"You must pay taxes. But there's no law that says you gotta leave a tip." – Morgan Stanley advertisement The Tax Cuts and Jobs Act is the most significant set of changes to the U.S. tax code in several decades. The vast majority of the changes go into effect for the 2018 tax year, which is the return that you'll file with the IRS in the spring of 2019. These changes, which are mandated by the new tax legislation for individual filers, are set to expire in 2025, unless they get extended. (Corporate changes made by the new law are permanent.) Which tax deductions are gone? › Moving expenses — This was an above-the-line deduction, meaning that it could be taken whether or not a taxpayer itemized, and was designed to offset the costs of job-related moving expenses. Now, this deduction is gone, except for certain moves related to active-duty military service.› Casualty and theft losses — If your home was burglarized, you formerly were able to deduct the value … [Read more...] about Individual tax changes you should know to prepare your returns
Tennessee 529 college savings plan
Daniel Connolly Memphis Commercial Appeal Published 10:06 AM EDT Oct 19, 2018 Gabby Salinas came to St. Jude Children's Research Hospital from Bolivia at age 7 as a cancer patient. Then a highway crash killed her father and younger sister, and paralyzed her mother. The tragic circumstances made national news. Today, at age 30, Salinas is in the news for another reason. She made her first run for office earlier this year, defeating two opponents to become the Democratic nominee for a Memphis-area state Senate seat. Now she seeks to defeat the Republican incumbent, Brian Kelsey. And a Republican group is spending more than $300,000 on advertising to stop her. "It's a lot of money," said John Geer, a political science professor at Vanderbilt University. "That tells me they are worried about this challenger." State legislative seats frequently aren't contested at all, and it's uncommon to see so much money pouring into a race in which the … [Read more...] about Gabby Salinas aims to unseat Brian Kelsey in Tennessee state Senate race
Tom Coulter Special to USA TODAY NETWORK-Tennessee Published 5:00 AM EDT Oct 4, 2018 With Knox County’s fall break upon us after Friday, Knoxville parents with school-age children are wondering where the time has gone. Before you know it, your first-grader will be applying for college. College is crazy expensive It’s no secret that college is expensive, and parental support runs a broad spectrum. According to a study by student loan giant Sallie Mae, tuition and fees for the past school year averaged $9,970 for in-state students, $25,620 for out-of-state students and $34,740 for private school students. (This does not include housing, meal plans, transportation or books!) Of these costs, an average of 23 percent were covered by parents’ income and savings, whereas 11 percent were covered by students’ income and savings. Loans, lottery money and scholarships covered the rest. How a 529 works With a 529 Education Savings Plan, money is … [Read more...] about Tom Coulter: How on earth will you afford college?
AP Business Writer WASHINGTON — House Republican leaders have unveiled their proposal to expand the massive tax law they hustled through Congress last year. They're aiming to make permanent the individual tax cuts and small-business income deductions now set to expire in 2026.With midterm elections barely two months away, the second crack at tax cuts outlined Monday is portrayed as championing the middle class and small businesses. Republican Rep. Kevin Brady of Texas, who heads the tax-writing House Ways and Means Committee, is looking toward a vote on the legislation by the House this month. The solid Republican majority in the House nearly ensures passage before the November elections. But prospects for the legislation in the Senate are weak, given the slim Republican majority and concern over the potential for further blowing up the deficit with a new tax cut — without corresponding new revenue sources. And even some House Republicans oppose a new … [Read more...] about House Republicans seek permanent tax cuts as elections loom
The Tennessee Secretary of State’s office is kicking off its third annual student essay contest. The project is part of a larger civics engagement initiative to encourage students to be actively engaged citizens. The 2018 theme for the essays is leadership with length requirements varying by grade level. Schools may submit two essays for kindergarten through second grade, third through fifth grade, sixth through eighth grade and ninth through 12th grade. All submissions can be submitted online beginning in September through Friday, Nov. 16. Winners will receive a TNStars 529 College Savings Program scholarship and a trip to the State Capitol next spring. First place winners receive a $500 scholarship, with second and third place winners receiving $250 and $100 respectively. “It has been exciting to see the growth of the annual essay contest over the past two years. This along with our other efforts will have a long-term positive impact on young people becoming … [Read more...] about Student Essay Contest to Focus on Leadership