Have you ever lost money to a loan you’ll never collect? If you answered yes, the good news is you’re not alone. Many of us have lent money to a friend or relative at some point. And while initially the intent may be have been good, there are times when things don’t go according to […]
If you’ve been an employee all your working life, you’re probably used to having income tax withheld from your pay. When it comes time to retirement, however, you might be surprised to find you may need to make estimated tax payments on your income four times a year. For some people, the days of simply […]
You sold your house, an investment property or something else of value. When do you tell the IRS? When you sell a valuable asset, such as real estate, the IRS definitely wants to know about it. In fact, for the sale of many assets the IRS finds out even if you don’t tell them, thanks […]
It’s important to understand the type of health account you have or could have, so you can take full advantage of any tax benefits. Three common types of tax-advantaged health accounts are health savings accounts (HSA), health flexible spending accounts (FSA) and health reimbursement arrangements (HRA).
When you start working at a new company, you typically have a few decisions to make within those first few days on the job. And one of those decisions may be whether you want to sign up for a Roth 401(k) or a traditional 401(k) plan. You understand having a retirement plan in place is […]
Don’t let the alternative minimum tax catch you by surprise. The Alternative Minimum Tax (AMT) was created in 1969 to keep a small number of wealthy taxpayers from using tax loopholes to avoid paying any tax at all. Instead of closing the loopholes, Congress came up with a plan to calculate a person’s tax two […]
If you’re the personal representative for someone who is recently deceased, you may need to file Form 1041, Income Tax Return for Estates and Trusts, for their estate. However, not every estate requires an estate tax return. Sometimes, all you need to do as a personal representative is make sure an individual income tax return […]
You can spend a lot of time determining which tax deductions will benefit you most throughout the year – and usually, that’s time well spent. For example, if you’re in the 25 percent tax bracket, every dollar you find in deductions may save you close to 25 cents in taxes. Let’s take a look at […]