Game Show Winners and Taxes
If you dream of being on a game show, you should first be aware of the potential tax nightmare before you apply. Learn more in this week’s Tax Tip.
Section 179 Expensing and Bonus Depreciation Revised Down for 2012
Public Accountant, Wendy McCullough joins “Money Talks” to remind business owners about the reverted limits for Section 179 expensing and bonus depreciation.
Amended Tax Breaks for Georgia’s Senior Taxpayers
Certified Public Accountant Tammie Hendricks joins Bil Lako, CFP® and Ted Parrish, CFA announcing good news about increased tax breaks for Georgia’s seniors.
Understanding Your Payroll Check Stub
Your paycheck stub often contains a wealth of information that can help you plan your budget and calculate tax projections. Occasionally, employers will also include personnel information, such as, vacation or sick leave. For more information on the information contained on your payroll stub, read this C.P.A. Insight.
Gift Tax Returns
If you’re feeling overly generous, you could pay your granddaughter’s college tuition, pay for her rhinoplasty and give her $13,000 all in one year without gift tax consequences. If you’re feeling this generous read this C.P.A. Insight article to find out how to avoid gift tax and when you will need to file Form 709 U.S. Gift Tax Return.
2011 IRA Contribution Limits
There are several qualifications to make a contribution to either a Roth or a Traditional IRA. The first is that you must have earned income. Whether married filing jointly, or a single individual, there are income and contribution limits for both types of IRAs. For more information about the 2011 IRA contribution limits and laws regarding them, read this Financial Strategy.
Top Ten Common Income Tax Errors
"Money Talks" host Bil Lako, CFP®, shares the top 10 most common mistakes taxpayers make when filing their income tax returns.
Who Must File a Tax Return
In general, you must file a tax return if your gross income exceeds the total of your personal exemption and standard deduction. You should also file a return if you will be due a refund. For a chart of filing requirements for 2009 returns, read this C.P.A. Insight.
Household Help and the “Nanny Tax”
If you hire a nanny to care for your children while you are at work, you will also need to take care of your tax responsibilities as an employer. For more information on what you must withhold, how to report it to the IRS, and how the rules differ for teen-age babysitters, read this C.P.A. Insight.
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.