Penalties and Interest
Failure to file is just one penalty the IRS can levy upon your tax return for not filing or paying by the April 15th deadline.
Personal Exemptions and Dependents
Personal exemptions reduce your taxable income. You can also claim an exemption for a dependent if all five of the exemption tests are met.
Is Real Estate a Viable Investment Option in Your IRA?
Real estate is, in our opinion, a very illiquid investment, and not ideal for those close to retirement. Additionally, to hold it in your IRA you have to be able to purchase it outright. You cannot mortgage the property.
Sales and Their Related Tax Implications
If you sell an asset—be it a stock or your car—it comes with tax implications. Regardless of whether you expect to incur a gain or loss, there might be a way to strategically maximize the amount you get to put in the bank.
Social Security: "The Tax"
Who is “FICA” and why does he get so much of my paycheck? Because it funded a program designed to address the problem of economic security for the aged through a contributory system in which the workers themselves contributed to their own future retirement benefit.
Business as a Sole Proprietor—Filing Schedule C
The dream is to be your own boss and work for yourself. However, with that dream comes with self employment taxes, Schedule Cs and many accounting decisions.
Reporting Capital Gains or Losses
Capital gains or losses come from the sale of a capital asset. However, the IRS considers more than just your stocks and mutual funds capital assets.
Questions and Answers about Social Security
Sure you pay Social Security taxes, but how much do you know about the actual program? Learn more in this Financial Tip.
Dow Closed above 14,000
The markets closed the week on a strong note with the Dow above 14,000 for the first time in nearly six years.
Q&A Time: Easy Retirement Plan and HollyFrontier
Hosts discuss retirement planning by simply saving your age plus two zeros.