Some people take an early withdrawal from their IRA or retirement plan. Doing so in many cases triggers an added tax on top of the income tax you may have to pay. Here are some key points you should know about taking an early distribution: 1.Early Withdrawals. An early withdrawal normally means taking the money … Read more
If you have income from investments, you may be subject to the Net Investment Income Tax. You may owe this tax if you receive investment income and your income for the year is more than certain limits. Here are some key tips you should know about this tax: • Net Investment Income Tax. The law requires a … Read more
The Child Tax Credit may save you money at tax-time if you have a qualified child. Here are six things you should know about the credit. 1. Amount. The Child Tax Credit may help reduce your federal income tax by up to $1,000 for each qualifying child that you are eligible to claim on your tax return. … Read more
Net Neutrality Is The Reason. FCC/Obama Regime/Federal Government Is The Bear. Or, how leftist totalitarians seek to take over the internet, free speech, political speech, stifle innovation, increase costs, and reduce the quality and speed of your internet service.In addition to doing all the above bad things to the internet and internet companies, the Obama … Read more
The basic axiom (sadly) is that everything is federal taxable income, from whatever source derived, unless there is a federal statute that specifically says it is not taxable income, and nothing (again sadly) is a deduction unless there is a federal statute that specifically says it is a deduction. Here are some basic rules you … Read more
Did you change your name last year? If you did, it can affect your taxes. All the names on your tax return must match Social Security Administration records. A name mismatch can delay your refund. Here’s what you should know if you changed your name: • Report Name Changes. Did you get married and are now using … Read more
How Are Taxes on Social Security Benefits Determined? Under current law, the share of Social Security benefits that is subject to the individual income tax is determined by a three-tiered tax structure: The income measure that is used to determine how much of a recipient’s benefits are taxed is a modified version of adjusted gross … Read more