Category Archives: Tax Tips

Use Table III if you are the IRA owner, unless your spousal beneficiary is more than 10 years younger than you are.

Use Table II if you are the IRA owner and the periodic payments are for your life and the life of your spouse who is more than 10 years younger than you.

Use Table I if you are an individual and the owner’s designated beneficiary but are not both the owner’s spouse and sole beneficiary. (There are special rules for the owner’s spouse.) Use Table I if you are the owner’s estate or otherwise not an individual and the owner died on or after the required beginning date. (Not to be used in the year of the owner’s death.)

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.

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.

Your personal credit report provides prospective lenders a history of your borrowing and payment habits.

A qualified domestic relations order allows retirement assets to be transferred to the other party’s retirement plan or IRA free of any current tax liability.

There are free online tools you can use to track your spending habits and keep you in line with your budget.

A like-kind exchange, or 1031 exchange, is used to defer the capital gain on the exchange of business or investment property for the same kind of property.

Owning an rental property comes with some tax implications, and not just the great “tax write-off” you’ve heard about.