Mutual funds benefit from the long-standing belief that they allow investors to diversify their holdings without buying individual stocks. But to the unwary investor, tax surprises are abound. From a tax planning viewpoint, here are some great mutual fund tips. Most of these tips assume...
If you use an installment sale to help sell property, you can benefit from tax deferral and possibly lower your overall tax bill. But you need to watch out for certain tax traps if you do. Installment sale defined Generally, you create an installment sale when you...
As we enter mid-year, it's a good time to check your tax withholdings to ensure you haven't been paying too much or too little. This is especially true if your income was impacted by the pandemic or you have a change to your marital status,...
For years you have put away money from your pay into your employer provided 401(k) retirement savings account. Your employer may have even matched 50% of your contribution. Now you want to take some of this money out in the form of a loan to...
This often overlooked bookkeeping and payroll tax requirement can cause a tangle of tax problems if not handled correctly. Could you be impacted? This is what you need to know. Nanny tax explained In an effort to capture income from household employees, the tax code requires you...
The American Rescue plan signed in March, 2021 requires the IRS to pay out ½ of enhanced Child Tax Credits (CTC) to eligible taxpayers beginning this month. A tall order, and one filled with land mines. If you have children or know of anyone who...
You’ve loved dogs all your life so you decide to start a dog training business. Turning your hobby into a business can provide tax benefits if you do it right. But it can create a big tax headache if you do it wrong. One of the...
If you have not already done so, now is the time to review your tax situation and make an estimated quarterly tax payment using Form 1040-ES. The second quarter due date is now here. Due date: Tuesday, June 15, 2021 You are required to withhold at least...
The tax filing due date often brings a sigh of relief to most taxpayers. Unfortunately, every tax day also closes the window on the ability to claim a refund. According to the IRS, in 2017 up to 1.4 million individuals representing $1.35 billion in unclaimed...
We're always being reminded to save for retirement in tax-advantaged accounts like 401(k)s or IRAs. But did you know the government does an about-face and forces us to take money out of those accounts once we reach retirement? It's called the required minimum distribution (RMD)...
