Do you want to save up to $56,000 a year for retirement? Are you self-employed or a small business owner? Do your eyes light up when you hear words like “tax-free growth” or “tax-deductible?” If you’re looking for additional ways to save for your future, are a high-earner, and are already maxing out your traditional and Roth IRAs, consider opening a Simplified Employee Pension (SEP) […]
Divorcees can save on taxes — if they take this one step
Why single parents could be missing out on a tax-saving opportunity CNBC If you’re planning on shedding weight in 2019 — in the form of your soon-to-be ex — be sure you understand this tax-planning benefit. Why the “head of household” status is another battleground for divorcing couples. Darla Mercado | @darla_mercado Published 2:07 PM ET Mon, 26 Nov 2018 Updated 3:22 PM ET Mon, 26 Nov […]
Eliminating Tax Debts in Bankruptcy
Most taxes can’t be eliminated in bankruptcy, but some can. Updated By Kathleen Michon, Attorney You may hear radio commercials offering the hope of eliminating tax debts in bankruptcy. But it’s not as simple as it sounds. Most tax debts can’t be wiped out in bankruptcy — you’ll continue to owe them at the end of a Chapter 7 bankruptcy case, or you’ll have to repay them in full […]
Be Tax Smart About Leaving Assets to Your Heirs
By ROGER A. YOUNG, CFP®, Senior Financial Planner | T. Rowe Price January 31, 2019 The way you withdraw money in retirement can affect the next generation’s tax burden. Sometimes it’s best to go against conventional wisdom when it comes to when to tap taxable, tax-deferred and tax-free retirement savings. So, you’ve planned well enough to be able to leave some money to your children […]
IRS Watch
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