Family Feed

The Tax Cuts and Jobs Act expanded the use of 529 education savings plans to cover elementary and secondary school costs. One of the House's Tax Reform 2.0 bills would also make 529 money available to pay some home-schooling expenses. (Photo by Chris Yarzab via Flickr Creative Commons) Facing an already shortened work week due to Rosh Hashana, House Republican leaders say when the lower chamber reconvenes tomorrow, Sept. 12, it will stay in session through the end of the week despite the impending landfall of Hurricane Florence. The reason for powering through, possibly without GOP representatives from the Carolinas... Read more →


House Ways and Means Chairman Rep. Kevin Brady (R-Texas) was among GOP leaders who celebrated the six-month anniversary of the party's tax reform bill back in June. Now he and other Republicans want to expand that bill by the end of September. We're still waiting for clarification of many of the new tax laws in the Tax Cuts and Jobs Act (TCJA). In fact, some say we need clarification of clarifications; have you tried to decipher the new 199A business deduction even with the Internal Revenue Service guidance? But such lingering TCJA questions are not stopping Republican leaders from trying... Read more →


This time of year, my social media streams are full of photos of my friends' children as they head back to class. And it's not just the youngest students being celebrated. Yes, I'm old enough to have peers with kids in college. While all these students' parents are proud of their progeny's new educational milestone, there's also a bittersweet tinge to all those Facebook postings of surprisingly grown up kids. And, of course, there's the realization that this next phase of their youngsters' lives is going to cost them. In some cases, the costs will be a whoooooole lot. Ever... Read more →


Trees in September will see their first fall color. (Photo by Jonathan Bloy courtesy Bloy.net) Hello, September. It's nice to have you back. You are a month that offers mostly-welcome transitions. There are beginnings, as students start a new school year. Parents nationwide say "thank you!" There are endings, as summer gives way to fall's cooler temps and foliage changes. Those of us tired of heat waves want to know what took you so long!?! There are expectations, as the end of the year and its many holidays approach. It's never too early to start planning for these. My Christmas... Read more →


The Tax Cuts and Jobs Act (TCJA) did away with exemptions, a particularly concerning change for large families. Exemptions were a specific dollar amount, adjusted annually for inflation, that taxpayers could claim for themselves, their spouses if filing jointly and dependents. The exemptions total helped reduce the amount of filers' income subject to tax. TCJA supporters, however, say not to worry. They say the new law's lower income tax rates, wider income brackets, larger and more refundable child tax credit and $500 tax credit for other dependents will make up for the eliminated exemptions. Dependents guidance: The Internal Revenue Service... Read more →


One, in addition to being the loneliest number, also soon could cost some Chinese taxpayers when it comes to their family size. Three years ago, China abandoned its policy, which had been in place since 1979, of fining people for having more than one child. Now Chinese leaders want to encourage people to have more kids. The reason for wanting more babies is that China's previously restrictive family planning policy has produced a growing aging society and a shrinking young population. That's not healthy for any economy. To remedy that situation, China is exploring a variety of proposals, including a... Read more →


School's starting, meaning parents and students need to study up on how the new tax laws do and don't affect the many tax-favored ways to pay for classes. We're all still learning about the Tax Cuts and Jobs Act (TCJA) that was passed late last year and took effect, for the most part, at the beginning of 2018. One area where we all need some tax lessons, especially with the start of the first school year under the new tax law's provisions, is how it affects educational tax breaks. It does make some key changes to some of the tax... Read more →


Classes, from Kindergarten to high school to college, are or about to be in session across much of the United States. That means parents can breathe a sigh of relief now that schools and teachers will once again add structure to their children's lives. But the beginning of the school year also prompts a new parental concern: their youngsters' privacy. No age limit for ID theft: Identity thieves don't set age limits on the people whose lives they try to steal. When a young person's identity is stolen, it sometimes takes longer to discover since most kids aren't involved in... Read more →


Sunsets like this one at Zuma Beach in Malibu, California, make many Golden State coastal properties prime rental investments. But Golden State limits on property taxes on inherited homes cost cities and other jurisdictions billions of dollars. (Photo by Alex Beattie via Flickr CC) Californians love Proposition 13, the grandfather of tax-limiting ballot initiatives. Since its passage in 1978, it has kept a tight cap on property tax increases. But an expansion of the original Prop 13, enacted eight years later, and its unforeseen consequences have cost Golden State school districts, cities and counties of billions of dollars in revenue,... Read more →


This family, with four generations shown here, likely will feel the effects of the new tax law. (Photo by Azoreg via Wikimedia Commons) Things get complicated when you have kids. Those complications are, well, even more complicated when it comes to tax filing. The Tax Cuts and Jobs Act (TCJA) made a variety of changes, in effect at least for tax years 2018 through 2025, that will affect millions of parents. Here's a quick look at key tax changes for dependents. Exemptions are eliminated: Under prior law, personal and dependent exemptions were excellent. These tax breaks helped filers reduce income,... Read more →


