Taxes

  1. How can I reduce the taxes on my inherited retirement assets?

    How can I reduce the taxes on my inherited retirement assets?

    Many beneficiaries miss out on one of the most significant tax deductions for inherited retirement-plan assets; the income ...
  2. What constitutes an

    What constitutes an "intention to call a debt instrument before maturity" for tax ...

    When a bond is sold for a capital gain, the seller will face taxation on the profit. The profit from the sale will either ...
  3. 4 IRA Changes That Encourage Savings

    4 IRA Changes That Encourage Savings

    Find out what's new in the world of IRAs and how you can get more bang for your buck.
  4. Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA ...

    Can I convert non-deductible contributions made to my Traditional IRA to a Roth IRA ...

    You can convert the contributions to a Roth IRA; however, a portion of the amount you convert to the Roth will be subject ...
  5. How does the marginal tax rate system work?

    How does the marginal tax rate system work?

    The marginal tax rate is the rate of tax that income earners incur on each additional dollar of income. As the marginal tax ...
  6. How do I calculate my gains and/or losses when I sell a stock?

    How do I calculate my gains and/or losses when I sell a stock?

    To begin, you need to know your cost basis, or the price you paid for the stock. If you did not record this information, ...
  7. Non-Cash Contribution Rules Could Cut Returns

    Non-Cash Contribution Rules Could Cut Returns

    Higher standards for certain contributions could mean smaller deductions for you.
  8. How do I figure out my cost basis on a stock investment?

    How do I figure out my cost basis on a stock investment?

    The cost basis of any investment is the original value of an asset adjusted for stock splits, dividends and capital distributions. ...
  9. How do I get credit for my retirement plan contributions?

    How do I get credit for my retirement plan contributions?

    There is an added incentive for adding to your retirement nest egg, if your income falls within certain limits. Under this ...
  10. After receiving a required distribution when and how are my taxes affected?

    After receiving a required distribution when and how are my taxes affected?

    Any taxable amount of the distribution will represent ordinary income for the year that the distribution occurs and will ...
  11. Paying Uncle Sam: From Tobacco To $1 Trillion

    Paying Uncle Sam: From Tobacco To $1 Trillion

    The services we rely on, like education, law and security, were built on taxes.
  12. An Introduction To Canadian Income Trusts

    An Introduction To Canadian Income Trusts

    Yields in excess of 10% aren't rare, but these unique investments need to be chosen very carefully.
  13. As a temporary resident of the US, can I withdraw funds from my Traditional IRA without ...

    As a temporary resident of the US, can I withdraw funds from my Traditional IRA without ...

    Should you decide to invest in a Traditional IRA and receive a tax deduction for your contribution, the amounts that you ...
  14. Is it true that you can sell your home and not pay capital gains tax?

    Is it true that you can sell your home and not pay capital gains tax?

    It is true in most cases. When you sell your home, the capital gains on the sale are exempt from capital gains tax. Based ...
  15. What are some commonly missed deductions for business owners?

    What are some commonly missed deductions for business owners?

    If you own a business, you are eligible to deduct certain business-related expenses. These include deductions for the following: ...
  16. How can a trust lower federal transfer tax liability?

    How can a trust lower federal transfer tax liability?

    A trust is an arrangement in which an individual or entity controls property or funds on behalf of someone else without actually ...
  17. Pension Protection Act Of 2006 Becomes Law

    Pension Protection Act Of 2006 Becomes Law

    Learn how the passed bill can help you save more for retirement.
  18. Can I, without tax penalties, use the IRA I inherited from my father to buy a home ...

    Can I, without tax penalties, use the IRA I inherited from my father to buy a home ...

    If you inherited an IRA from someone who was not your spouse at the time he/she died, the amounts that you receive as a distribution ...
  19. Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

    Are the deferred earnings in a SIMPLE IRA subject to FICA taxes?

    While salary deferral contributions to a savings incentive match plan for employees of small employers (SIMPLE) IRAs and ...
  20. How can I use a child tax credit?

    How can I use a child tax credit?

    You may be able to reduce the amount of taxes you owe by up to $4,000, by claiming the child tax credit of up to $1,000 for ...
  21. How does the American Housing Rescue and Foreclosure Prevention Act of 2008 affect ...

    How does the American Housing Rescue and Foreclosure Prevention Act of 2008 affect ...

    The passage of the American Housing Rescue and Foreclosure Prevention Act of 2008 at the end of July 2008 made about $15 ...
  22. Saving Money With A Private Annuity Trust

    Saving Money With A Private Annuity Trust

    Learn about a strategy that could help you reduce taxes, diversify your portfolio and generate income.
  23. I will be receiving monies from a QDRO executed pursuant to my divorce. I would like ...

    I will be receiving monies from a QDRO executed pursuant to my divorce. I would like ...

    There are several issues to consider: The early distribution penalty - Assets distributed from a qualified plan in accordance ...
  24. I am a non-U.S. citizen living outside the U.S. and trading stocks through a U.S. ...

    I am a non-U.S. citizen living outside the U.S. and trading stocks through a U.S. ...

    The tax implications for a foreign investor will depend on whether that person is classified as a resident alien or a non-resident ...
  25. How can I tell if I'm eligible for an EITC?

    How can I tell if I'm eligible for an EITC?

