The Bush tax cuts will automatically expire atthe stroke of midnight on December 31, 2012 -- unless Congress takes action. Inaddition, the 2 percent Social Security tax rate reduction, often called thepayroll tax holiday, is also scheduled to expire at December 31, 2012. Finallythe 2010 healthcare legislation includes two other unfavorable changes thatwill affect many individuals, starting in 2013: 1.
August 27, 2012 12:00 amWithin a reasonable period before any year, each eligible employee must be given written notice of their rights and obligations under the 401(k)arrangement. The notice must be accurate, comprehensive, and written in understandable language. It must be provided at least 30 days (and no more than 90 days) before the beginning of the plan year.
August 27, 2012 12:00 amIndividual Retirement Arrangements (IRAs) can be a great way to save for retirement because of the tax benefits they may provide. If you're eligible, you can choose a traditional IRA for an up-front tax deduction and defer paying taxes until you take withdrawals in the future. Or if eligible, you might opt for a Roth IRA and contribute after-tax money in exchange for tax-free distributions down the road.
August 27, 2012 12:00 amIndividual Retirement Arrangements (IRAs) can be a great way to save for retirement because of the tax benefits they may provide. If you're eligible, you can choose a traditional IRA for an up-front tax deduction and defer paying taxes until you take withdrawals in the future. Or if eligible, you might opt for a Roth IRA and contribute after-tax money in exchange for tax-free distributions down the road.
August 20, 2012 12:00 amGuidelines for Monetary Donations To deduct any charitable donation of money, regardless of amount, a taxpayer must have a bank record or a written communication from the charity showing the name of the charity and the date and amount of the contribution. Bank records include canceled checks, bank or credit union statements, and credit card statements. Bank or credit union statements should show the name of the charity, the date, and the amount paid.
August 20, 2012 12:00 amMost taxpayers get a refund from the Internal Revenue Service when they file their tax returns. For those who don’t get a refund, the IRS offers several options to pay their tax bill. Here are eleven tips for taxpayers who owe money to the IRS.
August 15, 2012 12:00 amIndividual Retirement Arrangements (IRAs) can be a great way to save for retirement because of the tax benefits they may provide. If you're eligible, you can choose a traditional IRA for an up-front tax deduction and defer paying taxes until you take withdrawals in the future. Or if eligible, you might opt for a Roth IRA and contribute after-tax money in exchange for tax-free distributions down the road.
August 15, 2012 12:00 amAlternative Minimum Tax Could Affect You The Alternative Minimum Tax (AMT) was originally intended to prevent wealthy individuals from reducing their tax bill too much. The AMT removes a wealthy taxpayer's ability to claim many deductions and then imposes a tax rate of either 26 percent or 28 percent. The taxpayer pays the higher of his normal tax or the AMT.
August 13, 2012 12:00 amCongress enacted the AMT so that these people had to pay a certain amount, regardless of the deductions and exemptions that would otherwise be available to them. The problem with the AMT is that it was not created with an inflation adjustment. So over time, the AMT stopped applying to just the very wealthy and started affecting middle class taxpayers.
July 27, 2012 12:00 amThe length of time you should keep a document depends on the action, expense, or event the document records. Generally, you must keep your records that support an item of income or deductions on a tax return until the period of limitations for that return runs out. The period of limitations is the period of time in which you can amend your tax return to claim a credit or refund, or that the IRS can assess additional tax.
July 9, 2012 12:00 amThis website uses cookies and other tracking technologies to improve your browsing experience for the following purposes: to enable basic functionality of the website, to provide a better experience on the website, to measure your interest in our products and services and to personalize marketing interactions, to deliver ads that are more relevant to you.
