If anything good can be said of a recession, it’s that they typically cause the general population to rethink their spending and save more for emergencies, retirement, etc. This has definitely been the case as we saw savings rates in the U.S. hit a 10-year high of 4.75% in 2008 after the last recession. Since [...]
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Second quarter 2013 individual estimated tax is due. Due date for calendar-year corporations to pay second installment of 2013 estimated tax. Due date for calendar-year trusts and estates to pay second installment of 2013 estimated tax.
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If you are going to be out of town this summer, consider renting your home while you’re gone. The IRS allows you to receive up to 14 days of rental income per year completely tax-free. If you are planning a summer business trip, you and your spouse may be able to travel for little more than you [...]
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If you run your own small business, hiring your child for the summer may be a win-win situation. More of your money will be kept out of the IRS’s hands while your child earns some extra money and hopefully gains some valuable workplace skills along the way. Keep reading below to discover some benefits to [...]
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Deadline for trustees to file with the IRS Form 5498, annual statements for IRAs, SEPs, SIMPLEs, Roth IRAs, and education savings accounts. Copies must be sent to plan participants.
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No one wants to be charged an underpayment penalty. So, how can you be sure that the quarterly estimated payments you’re making are sufficient to cover your tax liability? If a taxpayer’s quarterly estimated tax payments equal at least 90% of their tax liability for 2013, the underpayment penalty will generally not apply. An alternative way [...]
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When you rebalance your portfolio this year, remember that selling both winners and losers in the same year lets you offset your capital gains with losses. In addition, you can use up to $3,000 in net losses to offset ordinary income for the year. Your investment strategy should take taxes into account but should not be [...]
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When small-business owners were asked to site which challenge related to the federal tax code haunted them the most, an astounding 55% identified the administrative burdens while only 45% pointed to the financial burden. That’s pretty significant and speaks volumes as to the complexity of the tax code. The survey was conducted by the National [...]
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Tax season is finally behind us, and what a busy season it was! Now that most Americans have filed their tax returns, we’ve reached the time of year in which we often see an epidemic of sorts. One of our favorite bloggers ( G.E. Miller of 20SomethingFinance) has dubbed this epidemic “Tax Refund Windfall Syndrome”. [...]
READ MORE »Wash Sale: The sale of stocks, bonds or mutual fund shares for a loss when, within 30 days before or after that sale, you buy the same or substantially identical securities. The law forbids the deduction of the loss, but the denied loss is added to the cost basis of the new shares which will [...]
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