    According to the IRS, over 22 million taxpayers received $41.4 billion dollars in earned income tax credit (EITC) for tax ...
  26. If I take a severance package from my employer, how will it be taxed?

    If I take a severance package from my employer, how will it be taxed?

    It depends on your tax bracket. For instance, if your employer offers you a payout of $100,000, you will owe federal tax ...
  27. What are the

    What are the "certain requirements" that must be met for substantially equal periodic ...

    For substantially equal periodic payments (SEPPs), the distributions would occur from your IRA after you rollover the assets. ...
  28. How are realized profits different from unrealized or so-called

    How are realized profits different from unrealized or so-called "paper" profits?

    When buying and selling assets for profit, it is important for investors to differentiate between realized profits and gains, ...
  29. I sold my house. Can I exclude the gain from my income?

    I sold my house. Can I exclude the gain from my income?

    Generally, you are required to include the gain from the sale of your home in your taxable income. However, if the gain is ...
  30. What is estate planning?

    What is estate planning?

    Estate planning involves making plans for the transfer of your estate after death. Your estate is all the property that you ...
  31. Can a corporation deduct dividend payments to shareholders before taxes are calculated?

    Can a corporation deduct dividend payments to shareholders before taxes are calculated?

    Corporations may not legally deduct the dividend payments before taxes but there is another approach - a corporate structure ...
  32. Does everyone have to file a federal tax return?

    Does everyone have to file a federal tax return?

    This may come as a surprise to many individuals, but not everyone needs to file a federal tax return. According to the IRS, ...
  33. Capital Gains Tax Cuts For Middle Income Investors

    Capital Gains Tax Cuts For Middle Income Investors

    Find out how TIPRA plans to slash taxes for those in the 10-15% tax bracket.
  34. Update Your Variable Annuity With Section 1035

    Update Your Variable Annuity With Section 1035

    Thanks to a special tax code clause, you can surrender a variable annuity without paying income tax.
  35. Run Your Personal Finances Like A Business

    Run Your Personal Finances Like A Business

    The principles that contribute to success in business can also help you achieve your financial goals.
  36. What are unrealized gains and losses?

    What are unrealized gains and losses?

    An unrealized loss occurs when a stock decreases after an investor buys it, but he or she has yet to sell it. If a large ...
  37. I deducted my IRA contribution on my tax return but failed to transfer the funds. ...

    I deducted my IRA contribution on my tax return but failed to transfer the funds. ...

    If an IRA contribution was deducted on a tax return, but the contribution was never made to the IRA by the taxpayer's tax ...
  38. Is my non-qualified Roth IRA distribution subject to taxes or early distribution ...

    Is my non-qualified Roth IRA distribution subject to taxes or early distribution ...

    The ordering rules must be applied to determine whether the distribution is subject to income taxes and/or the early distribution ...
  39. I've heard that workers who don't roll over their 401(k)s after retiring face some ...

    I've heard that workers who don't roll over their 401(k)s after retiring face some ...

    I am not sure to which government regulation your contact was referring. However, here is what I can tell you. In 2002, the ...
  40. What is the purpose of a

    What is the purpose of a "repatriated tax break", and why is it so controversial?

    In 2004, Congress passed the American Jobs Creation Act to create new jobs in an effort to boost the economy. One of the ...
  41. I am 52 years old and wish to make a withdrawal from my 401(k) plan. Is there any ...

    I am 52 years old and wish to make a withdrawal from my 401(k) plan. Is there any ...

    Most distributions from qualified retirement plans made to you before you reach the age of 59.5 are subject to an additional ...
  42. How do I file taxes for income from foreign sources?

    How do I file taxes for income from foreign sources?

    If you are a U.S. citizen or resident alien, your income (except for amounts exempt under federal law), including that which ...
  43. When am I considered

    When am I considered "married" for tax purposes?

    You are generally considered married for tax purposes as long as you were married as of the last day of the year, regardless ...
  44. Estate Planning For Canadians

    Estate Planning For Canadians

    Trusts, wills, taxes and rules differ by country. Find out what you need to know about estate plans in Canada.
  45. 10 Reasons Why Moving Might Not Make You Richer

    10 Reasons Why Moving Might Not Make You Richer

    Find out why moving to a less expensive city may not reduce your expenses.
  46. 5 Things To Consider Before Late-In-Life Marriage

    5 Things To Consider Before Late-In-Life Marriage

    Waiting to marry has become the norm, but do you know what to consider before saying "I do"?
  47. Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount ...

    Upon my death, will the beneficiaries of my IRA be compelled to take the entire amount ...

    It depends. If the beneficiary of your IRA is your spouse, he or she will be eligible to transfer the amount to his or her ...
  48. If an employee is paid by commission, who is responsible for withholding taxes?

    If an employee is paid by commission, who is responsible for withholding taxes?

    It depends. An individual who receives commissions can be treated in the same manner as an individual who receives straight ...
  49. When am I not required to submit a social security number on my tax return?

    When am I not required to submit a social security number on my tax return?

    When filing your tax return, you are generally required to include the social security numbers of yourself and the individuals ...
  50. How do I use the IRS Free File tax forms?

    How do I use the IRS Free File tax forms?

    Free File is a way for taxpayers to prepare and file their federal taxes online for free. The service is available to individuals ...
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