Dino Tax Co Blog

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What are Education Savings Bonds?

Savings bonds are the generally unsexy investment instrument where a certain principal amount is invested with the federal government and an amount of interest is received over the term of the bond. It’s not glamorous or high risk and therefore considered a bet that’s very safe to make. In terms of tax treatment, the interest [...]

An Overview of Qualified Tuition Programs AKA 529 Plans

Qualified tuition programs, also known as 529 plans, allow a taxpayer to set up a specified account for the purpose of paying the qualified education expenses of a designated beneficiary at an eligible educational institution. The benefit of setting up a 529 plan comes from the fact that distributions, including any gain that may have [...]

Business Entity Tax Preparation: C Corporations

(For the tax preparation of single member limited liability companies, partnerships, and S corporations click here, here, and here respectively.) C corporations, which are the traditional corporations that people think of when you say the word “corporation,” have fallen significantly out of favor over the course of the last several decades with small businesses. The [...]

Business Entity Tax Preparation: S Corporations

(For the tax preparation of single member limited liability companies, partnerships, and C corporations click here, here, and here respectively.) S corporations seem to have become many taxpayers chosen business entity without understanding almost any of the basic tenets of their taxation. This is nothing against those that form them, and more about the fact [...]

Business Entity Tax Preparation: Partnerships

(For the tax preparation of single member limited liability companies, S corporations, and C corporations, click here, here, and here, respectively.) In the realm of tax law, a partnership exists when two or more people come together to form a business with the goal of making a profit. One example of this is a business [...]

Business Entity Tax Preparation: Single Member Limited Liability Companies

(For tax preparation of partnerships, S corporations, and C corporations, click here, here, and here respectively.) There is a lot fanfare around limited liability companies. Everyone seems to have one, whether you’re a dog walker or a welder, a baker or a banker, a taxidermist or a taxi driver. The point is limited liability companies [...]

Tax Implications of Student Loan Forgiveness and Repayment Assistance

This article is partially about what happens when your student loan debt is cancelled by the lender, meaning, your bank basically “calls the debt off” so-to-speak, while the briefer second part of this post goes into the potential taxability that occurs when your student loan debt is repaid by someone else, including a company or [...]

The Student Loan Interest Deduction

What comes to mind when you think of a college or a university? Well, there are students, classes, professors, and of course, loans. As anyone with student debt can attest to, it has to be paid back with interest. This is a reality that hits many college graduates hard when they step into the real [...]

Tax Credits for Education: The Lifetime Learning Credit

(For my post on the American opportunity credit see here.) This post will go into the details of another educational tax credit that can significantly lower your total tax bill – the lifetime learning credit.  As stated in the previous post about the American opportunity credit, the general way federal education credits work centers on [...]

Tax Credits for Education: The American Opportunity Credit

(For my post on the lifetime learning credit see here.) The American opportunity credit is one of the federal tax credits offered for educational expenses. It bears a reminder that tax credits diminish the total tax you pay on a one-to-one basis, so, for example, a $500 tax credit is literally $500 extra dollars in [...]

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