Monthly Tips March 2019

Monthly Tips

MARCH 2019


TIP 1 529 Plans

What’s holding you back from saving for a child’s education?

529 savings plans can provide a structured approach to savings with additional tax benefits, yet many families are still choosing to use an ordinary savings account and ending up with less. Researchers found that utilizing the 529 plan would increase the amount available for college by roughly 25%. Most of the increase was attributable to the superior investment earnings, not to the tax benefits, although state tax benefits and capital gains tax benefits did play a role


TIP 2 Guinness Gives the Closing Argument

As Saint Patrick’s Day approaches, thoughts of Guinness beer and cabbage lead to big sales. In fact, last year 819% more Guinness beer was drunk on St. Patrick’s day, and cabbage shipments increase by 70% according to WalletHub.

Is that a Guinness world record breaker? How did the Guinness Book of World Records even start? Learn more by reading our latest blog Guinness turns a golden argument into a golden opportunity.


TIP 3 Tax Procrastination

I want to file my income taxes, really I do… but I died… so I can’t…

According the federal government, dying is not a valid excuse for not filing your income taxes. They don’t expect you to file them as a ghost, but they will need to be filed by the executor of your estate. The “Final Tax Return” is just one of the many onerous jobs you can save your loved ones the trouble of going through by utilizing trust services. Our estate settlement professionals are ready to help.


TIP 4 IRA Contributions

April is nearly here – Have you filed your taxes yet? You are not alone. In fact, according the H&R Block 45 million taxpayers waited until April to file last year. The deadline for income tax returns reminds us of another important deadline that many of us procrastinate on: Individual Retirement Account contributions.

If you haven’t taken advantage of the tax-deferred growth from an IRA yet, or tax-free growth from a Roth IRA, Garden State Trust Company’s professionals can explain the pros and cons of each. If you are making your 2018 and 2019 contribution at the same time, don’t forget that the contribution limit increased to $6,000 for 2019.