Some withdrawals from a Roth IRA are taxed, despite popular belief. A 10 percent early withdrawal penalty tax can be applied even if there is no income tax due. This is the worst-case scenario. Take a look at the information below to learn more about tax-free Roth IRA withdrawals. To begin, let’s look at the […]
How Do Roth IRA Withdrawals Affect Your Tax Situation? Read More »
The federal government is urging all American employees and their families to be vaccinated against the highly infectious COVID-19 delta form, wreaking havoc across the country. If you have workers, you are most likely experiencing the same feelings. Indeed, as the FDA grants final clearance to the different COVID-19 vaccines, an increasing number of employers
Claims for Employee and Self-Assistance Tax Credits: Vaccination Read More »
Here’s an example of a trade-in and the rules associated with it. A three-year-old vehicle was traded in on a new SUV with a gross vehicle weight rating (GVWR) of 6,075 pounds. The dealer granted a trade-in value of $13,000 and paid off the $16,000 remaining note on the old vehicle. Under the tax law,
Business Vehicle Trade-Ins? Rules have changed over the years… Read More »
What the CARES Act Says A coronavirus-related distribution from your qualified retirement plan, Section 403(b) plan, or IRA gets two tax benefits: If you withdraw and keep the money, you pay no 10 percent early withdrawal penalty and you can spread the income equally over tax years 2020, 2021, and 2022. You also can elect
Do You Qualify for the $100,000 IRS Grab and Repay? Read More »
There are millions of individuals who do not file a tax return each year, many of them simply because their income is below the filing threshold levels for the year based upon their filing status. Still others simply procrastinate and risk forfeiting their rightful refunds, including earned income tax credits, child tax credits, tuition credits
Haven’t Filed Past Returns? IRS May File One for You and It Won’t Be Pretty Read More »
Get ready for this: “I’m from the government, and I’m here to help.” Here’s the deal: “I’m going to give you $20,833 today. I want you to give me $5,448 no later than two years from now. You can keep the $15,385 difference, tax-free—no strings.” It’s true. The lucky recipient could be you. To obtain
Self Employed with No Employees? Get your Paycheck Protection Program Cash Now! Read More »
The IRS decided to use its authority in a national emergency to postpone certain tax return filings and payments. This change affects every one of you, and the rules are tricky—after all, this is tax law. We’ll explain who gets relief; what the IRS postponed; and perhaps more important, what wasn’t postponed. We’ll also tell
Planning to buy more business vehicles this year? New to this year the Tax Cuts and Jobs Act increased bonus depreciation to 100%. Unlike most tax provisions that involve a tax election, the one requires you to elect out of the option if you choose to do so. Example: If you or your
Business Vehicles and the Different Ways to Depreciate them.. Read More »
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