News & Articles
At the slots or online, remember to keep records. Gambling at the casino or the racetrack can be entertaining for many people. If you're one of them, you should obviously risk only what you can afford to lose from a personal financial planning perspective. But from the IRS perspective, you need to be aware of the tax consequences.
If you converted to a Roth IRA or designated Roth Account in 2010, you must generally report half of the resulting taxable income on your 2012 return. So if this applies to you, act quickly.
In recent years, the IRS has been inundated with thieves filing tax returns using fraudulent information with the goal of stealing other individuals' tax refunds. The tax agency announced that it is cracking down this filing season. Here are the details of the tax identity theft crackdown, as well as a list of "high-risk" areas identified by the IRS and what you can do to help protect yourself.
Beginning March 1, 2013, retirees receiving Social Security payments and other beneficiaries of federal benefit plans are required to begin receiving payments electronically. That means they will have to receive their benefits via direct deposit to a bank or credit union account or on a debit card. This article explains the new requirement, along with ten facts about Social Security that you might not know.
A. It depends on your income.
Here are some of the basic provisions of the American Taxpayer Relief Act, which was agreed to by Congress on January 1, 2013:
Do you want to take some cash from your traditional IRA and perhaps buy a house, or a car, or pay off some bills? Beware of potentially negative tax implications! Continue reading to find out what you need to know to avoid getting hammered in taxes.
On January 1, 2013, an array of tax increases will kick in and leave Americans with significantly larger tax bills - unless Congress acts. Increases are scheduled on capital gains, dividends and the tax rates on wages. That's not all. More people will be liable for the estate tax, the alternative minimum tax and the marriage penalty. The payroll tax cut expires, which means employees will see smaller paychecks, and many other taxpayer-friendly provisions will end. The result has been dubbed "Taxmageddon." This article looks at what might happen to investment income rates and how you can prepare in the coming months.