Every day we are surrounded by the realities of rents and mortgages, groceries, children and endless bills. A budget can help make it all work.
If you neglect to take your required minimum distribution from your IRA, you will be taxed a 50% penalty on the amount that should have been distributed, but was not.
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.
The “Understanding Taxes” website is designed to teach students about the mystery behind the U.S. tax system.
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.