The IRS’s annual “Dirty Dozen” memo lists 12 tax scams you should watch out for. The education effort wants to protect you from tax traps like identity theft or being misled into claiming tax credits you’re not entitled to....
Continue Reading
There may be circumstances under which you would want to move assets from a traditional IRA to a Roth IRA. Only people who already have a Roth IRA can complete a Roth IRA conversion, but the conversion can be...
Have you ever daydreamed about how nice it would be to own a house in the woods or along the shore? Here are some financial pointers to consider if owning a vacation home is on your bucket list. Are...
There are many benefits to being your own boss, but the first step in starting a new business is picking the right entity in which to operate that business. our entity choice is important for tax purposes. As discussed...
Choosing Your Life Insurance Most people have life insurance for financial protection until the kids are grown, the house is paid off and they’ve got enough savings to protect their surviving spouse. Many people get a life insurance policy...
Is Gifting a Taxable Event? Taxpayers often wonder whether gifts of cash, assets or property are taxable. The short answer is that generally they are not: The IRS allows individuals to give away assets or property each year tax...
What To Know About Closing a Business Have you decided to close your business? It’s time to voluntarily dissolve your business of operation. The process starts with you filing articles of dissolution, and at that point, you will have...
Deciding When To Take Social Security As you approach retirement age, you may wonder when you should elect to receive Social Security. How much you receive is based both on your lifetime earnings and when you start receiving payments....
Tax Tips for Marriage Status Changes The IRS generally considers whether you’re married, separated but not legally separated, or divorced at the end of the year. Marriage status is important in filing taxes; it not only determines filing requirements...
Withdrawing Emergency Funds From Your Retirement Account It is still generally a poor idea to tap into your retirement funds except in extreme circumstances. For that reason, the IRS has made it arduous to take funds out early. This...