While the Internal Revenue Service may not be your favorite federal agency, criminals posing as IRS representatives are unquestionably the much bigger problem. Here’s what to know to protect yourself.
Well, here’s a shocker. A new poll shows that a majority of Americans want a higher minimum wage. According to the Associated Press-GfK Poll, they also want paid sick leave and parental leave, free community college and more gender equality laws.
Costs of education and retirement are likely two of your biggest financial concerns. Just in time for tax season, here are answers to a couple of common questions on each important topic.
Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify for at least one often-forgotten deduction – and maybe more than one.
In today’s economy, the theory of cognitive dissonance gets put into practice regularly. That’s where you must hold two opposing beliefs in your mind. Obviously, the result is bad. When applied to our economy, it’s really bad.
Last year I reached a milestone age: 59½, old enough to withdraw money from my individual retirement accounts with no penalty. While this felt bittersweet, it did remind me of the importance of timing when it comes to taking money out of retirement accounts. Withdrawing at the wrong time can create serious tax consequences.
Do you invest in mutual fund that lost money, yet still get a 1099 tax form that says you made capital gains? And your tax preparer claims you owe taxes on those gains? What gives?
In the turmoil of the end of your marriage, you may sign a divorce settlement agreement quickly, even with relief. That important – and possibly ill-considered – paper may start you on a new life. It might also ignite a tax nightmare for you in the future.
IRA distribution rules are extremely shortsighted. They punish taxpayers in the short run and gain the government less in the long term. To see how, let’s examine how Washington compels people to withdraw money from these popular retirement plans.
Boosting the tax on inherited wealth is a perennial goal of some politicians. And while the White House’s latest plan to boost the levy on estates faces a dim future in a GOP-controlled Congress, the concept will continue to pop up. There’s a lot wrong with this idea.