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It seems like the cost of college just keeps increasing for each generation. In order to combat these rising costs, Congress created a special savings vehicle to allow for tax-free growth and tax-free distributions. Despite being around for over a decade, 529 plans are still being under utilized.

If you are dreading paying for your kid’s college education, want a way to save up for yourself to go back to college, even if you pay for your own continuing education, you should consider opening a 529 plan.

If you forgot to file your taxes, thought you filed but didn’t make that last crucial step, or didn’t file because you thought you would owe too much, you could potentially end up owing the IRS 50% more.

Most people in the Kansas City metro know that if you work in Kansas City, MO your employer will withhold a 1% tax along with your normal withholdings.  What many people are unaware of, however, is that if you live in Kansas City, MO you owe that 1% regardless of where you work.

 

When you move to Kansas City, there is no notification that you owe the tax.  Most do-it-yourself tax programs, such as Turbo Tax, do not include the Kansas City return.  If you don’t work in the downtown area, you may be completely unaware that the tax applies to you.

 

Health insurance is expensive. People can argue all day about why it’s expensive and how to fix it, but at the end of the day it’s still expensive. That’s why it surprises me every tax season how little people utilize Health Savings Accounts (HSAs).

This past month Missouri joined the growing number of states that have legalized medical marijuana. This will inevitably lead to a surge of new dispensaries and other marijuana-based businesses opening in Missouri in the coming years. If you are considering open a marijuana-based business, there are some unusual tax pitfalls you need to be aware of.