Money Today That Matters Tomorrow
When closing on my home last year I had to request a copy of my tax return. I had thought that this would be a hassle given that the requesting parties wanted an official transcript (not a H&R Block or Turbo tax copy). However it was actually a very simple …
To answer the first part of the question. The answer is yes you have to pay taxes. In fact despite all the conspiracy theories and constant political threats to shut down the IRS because, taxes are the law of the land. It is known as the Internal Revenue Tax Code, which …
Sometimes its just plain hard for people meet ones tax obligations. This could be because they have a tax liability and due to a drastic change in their financial or personal circumstances over the year, they cannot afford to file their taxes. You can get a good idea of your …
I just finished doing my taxes! A great feeling, especially now that I am expecting to get a refund. Having completed my taxes, here are my top tips to make sure you get the most from your return: Set aside 3-4 hours one afternoon to do your taxes online and …
[Latest update] The government has finalized details of coronavirus relief stimulus checks and is expected to make these direct payments to millions of Americans in the coming days. Details can be found here. [Updated with new extensions] Based on a number of reader questions, there is still some confusion around …
Over the last few years as my tax situation grew more complex I have ended up using a tax professional to do my taxes. This was an easy option for me given I had personal income, business income and some overseas earnings. And with an accountant I felt a sense …
Here are some useful facts & figures to be aware of when it comes to capital gains and losses that result for a stock sale. Given the recent volatility and growth in trading understanding how your stock sales will impact your taxes will be critical to keep the gains you …
With tax season around the corner it is time for taxpayers to start taking some year-end actions with their finances to get the best outcome on their taxes. Thanks to the folks over at Turbo Tax, the leading online tax preparation and submission software, and my own experience here are …
I am going to take a contrary view of retirement savings and say that in current market conditions you should think about reducing your 401(k) contributions to only invest the amount that is needed to get your company match. I am normally a strong proponent of company sponsored 401(k)and traditional …
Now I am not talking about the tax deductions that you may have forgotten about or read in the main stream media during tax time, I mean the deductions you really may not have ever known about. Here are just some examples of legal tax deductions that I am talking …
A colleague recently sent me a WSJ article covering a new calculator on the Social Security’s administration’s web site that gives a much-improved picture of what social security benefits could look like in retirement. This calculator is all part of a major upgrade of the Social Security Administration’s systems and …
From a company press release I saw on a financial news site: Reserve Management Corp (RMC) is offering a service to employees that allows debit cards to be linked to 401(k) plans, for easy withdrawal of funds. Their Chairman, Bruce R. Bent, justified this offering by saying that they encourage …
I hope you didn’t reduce your 401K or other retirement account contributions when stock prices and markets tumbled earlier this year. Even though the value of your current 401K or retirement plan probably fell over this time, in the long term the power of dollar cost averaging and recovering/rising markets would …
The answer is No. According to the IRS website – “The (Stimulus Check) Payment is not income and you will not owe tax on your Payment. It will not reduce your refund or increase the amount you owe when you file your 2020 tax return next year. The will not …