You get a letter from the Internal Revenue Service and right away you don’t have a very good feeling about it. You open it up, read it, and then panic hits. You owe them $10,000! No. Fortunately, it doesn’t tell you that (I hope!). It tells you that your long-trusted CPA whom you’ve come to …
Summer is the perfect time to begin your year-end tax planning so that you have time to identify the strategy (or strategies) that work for you and implement them well before year end. Try to avoid the new 3.8% net investment income tax (NIIT). It only affects higher-income individuals, but that can include anyone who …
For the most part, SEPs (Simplified Employee Pensions) and SIMPLE (Savings Incentive Match Plan for Employees)-IRAs live up to their billing as easy ways to set aside tax-favored retirement funds for employees and employers. However, contribution rules for these plans are not necessarily straight-forward. To read part I of this post dealing with SEPs, click …
As we enter January of every year, it is time to start thinking about personal income taxes. While this is not a favorite to many, there are many important tax reporting forms that individuals must be on the lookout for over the next coming months. One of these is Form 1099-R – Distributions from Pensions, …