If your company makes sales to out-ofstate buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case. Example 1: ABC Corp., based in Alabama, sends a catalogue to customers and prospects. A consumer who...
Taxpayers who itemize deductions on Schedule A of their tax return have been able to deduct outlays for state and local income tax as well as property tax with no upper limit. (State and local sales tax may be deducted instead of income tax.) However, as of 2018, the Tax...
For many years, 529 college savings plans have offered a tax-favored way to save for higher education. These plans, officially qualified tuition programs, are named for the IRC section that provides their advantages. In brief, 529 plans are funded with aftertax dollars. In college savings plans, account owners choose from...
