Know Your Tax Credits - The Lifetime Learning Credit

Submitted by John Cooney on Feb 4, 2020
As we move towards April 15th’s tax filing deadline, I wanted to spend a few blogs on explaining some of the more popular tax credits that may be available to you. Last month we talked about the American Opportunity Tax Credit (AOTC) and this month we will discuss another Education Tax Credit, the Lifetime Learning Credit (LLC).
Taxes, Tax Planning, Education, Enrolled Agent

Know Your Tax Credits - The American Opportunity Tax Credit

Submitted by John Cooney on Jan 21, 2020

As we move towards April 15th’s tax filing deadline, I wanted to spend a few blogs on explaining some of the more popular tax credits that may be available to you.  Up first, the American Opportunity Tax Credit (AOTC).  The AOTC is a credit for qualified education expenses paid for an eligible student during their first four years of higher education.  The credit is calculated by factoring

Taxes, Education, Tax Planning

What is a Spousal IRA?

by John Cooney on Nov 18, 2019

Retirement, Roth IRA, IRA, Taxes

One of the requirements the IRS has in place for contributing to an IRA is that the person has to have earned income that is equal to or higher than the amount they are contributing.  What this requirement did not address were those households with only one working spouse.  Thus, the Spousal IRA was born.

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Who I Help: Case Study on a Mobilizing Reservist

by John Cooney on Nov 12, 2019

Retirement, Thrift Savings Plan, Military Financial Planner, cash-flow, Taxes

I get asked a lot about what type of clients I work with, and what I do to help them.  In this case study, I talk about a client I worked with who was preparing for a military deployment.  This client hired me on an hourly basis to help them prepare financially for the deployment and maximize the benefits available to them during the deployment.  You can read the first case study in this series h

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If I Inherit a TSP Account, Do I Need to Take RMDs?

by John Cooney on Sep 25, 2019

TSP, Thrift Savings Plan, Retirement, FERS, Military Financial Planner

Understanding Required Minimum Distributions for your Thrift Savings Plan (TSP) can get a little complicated when the account is your own, and when it is an inherited TSP account, it can be even more complex.  Understanding when you have to start and how much you have to take can depend on a couple of factors, which I am going to explain here.

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