The year is quickly coming to a close and if you haven’t taken your 2021 RMD, it’s time to do so. RMDs are required minimum distributions from qualified retirement plans and are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does…
Once you turn age 70 1/2, tax law mandates that you withdraw a required minimum distribution (RMD) from your traditional IRA. But by using the RMD or other IRA distribution with a qualified charitable distribution (QCD), you can eliminate the taxes associated with your RMD.
Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it.
If the sale of business or investment property results in a gain, the gain is normally subject to tax in the year of the sale. However, there are opportunities to report a gain over several years, to postpone it by investing the proceeds into another property, or by simply investing the…
Making the decision to venture out on your own and work for yourself can be an exciting, yet frightening prospect. Nevertheless, it is important for those who are self-employed to know and understand the tax implications associated with such a decision.
If you are buying a home and are short on cash you may want to consider taking up to $10,000 from your traditional IRA to fund the purchase.
The Internal Revenue Service just announced it has adopted a “Taxpayer Bill of Rights” that is meant to provide taxpayers with a better understanding of their rights when dealing with back tax or audit problems.
The IRS recently updated Form 9465 used by taxpayers to request an installment agreement or payment plan to pay back taxes.