The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses. Collecting those receipts now can save plenty during tax time:
Mike's weekly post usually concentrated on tax saving strategies.
The kids are out of school and summer is well underway. Make sure you understand the rules regarding the tax deductibility of summer activities and related daycare expenses. Collecting those receipts now can save plenty during tax time:
There has recently been a rash of emails being passed around making all sorts of claims regarding the upcoming increase in Medicare Taxes to pay for Health Care Reform. Much of the content is filled with misleading information. In an effort to clear the air, noted here are some of the common claims and what you need to know regarding those claims.
It is one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your Traditional IRA during retirement, it is quite another when you pay the tax PLUS a 10% penalty for early withdrawal. Need funds prior to retirement and want to avoid the early withdrawal penalty? There are cases when this can be done:
In an effort to keep taxpayers from transferring wealth from one generation to the next tax-free, there are specific limits to the amount of gifts one may give to any one person each year. Amounts in excess of this limit are subject to a potential gift tax and require filing an annual gift tax form. For most of us, this is not something we need to worry about, but if handled incorrectly it can create quite a surprise when the tax bill is due.