Would a Mid-Year Tax Checkup Benefit You?
If
you are inclined to procrastinate until the end of the year or, even worse, until
tax-filing season to worry about your taxes, you may be missing out on
opportunities to reduce your tax and avoid certain penalties. The following are
some…
When Can You Withdraw from Your 401k or IRA and Avoid Penalties?
Withdrawing
money early from your 401(k), your IRA or some other type of retirement fund is
something that may be necessary for a wide range of reasons. Maybe you're
dealing with unexpected medical bills and could use a bit of financial
assistance.…
Thinking of Tapping Your Retirement Funds Early? What You Need to Know
If you are suddenly in need of a substantial amount of cash, probably the last thing you should do is tap your retirement funds. They are the key to a financially comfortable retirement. The younger you are, the less likely you are to think…
So Long To The Tax Deduction For Investment Expenses
Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer…
Minimizing Tax on Social Security Benefits
How much (if any) of your Social Security benefits are taxable depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits.
For this discussion, the term “Social Security…
What Is an RMD?
Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional IRAs, but they also apply to 401(k)s and SEP IRAs. The tax code does not allow taxpayers to keep…