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529 Plan Tax Benefits

Article Summary: A 529 plan is an investment account that provides tax benefits when withdrawals are used for qualified higher education expenses. This investment account has tax breaks that each state determines individually. A 529 plan acts similar to a Roth plan in which the investment grows on a tax-free basis and can even be […]

Young man looking over dealership paperwork with a young woman in a car dealership

Article Summary: There are a few obstacles to owning a car if you are under the age of 18. Most states require you to be a legal adult to register a car in your name, and insurance companies will not sell policies to minors. This is also true if you are paying for the vehicle […]

Hand holding a pen about to right on a check

Article Summary: As long as the credit union or bank’s routing number and account number on your check are current, you can still use a check with an old address. Current address information is not as important as current checking account information, which is what financial institutions use to process checks. Occasionally a payee may […]

Several people at a desk pointing at papers, calculators, and laptop screens

Article Summary: Return of capital happens when you get part of your investment back. It can occur with practically any type of investment, but it is often used as a way for mutual funds to return money to shareholders. Unlike other distributions, return of capital is usually not taxable, since you are just getting back […]

calculator, pen, and sheet of financial figures and calculations

Article Summary: Cost basis is the amount of money you spent to buy an asset. This amount usually includes the purchase price, fees, reinvestments, and commissions. Cost basis must be reported on your taxes. Determining cost basis can help you see how much you are making or losing with your investments, and might help you […]

Increasingly tall stacks of coins with figures of an elderly couple standing on top of the tallest stack

Article Summary: A money purchase plan is a type of defined contribution plan where employers contribute a set percentage of employees’ annual salaries for retirement purposes. Like other retirement plans, the money grows tax-deferred and there is a penalty for withdrawing the funds prior to retirement age. Not all money purchase plans allow employees to […]

Check with signature and amount written in with a silver pen next to it

Article Summary: The main difference between single and duplicate checks is that duplicate checks create a carbon copy behind each original check, while single checks do not. If you own a small business or make a lot of payments, duplicate checks can be an effective way to keep track of your transactions. Most people don’t […]

Person searching online for purchase money mortgage

Article Summary: A purchase money mortgage is a way to qualify for a loan even if you have poor credit. Instead of a financial institution issuing the loan, the seller of the property issues it to the borrower. While a good option for those with a poor credit score, purchase money mortgages can sometimes have […]

Person signing a contract

Article Summary: During your search for a home, you may discover properties that are “under contract.” This means that another buyer has made an offer and the seller has accepted. Several steps must be taken before such loans close. During this time, the sales may fall through and the homes become available again. Home hunting […]

Stacks of coins with graduation cap on top and a blue book in background

Article Summary: The 529 investment plan covers qualified expenses for higher education and even K-12 programs. When using the plan to cover these expenses, account holders receive certain tax advantages for withdrawing funds that pay for books, tuition, and even food costs of higher education. These advantages apply to both federal income tax and state […]