Submitted by Steve Albert on Fri, 12/06/2013 - 3:00pm
Numerous tax law changes came throughout 2013 and, as we get closer to when they take effect, some taxpayers stand to suffer sticker shock after completing their next returns.
A recent article from Forbes says independent tax specialists predict that most Americans stand to pay less tax. They cite an example of a married couple filing jointly with a total taxable income of $100,000 paying $145 less in income taxes in 2014 than in 2013.
Submitted by Megan Olson on Thu, 12/05/2013 - 3:00pm
Contributing to charities comes with a load of tax tricks. Here’s how to take advantage.
Another year’s end brings everyone’s favorite season – tax-planning time. Keep many tax tactics in mind when preparing this year’s return, especially if you lessen your taxes and itemize deductions on Schedule A. These deductions include medical and dental expenses and unreimbursed employee business expenses, amounts you paid for certain taxes and interest – and amounts given to charities.
Submitted by Eric Hutchinson on Thu, 11/21/2013 - 3:00pm
The rules about when you must take out money from your individual retirement account and other such vehicles are vexing. Mess this up, and you owe a penalty. Here’s what anyone nearing age 70 must know.
Submitted by Brenda P. Wenning on Wed, 10/02/2013 - 9:00am
Defaulting on government bond payments isn’t just for Europe anymore. Among U.S. local governments, there’s a growing tend of defaults that should worry investors who depend on tax-exempt muni payments.
Submitted by Mary Beth Storjohann on Wed, 09/18/2013 - 3:00pm
Many tax surprises await you post-nuptials, pleasant and unpleasant, ranging from what you can and can’t deduct to how you treat separately owned real estate.
Prior to marching down the aisle to wedded bliss, look at the calendar. Did you know that whether you and your betrothed marry on Jan. 1 or Dec. 31 of this year, tax authorities consider you married for the whole year?
Submitted by Scott Thompson on Wed, 08/21/2013 - 3:00pm
People hire financial advisors for their wide breadth of knowledge. Very often, advisors can find obscure provisions that could be perfect for you. The collective expertise on my team, for example, helped save a business owner $400,000 in taxes and still guarantee a lifetime income.
I recently met with a prospective client who wanted to sell her truck tire distribution business. Her three main concerns were avoiding tax on the sale, preserving a lifetime stream of income and making sure her employees retain their jobs going forward.
Submitted by Sam Cohen on Tue, 07/23/2013 - 3:00pm
We’re deep into the 2013 wedding season, and lots of folks are tying the knot. While the Internal Revenue Service is hardly on anyone’s mind as they celebrate, there are some important tax tips to keep in mind.
Submitted by Joseph A. Clark on Thu, 05/23/2013 - 3:00pm
Federal taxes are up. So are some state taxes. Yet in response, opposition is rising, especially on the state level. With luck, the tax burden might recede.
But meanwhile, brace yourself. Years ago, I received valuable insight into Internal Revenue Service practices. The IRS was auditing a client of mine, who was late on his returns. The fines he faced were daunting. My argument was that the client, a small businessman, was taxed too heavily to stay in business.