Opening an IRA for a Child
C.P.A. Kathy Moore-Nietrzeba joins “Money Talks” to answer a listener’s question about establishing an IRA for his child.
To Convert or Not to Convert
For 2010, the AGI restriction on converting a traditional IRA to a Roth IRA will be lifted. This will allow your wealth to grow tax-free, with no required distributions. For more information on converting a traditional IRA to a Roth IRA and one important caveat to take into consideration when doing so, read this C.P.A. insight
U.S. Taxation of Foreign-Sourced Income
If you work abroad, and your income is taxed in the foreign country in which you work, you must still report that income on your U.S. income tax return. However, there are treaties in place to help mitigate double taxation. For more information on reporting foreign-earned income, read this C.P.A. Insight.
The Tax Man Cometh—Are You Prepared?
The “Money Talks” hosts discuss the Global High Wealth Industry Group and what it means for high income individuals.
Medical Expenses
Unreimbursed medical expenses that exceed 7.5% of your adjusted gross income are tax deductible. Sounds like a lofty number, but it is possible with some strategy.
Health Savings Accounts
Health Savings Accounts allow you to save pre-tax dollars for health care expenses, but it has similar savings features like an IRA.
1099 OID: Odd but Interesting Doohickeys
Did you get a 1099: OID in the mail? Did you know they’re for reporting “phantom income?” Odd indeed!
What To Do If You Have Not Received A Form W-2
Although employers are required to furnish your Form W-2 by January 31, 2009, sometimes circumstances prevent this from happening. Nonetheless, you still must file your tax return on time, even if you do not receive your W-2. There are ways in which you can substitute the W-2 form in order to meet the tax filing deadline. For more information about what to do if you haven’t received your Form W-2, read this C.P.A. Insight.
Big Refund or Big Tax Bill?
In a sneaky attempt to avoid FICA, Social Security and Medicare payroll taxes, some S corporation owners and officers pay themselves artificially low salaries. The IRS is catching on and is paying very close attention to the salaries and corporate distributions S corporations pay out. For more information on how the IRS categorizes officers of S corps, read this C.P.A. Insight.
Pay Your Taxes Electronically
They say paying your federal taxes is the hard part. Actually, the U.S. Department of Treasury has made it pretty easy by providing taxpayers a free service called Electronic Federal Tax Payment System so that you can pay your tax bill 24 hours a day, seven days a week by phone or by Internet. For more information on how the process works, read this C.P.A. Insight.