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Weekly Favorites: Mortgage Deductions, Family Loans, Tax Rules on Early Retirement Plan Withdrawals

TaxACT Weekly Favorites

TaxACT’s Weekly Favorites: May 17, 2013

Where The Mortgage Deduction Really Pays via CNN Money
The mortgage interest deduction is one of the most expensive tax breaks on the books, but its benefits are distributed unevenly across the country, according to a new report by the Pew Charitable Trusts. Continue reading…

Family Loans: Does The IRS Care If I Lend My Kids Money? via Sally Herigstad
You might lend your kids money from the time they are little – to buy a bicycle, to get that first car, or to buy a house. Does the IRS have anything to do with these family loans? For small loans, the answer is “no.” However, there are exceptions. Continue reading… 

Tax Rules on Early Withdrawals from Retirement Plans via IRS
Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans. Continue reading…

Is there anything that you came across this week that caught your eye? We’d love to hear about it. Leave it in the comments below.

Photo credit: Claudio.Ar via photopin cc

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