IRA Basics
Traditional IRAs allow you to save for retirement on a tax deferred basis, while Roth IRAs are funded with after-tax contributions.
Alimony
A number of requirements must be met before divorce-related payments between spouses can be deducted by the paying party as alimony.
The Personal Auto Policy
The personal auto policy is divided into the following six parts: liability coverage, medical payments coverage, uninsured motorist coverage, physical damage coverage, duties after an accident or loss, and general provisions.
Self-Employed Health Insurance Costs: A Window of Opportunity
If you are a sole proprietor, you may be able to offer health care coverage to your spouse if your spouse is a bona fide employee of your business.
Investment Interest and Margin Interest
You can deduct investment interest up to the amount of net investment income received; however, then you have to decide to treat net long-term capital gains as investment income, and forgo the long term capital gains tax rates.
Trying to Time The Market
To time the market, you have to be right not once but twice, knowing both when to get in and when to get out.
IRS website Designed to Help Students Understand the U.S. Tax System
The “Understanding Taxes” website is designed to teach students about the mystery behind the U.S. tax system.
Life Expectancy Tables to Determine Required Minimum Distributions IRAs and Retirement Accounts
Once you reach 70½, you are required to withdraw from your IRA. How much do you withdraw? The IRS has simplified the calculation with Life Expectancy Tables to help you calculate your withdrawal.
Settlement Damages
Since the 1996 tax law change, one of the main areas of dispute between taxpayers and the Internal Revenue Service has been the allocation of “damage awards.” When you, the taxpayer, receive a settlement payment for damages, the tax consequences vary, depending on the type of award received.
Reconciling Your Bank Account—Old-Fashioned?
Each month when you receive your bank statement, you should reconcile your checkbook register to your account statement. In this article we provide the steps and tips to keep your account balanced.