We often read reports from the Social Security Administration’s reviews of the status of its trust fund and predictions that in 20 years funding will exist to pay 77 cents on the dollar of promised benefits. So far this revelation produces from policymakers no actual steps to fix the system. What can we do to fix Social Security?
Know who never seems to take a holiday? Scammers pretending to be the Internal Revenue Service. Don’t become the next victim; here’s what to know to protect yourself.
Practically no one looks forward to a tax deadline, but Democrats may have special reason to worry about the one they face next year. That’s when an Obamacare design problem slaps its participants with a financial penalty for failing to forecast their incomes correctly.
Talk of overhauling the tax code is stirring in Washington, but the overwhelming complexity of the task makes it difficult to accomplish, at least in the near term. Here’s a good, clean, quick way to tackle part of tax reform – and produce an economic bonanza: abolish the corporate income tax.
Even though only a few weeks remain in this calendar year, you can still make a few financial moves to avoid serious tax surprises next April.
Market downturns, like the one in October, are a good time to adjust your fund portfolio to minimize the tax bite. Here’s how to calculate the best ways to do that – now and in the future.
Selling stock at a profit generates capital gains taxes. If you have a large amount of a single stock and want to diversify, a swap fund allows you to do that without incurring this tax.
The investments you lost track of can return to harm you and your family. Seemingly small orphaned assets can have painful effects.
King Solomon famously warned of “the little foxes that spoil the vines.” In a secular moment, he might have written, “It is the little assets that spoil the estate plan.”
Often at our firm, we uncover forgotten assets in a family’s financial portfolio. They may be perched in accounts that they no longer check. However, these neglected assets require attention.
When the Internal Revenue Service leaves a situation vague, sometimes you must guess at the answer to a tax question. The IRS recently issued a clear ruling, though, on a powerful contribution strategy that may change how you use your employer’s retirement plan.