Mike's weekly post usually concentrated on tax saving strategies.
Understanding Required Minimum Distribution (RMD) Rules
Every year thousands of taxpayers are hit with a heavy 50% penalty for not withdrawing enough money from their retirement plan(s). Here is what you need to know to ensure this does not happen to you or someone you know.
The tax code allows deductions for qualified miles driven for business, medical, moving and charitable purposes. But to claim this deduction you must keep adequate records of actual miles driven. During an audit this is an often disallowed deduction, despite the fact that you actually drove the distance claimed. How to make sure this doesn't happen to you? Here are some tips.
In a continuing effort to provide information as we listen to the budget and debt debates out of Washington D.C., outlined here are some IRS statistics on who pays individual income taxes. The information provided here is the most current available information.
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In a continuing effort to provide information as we listen to the budget and debt debates out of Washington D.C., outlined here are some IRS statistics on who pays individual income taxes. The information provided here is the most current available information.
How to read:The top 10% of Adjusted Gross Income (AGI) on 2010 tax returns reported approximately 45.2% of the income and paid 70.6% of the total individual income tax collected in 2010.1 Observations:
Note: The above figures net out "negative" income tax returns for those who filed a tax return, but due to adjustments and credits have negative adjusted gross income. 1 Source: Internal Revenue Service. SOI Bulletin Table 5 - Selected Income and Tax Items, Shares of Adjusted Gross Income and total income tax and average tax rates. All figures are based on estimates from sampling conducted by the Internal Revenue Service using 2011 tax filing data for 2010 taxes. Income means Adjusted Gross Income (AGI) as reported on individual income tax returns. |
Say your aging parents live in a home that has appreciated in value, but they're no longer reaping any of the homeownership tax breaks during their retirement years. Sound familiar?
