Did you know that if you inherit a retirement account from a loved one you may be required to pay income tax on the whole thing right away? With smart planning, you may be able to avoid this scenario. That includes creating a formal stretch-out
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Required Minimum Distribution (RMD) Required Minimum Distribution (RMD) rules are pretty strict. If you don’t want to face a hefty fine, you must withdraw a certain amount of money every year from tax-deferred retirement plans like 401(k)s and traditional IRAs after you reach age 70½.
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It’s simple enough to overlook this tax related to household employees. But you could be in trouble if you do. Here’s why you’d better pay attention to the nanny tax.
Brokers are required to report your cost basis to the IRS. Without good recordkeeping, you may not be able to prove you were overtaxed because of incorrect basis reporting by your broker. You can avoid problems caused by errors in reporting by keeping detailed records
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Although you may not want to hear it, all businesses can be hit with payroll fraud. Find out how it happens and what you can do about it.
It’s time to ask yourself: What changed during 2017? A divorce, a birth, a move and other events can affect your tax and estate planning. New tax changes can also alter your current plans. The best way to ensure that your wishes are met is
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The U.S. Supreme Court will Review Collecting Internet Sales Tax States see the $13 billion potential tax revenue figure from 2017. Online retailers Wayfair Inc., Overstock.com Inc. and Newegg Inc. are opposing South Dakota. The case will also affect Amazon.com. When selling its own inventory, Amazon
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You’ve likely heard the good and the bad about reverse mortgages. But what’s real? Before you consider this strategy, consider a few key components.
Interest rates for the first quarter in 2018 have not changed since last quarter. Those rates include: 4 percent for overpayments (3 percent for corporations), 1.5 percent for the portion of a corporate overpayment over $10,000, 4 percent for underpayments and 6 percent for large
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It’s the new year … and that means it’s time to review your financial affairs. Take advantage of all of that top-of-mind tax-time knowledge and increase your changes of a fiscally sound 2018.
