The Tax Benefits of Owning a Home

This is the seventh post in my “Taxes for Your Family” series. There is a lot of confusion about the tax benefits of owning a home.  But what are they? Itemize Deductions There are several deductions available to homeowners who itemize on their tax return: You can...

Tax Advantages of Retirement Accounts

This is the sixth post in my “Taxes for Your Family” series. I’m always surprised when people don’t take advantage of tax-advantaged retirement accounts. Don’t they realize it’s the best deal Uncle Sam has going? Here are four ways saving in a...

Five Questions About 529 Plans

Have you been considering opening a 529 college savings plan?  Contributing to our son’s college education is one of my personal goals.  I went to an expensive private university (NYU), and I am still paying down those pesky student loans.  We started a 529 plan with...

What is the AMT and Who Pays It?

I really strive to explain complex topics in a straightforward way.  But the AMT is a toughie. Our “main” tax code is complicated enough.  But there is actually a second set of tax rules: the Alternative Minimum Tax rules. What is the AMT? The Alternative Minimum Tax...