We are down to the wire with only a few days left in the year to qualify for tax deductions that can lower your 2010 tax bill. Perhaps, one of the easiest ways to claim a tax deduction is to donate to charity. Everyone can donate, from first time tax filers to those over the age of 70 1/2 holding an IRA. Read More.
The good news is that tax rates across the board will not increase as Congress passed a bill late last night to extend the bush tax cuts. This was a big surprise and shift in the Obama Administration’s prior policy to raise taxes for the very wealthy. Instead, most Americans (including the rich) will benefit from the extended tax cuts. The big ticket items cover the marginal income tax, the capital gains & dividend tax, the social security payroll tax, estate tax, and AMT exemption. Let’s review the numbers in more detail. Read More.
Commonly referred to as “The death tax,” the Estate Tax is “imposed on the transfer of a taxable estate of a deceased person whether such property is transferred via a will, according to the state laws of intestacy or otherwise made as an incident of the death of the owner, such as a transfer of property from an intestate estate or trust, or the payment of certain life insurance benefits or financial account sums to beneficiaries.” Read More.
You’re fresh out of college and you’ve got a decent new job (hopefully). You’re managing your finances, paying your bills, and saving where you can. Everything is humming along. And then you stumble across an article on the web that’s talking about end-of-year tax tips. You gasp and think, “Yikes! This will be my first time filing my taxes on my own – where do I start?” Read More.
This flat ETF happens to be in violation of consumer protection laws. As you might expect, this violation is not specific to just Verizon, many companies in the industry (AT&T, T-Mobile, Sprint) were doing much of the same. If you are a recipient of this settlement or a settlement from another wireless service provider (i.e. AT&T, T-Mobile etc.), you may want to learn more about why you received the amount you did and if that amount is taxable. Read More.
In fact, the IRS can make mistakes too as indicated in a recently released report (11/10/10) by the GAO (US Government Accountability Office). The IRS’s internal control and financial management systems showed serious deficiencies in 2009 and 2010. Specifically, the IRS did not release tax liens in a timely fashion, had control issues with tax refund disbursements and had control issues over unpaid tax assessments & information security. Read More.
Most tax credits phase-out for high-income earners. Not this one and it also happens to be for expenses associated with caring for your kids (under the age of 13 that is). Read More.
The Roth IRA conversion is a great opportunity to plan for your financial future. However, it is really important to understand the mechanics of the Roth IRA conversion process and the economics as applied to your specific financial situation. Read More.
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