adding ‘Grantor’ wording to make it intentionally defective for tax purposes For all questions/answers discussed, sign up to be a Platinum member to view the replay! Go to iTunes to leave a review of the Tax Tuesday podcast. Resources: Tax and Asset Protection Workshop (Free 1-Day Virtual Event on Feb. 27) http://aba.link/TAP227 Wills and Trusts https://andersonadvisors.com/living_trusts/ MileIQ https://www.mileiq.com/ Real Estate Professional Requirements https://www.irs.gov/pub/irs-utl/33-Real Estate Professionals.pdf Doing Business As (DBA) https://www.entrepreneur.com/encyclopedia/doing-business-as-dba Entity Formation https://andersonadvisors.com/entity_formation/ 1031 Exchange https://www.irs.gov/pub/irs-news/fs-08-18.pdf Bonus Depreciation https://www.irs.gov/newsroom/new-rules-and-limitations-for-depreciation-and-expensing-under-the-tax-cuts-and-jobs-act Depreciation Recapture https://www.investopedia.com/terms/d/depreciationrecapture.asp Form W-9 https://www.irs.gov/forms-pubs/about-form-w-9 Intentionally Defective Grantor Trust (IDGT) https://www.investopedia.com/terms/i/igdt.asp Section 121 Exclusion https://www.irs.gov/taxtopics/tc701 FHA Loan Requirements https://www.fha.com/fha_loan_requirements Capital Gains and Losses https://www.irs.gov/newsroom/capital-gains-and-losses-10-helpful-facts-to-know-0 Form 1099 https://www.irs.gov/forms-pubs/about-form-1099-misc Retirement Plans https://andersonadvisors.com/retirement_plan/ Self-Directed IRA (SDIRA) https://www.investopedia.com/terms/s/self-directed-ira.asp Unrelated Business Income Tax (UBIT) https://www.irs.gov/charities-non-profits/unrelated-business-income-tax Conservation Easements https://www.conservationeasement.us/what-is-a-conservation-easement/ Solar Investment Tax Credit (ITC) https://www.seia.org/initiatives/solar-investment-tax-credit-itc#:~:text=Quick%20facts,large%2Dscale%20utility%20solar%20farms. Taxpayer Certainty and Disaster Tax Relief Act of 2020 https://www.finance.senate.gov/download/section-by-section_-taxpayer-certainty-and-disaster-tax-relief-act-of-2020 Step-Up in Basis https://www.investopedia.com/terms/s/stepupinbasis.asp#:~:text=A%20step%2Dup%20in%20basis%20is%20the%20readjustment%20of%20the,for%20tax%20purposes%20upon%20inheritance.&text=The%20asset%20receives%20a%20step,of%20property%20transferred%20at%20death. CARES Act https://www.congress.gov/116/bills/hr748/BILLS-116hr748enr.pdf Charitable Organizations https://www.irs.gov/charities-non-profits/charitable-organizations Opportunity Zones https://www.irs.gov/credits-deductions/opportunity-zones-frequently-asked-questions Rollovers as Business Start-Ups (ROBS) https://www.irs.gov/retirement-plans/rollovers-as-business-start-ups-compliance-project Toby Mathis http://tobymathis.com/about-toby-mathis/ Anderson Advisors https://andersonadvisors.com/ Anderson Advisors Events https://andersonadvisors.com/all-events/ Events@andersonadvisors.com Anderson Advisors Tax and Asset Protection Workshop https://andersonadvisors.com/asset-protection/ Anderson Advisors Tax-Wise Workshop https://andersonadvisors.com/tax-wise-workshop-for-businesses-investors/ Anderson Advisors Infinity Investing Workshop https://andersonadvisors.com/investing-workshop-passive-income-generating-machine/ Anderson Advisors on YouTube https://www.youtube.com/channel/UCX5nh607M8hSBLiMB9MgbIQ Anderson Advisors on Facebook https://www.facebook.com/AndersonBusinessAdvisors/ Anderson Advisors Podcast https://andersonadvisors.com/podcast/
1 hr 9 min
Simply Tax
Simply Tax
Damien R. Martin, CPA
2021 Tax Filing Season Begins! #118
The American Institute of CPAs (AICPA) Tax Policy & Advocacy Team and volunteer members continually monitor and advocate on legislative, regulatory, and administrative tax matters. The team has been off to an active 2021, following a remarkably busy 2020. Guests Amy Wang and Alex Scott of the AICPA Tax Policy & Advocacy Team join host Damien Martin to share updates and provide insight into the current areas the team is closely watching and working in. Here’s what’s covered: * [03:20] Update on virtual currency-related tax issues and the AICPA comment letter on IRS virtual currency guidance (February 28, 2020) * [07:45] Insights on partnership tax basis capital reporting and the AICPA comment letter on Notice 2020-43 regarding tax capital reporting (September 15, 2020) * [16:07] Form 1065 instruction updates and the AICPA comment letter on the draft Form 1065 instructions (December 7, 2020) * [17:47] The latest on the Organisation for Economic Co-operation and Development (OECD) digital tax developments and AICPA advocacy efforts * AICPA policy paper: Taxation of the digitized economy(Revised May 2019) * AICPA comment letter on key elements essential to modification of the international tax system (May 2019) * AICPA comment letter on Pillar One and income allocations between jurisdictions (October 2019) * [22:33] Forms 5471 and 5472 penalty issues * [26:14] Section 163(j) guidance and AICPA advocacy efforts * AICPA comment letter on final and proposed regulations – pass-through issues (December 21, 2020) * AICPA comment letter on Section 163(j) international and exempt organization issues (December 21, 2020) * [36:20] Advice on the 2021 tax filing season Learn more about our guests and get additional resources here. GET MORE “SIMPLY TAX” We’re excited to also provide video content to strengthen your tax mind! Check it out on our YouTube channel. A complete archive of our episodes is available on our website and YouTube playlist. We’d love to hear from you! Email feedback and questions to SimplyTax@bkd.com. Connect with Damien on social media! LinkedIn | Twitter | Instagram | YouTube
43 min
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