Published: Oct. 8, 2020 at 1:46 a.m. ET By Andrew Keshner The Internal Revenue Service still has to process an estimated 2.5 million hard copy income tax returns within a pile of unopened mail that stands at 5.3 million pieces. That’s according to IRS Commissioner Charles Rettig, who testified Wednesday on the agency’s efforts to dig out from a mountain of unopened mail that accumulated […]
COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay
Bradford Tax Institute April 2020 COVID-19: CARES Act Allows $100,000 Tax-Free IRA Grab and Repay More Relief: Retirement Account Required Minimum Distribution Rules Suspended for 2020 The $2 trillion COVID-19 economic recovery bill finally made it through Congress and was signed into law by President Donald Trump on March 27. The legislation is titled the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). […]
Everything You Need to Know About Buying a House
By Bola Sokunbi. Published on February 20, 2019. Updated on November 19, 2019 When it comes to financial and life goals, buying a house is probably pretty high on your list. But being able to purchase a home depends heavily on your finances being in good standing. That means you don’t want to have too much debt, but you DO need to have a good […]
Filing Your Taxes Early: What You Need To Know
Dec 23, 2019, 09:20am Robert FarringtonSenior Contributor Personal Finance I write about personal finance, college and student loan debt. Ready to get your taxes squared away and get your hands on your refund (and maybe avoid getting a tax refund loan)? It’s possible you’ll make some progress early on, but you need to make sure you have all the required paperwork for your return before you […]
The SEP IRA Rules, Benefits and a Lofty Contribution Limit
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) […]
What Cash Businesses Can Do to Avoid IRS Audits
BY JEAN MURRAY Updated July 11, 2019 Cash businesses (those that take in mostly cash, such as restaurants, flea market vendors, beauty salons, and many others) are more likely to be audited by the IRS and have a particular problem when audited because it is difficult to verify income received in cash. It’s called the Tax Gap, the amount of money spent in the U.S. […]
You Can Change Your Domicile To Avoid State Taxes — But Is It Really Worth Doing So?
Rob Clarfeld Aug 20, 2019, 12:16pm It is the rare week when I don’t have a discussion with a client about changing their domicile to a state that doesn’t have an income tax. A very rare week. Since a significant percentage of our clients are from New York, New Jersey and Connecticut, this is not a new discussion for me. The New York area has […]
How to Invest in Stocks: A Quick-Start Guide
We tell you everything you need to know to get started investing in stocks. Investing your money in the stock market can be intimidating, but it doesn’t have to be! The Motley Fool has been cutting through Wall Street jargon and giving people common-sense, actionable insights for over a quarter century. First, let’s help you choose your adventure. Are you more #1 or #2? “Just […]
Good tax planning includes good recordkeeping
IRS Tax Tip 2019-97, July 23, 2019 Tax planning should happen all year long, not just when someone is filing their tax return. An important part of tax planning is recordkeeping. Well-organized records make it easier for a taxpayer to prepare their tax return. It can also help provide answers if a taxpayer’s return is selected for examination or if the taxpayer receives an IRS […]
6 Things to Do With Your Money Once Your Salary Reaches $70,000
by Mike Brassfield Senior Writer Remember overdrafting while you waited for your next paycheck to come — that was the worst, am I right? There’s not enough money in your bank account — so your bank gets its revenge by helping itself to $35 of all that money you don’t have. Ho ho ho, I just love overdraft fees, you say to yourself. What a fun game this […]
IRS Watch
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