Every year, nearly 130 million households file their federal tax returns.¹ For many, the process involves digging through shoe boxes or manila folders full of receipts; gathering mortgage, retirement, and investment account statements; and relying on computer software to take advantage of every tax break the code permits. It seems a shame not to make […]
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‘Taxation’ Category
While many people are familiar with the benefits of a traditional 401(k) plans, others are not as acquainted with Roth 401(k). Since January 1, 2006, employers have been allowed to offer workers access to Roth 401(k) plans.¹,² And some have rolled out offerings as part of their retirement programs. As the name implies, Roth 401(k) […]
Americans are expected to spend an annualized $53.8 billion on home improvements in the third quarter of 2014—which represents a 9.9% increase over the third quarter of 2013.¹ Those looking into environmentally minded home modifications may get a boost from Uncle Sam’s tax incentives. Here’s how:² The Energy Property Tax Credit Tax credits for Energy-Star-rated […]
In 2013, 148.0 million taxpayers dutifully filed their federal income tax returns.¹ And all of them made decisions about deductions and credits—whether they knew it or not.When you take the time to learn more about how it works, you may be able to put the tax code to work for you. A good place to […]
In January of this year the U.S. Tax Court ruled that the “once a year” IRA rollover rule applies to all of an individual’s IRAs, not to each separately. The court’s decision conflicts with a longstanding IRS position (as outlined in IRS Publication 590) that states the rule applies separately to each IRA owned, thus […]
The amount of federal estate tax typically is determined by the amount of assets within the estate and your relationship to the deceased. Spouses and Nonspouses Spouses typically may inherit an unlimited amount of assets free of federal estate taxes. Estates bequeathed to nonspouses, in contrast, may be subject to federal estate taxes and state […]
Chris Rock once remarked, “You don’t pay taxes, they take taxes.”¹ And in that spirit, thanks in part to higher capital-gains taxes, there may be more taking in 2014. Capital gains result when an individual sells an investment for an amount greater than his or her purchase price. Capital gains are categorized as short term […]
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