Saving for Retirement Tax Benefits Can Help, setbacks in the financial markets and a long road to economic recovery haven’t made the job of saving for retirement any easier. But if you have a 401(k) or similar retirement savings plan at work, there is some good news: The basic tax benefits you receive as a […]
Saving for Retirement Tax Benefits Can Help Read More »
Caution: This Estate Includes IRD, here\’s a fictional story you may find interesting if you\’re planning your estate. Ted’s Tale Ted was a successful executive. He had a large estate when he died, all of which he left to his two children, Tina and Tom. Under Ted’s estate plan, Tina will receive land valued at
Caution: This Estate Includes IRD Read More »
Good Intentions, Bad Tax Results, a recent Tax Court case* illustrates what can go wrong when taxpayers don’t have all the documentation required to support their deductions for charitable contributions. The case involves a couple who had made a series of cash donations totaling approximately $25,000 to a tax-exempt organization (their church). They claimed a
Good Intentions, Bad Tax Results Read More »
Make sure your Tax Payment are on Time, the IRS doesn’t wait until returns are filed to collect income taxes from taxpayers. Most people are required to pay tax during the year by making quarterly estimated tax payments to the IRS or having their employers withhold income taxes from their paychecks. It’s important to pay
Make sure your Tax Payment are on Time Read More »
A Different Way To Give Donor-Advised Funds, are you looking for a different way to give to your favorite charities? If you are, you may want to consider a donor-\’ advised fund. Donor-advised funds are a popular option because they offer. several attractive benefits: relatively modest contribution guidelines, little to no set-up costs, few ongoing
A Different Way To Give Donor-Advised Funds Read More »
Saving For Retirement When You\’re Self-Employed, you\’re in good company if retirement security is one of your main financial concerns. A difficult economy, market volatility, and less access to traditional pensions have heightened awareness of the need for retirement planning. As a self-employed individual, you really have to think carefully about your future, since you
Saving For Retirement When You\’re Self-Employed Read More »
New Tax on Investment Income, a new 3.8% Medicare tax on the \”unearned\” (investment) income of higher income individuals will take effect in 2013. It\’s not too soon to look at potential strategies for minimizing the tax if you\’re likely to be subject to it. Who Will It Affect? The new tax will be imposed
New Tax on Investment Income Read More »
The Alternative Minimum Tax Trap, when the alternative minimum tax (AMT) system was introduced in the early 1980s, it was intended to prevent a small number of taxpayers with substantial economic income from completely avoiding federal income taxes through the use of exclusions, deductions, and credits. The idea was to have those taxpayers do a
The Alternative Minimum Tax Trap Read More »
Your Company\’s Retirement Plan – Time for a Check-up?, no question, keeping a retirement plan in compliance with tax and pension law requirements can be challenging for employers. Since mistakes in plan administration are not unusual and can be costly if uncovered in a government audit it\’s smart for employers to review their plan\’s operations
Your Company\’s Retirement Plan – Time for a Check-up? Read More »
Hobby or Business? Why the IRS Cares, turning a hobby you enjoy into a riioney-making activity can make for an ideal work situation. And many people do turn to their personal interests for business inspiration after they \”retire\” or when they simply want to supplement their job earnings. The income received from such pursuits is
Hobby or Business? Why the IRS Cares Read More »
