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 […]
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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
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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
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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
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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
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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
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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
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The More Things Change, for much of last year, the possibility of higher tax rates going into effect in 2011 loomed large in taxpayers\’ planning. The 20I0 Tax Relief Act\’s extension of the Bush-era tax cuts and certain other taxpayer friendly rules provides a temporary reprieve. Individual Tax Rates Except for inflation adjustments to the
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It\’s Back – Repeal of the Federal Estate Tax, as widely anticipated, the \”repeal\” of the federal estate tax has proven to be short-lived. And there are some new wrinkles in our transfer-tax laws, courtesy of the 2010 Tax Relief Act. Here\’s what you need to know. 2010 Estates Tax Rates Taxpayers inheriting assets from individuals
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