A sales tax on home sales? You’ve likely read a lot of misinformation. We explain the new tax and who it affects in this week’s tax tip.
A frequently asked question is, “How much do I need to put aside for retirement?” The answer to that question varies with each individual. There a number of factors to consider: the amount of your current income, savings and assets; how many years until you plan to retire; the retirement lifestyle you desire, and what you can afford to put aside.
If you owe on certain debts, the IRS can keep a portion of your federal refund to satisfy the debt. Read this tax tip to learn more.
Last December, Congress extended a number of the Bush-era tax breaks, but only for a limited length of time. It is probably a safe bet that most won’t get extended further, considering the size of the national debt. Although numerous tax breaks were extended, only a few provide you with an opportunity to take actions that can reduce your tax bite. But if you want to take advantage of those tax breaks, you need to act this year or next. Here is a list of those extended tax breaks and what will happen when they expire.
The Internal Revenue Code rewards businesses for pursuing innovation by continually increasing investment. Learn how in this Tax Tip.