Photo by Chris Potter via ccPixs.com School is about to start, so all the students who contributed to the just-released July jobs report are wrapping up those seasonal gigs. Many of these young workers plan to use the money they earned to pay some of their college costs. Kudos for them for contributing to their educations. But it's also a great idea for young people to start thinking about the day when they can quit working for good. The problem is that too many young people, like a lot of us, don't think that far ahead. Plus, a young person's... Read more →


Republicans unveiled their outline for additional tax changes on July 24 and it's just that. A bare bones framework. House Ways and Means Committee Chairman Kevin Brady (R-Texas) acknowledged the skimpy structure. That was by design, he said, with the outline to serve as a starting point for his GOP colleagues to offer feedback. Yes, he said Republican feedback. As with the original Tax Cuts and Jobs Act (TCJA) that was enacted last December, Democrats were excluded from the legislative writing process. Once things are fleshed out, Brady said he expects a Tax Reform 2.0 bill to go before the... Read more →


It's hot. Not just here in Texas, but across the United States. In fact, around the world. That means we all need to be careful. More careful than the hubby, who decided to mow our yard yesterday. And not during the relative cooler morning when temperatures were in the 80s, but in the afternoon when the thermometer nudged 100 and it felt even hotter. It wiped him out for the rest of the day and evening. I love my man, but I guess it's true that the heat does make us do dumb things. Deadly heat: Excessive heat also tends... Read more →


Couples by Michael Lehet/Flickr CC The hubby and I basically have a pretty equal, albeit traditional gender swapped, marriage. He's more persnickety when it comes to cleaning. So he does much of those household duties, including bathrooms and whole-house vacuuming. I hate that noise, so he vacuums when I'm out; that's one of the reasons I love him! We split kitchen duties, with the person who doesn't cook dinner doing the cleanup. We collaborate on investments, deciding how much and where our money goes. As for the day-to-day expenses, I take care of making sure the bills are paid on... Read more →


One of those hammocks has my name on it, after I finish a few July tax tasks. (Photo by Roberto La Forgia via Flickr CC) School is out. The fireworks have been shot (except for the stashes of my neighborhood's teens, which based on prior post-July 4 experiences, probably will last another week). And the heat is definitely on. That means it's finally, fully summer. And that means that it's time to get down to some serious summertime tax moves. Yes, I know you want to head to the pool or beach or catch up on neglected novels or just... Read more →


Taking a post-vows moment. (Photo by Barney Moss via Flickr) If you were a June bride or groom, congratulations! My best wishes also go out to folks who wed in any other month. I've been a wife a long time and I highly recommend matrimony. You've got someone who, as most vows still say, will be there for all the good and bad times. Plus, you've got a built-in excuse for getting out of things you don't want to do ("So sorry, but we can't make it. The hubby has to work."). There also, as I've noted numerous times here... Read more →


Fathers Day Happy Fathers Day GIF from Fathersday GIFs Happiest of days to all the dads out there. And thank you Sonora Dodd. Dodd was raised by her father after her mother's death during childbirth. While listening to a sermon at church on Mother's Day, Dodd thought about all her father had done for her and her siblings and decided fathers should have a day, too. Because Dodd's father was born in June, she encouraged churches in Spokane, Washington, where she was living, to honor fathers that month. The first Father's Day was celebrated in Spokane in on June 19,... Read more →


Prince Harry and Meghan Markle exit St. George's Chapel as husband and wife. (Photo: Kensington Royal Instagram) I'm not a fashionista, but I was impressed with Meghan Markle's wedding dress. The simple, elegant Givenchy gown was perfect. So what happens to the hand-stitched dress that reportedly cost around £100,000 (almost $135,000 U.S.)? Will it be sent to a museum? Sealed, boxed and stuck at the top of a closet for use by a next-generation bride? Lent to a friend for her coming wedding? There's another option, maybe not for the new Duchess of Sussex, but for us commoners. Donate your... Read more →


You're parents! Congratulations! Now that you've welcomed your new baby with a special name, be sure to get him or her a Social Security card before you leave the hospital. It will help in completing many of life's tasks, including filing taxes. Click image to watch the Social Security Administration's top baby names of 2017 video at YouTube. How did your folks come up with your name? Were you named after a relative? A place? A friend? A favorite movie star? By a random dart that landed on a sheet of potential handles? My grandmother named me. Well, she at... Read more →


Click image to watch the Mos Eisley cantina scene, in which these musicians provide the catchy background tune, from the 1977 Star Wars movie that launched the sci-fi film franchise. Merry May 4th. Yes, this is another goofy, made-up holiday, but one that's dear to sci-fi fans (and punsters), particularly those devoted to Star Wars. The film franchise's iconic "May the force be with you" greeting is celebrated each year on the similar sounding "May the Fourth be with you." As a long-time sci-fi fan and a college student who waited in a long line to see the 1977 debut... Read more →