If you ignore your tax bill entirely, not only will interest and penalties accrue, but the IRS may go after your assets and wages as well.
Financial Basics for Millennials
Poor money management can lead to debt, stress, and dependency on others. Fortunately, good money management skills can make it easier for you to accomplish your personal goals.
Making Sense of Your Taxes and Withholding
The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes. In an April 2019 Gallup poll, 43% of Americans said they were unsure how the new tax law …
Five Things to Know Before Becoming a Landlord
Increased cash flow, property appreciation, and tax benefits are three major reasons why people want to own rental properties.
The Future of Social Security and Medicare
Most Americans will eventually receive Social Security and Medicare benefits. Each year, the Trustees of the Social Security and Medicare Trust Funds release lengthy reports to Congress that assess the health of these important programs. The newest reports, released on April 22, 2019, discuss the current financial condition and ongoing financial challenges that both programs …
Refunds for 2017 Shared Responsibility Payments
A new, or little known exception has recently been made clear that could allow you to recover 2017 penalty taxes. If you were one of the many taxpayers without Minimum Essential Coverage (Health insurance) for 2017, you might have paid a penalty tax with your 2017 tax return. Now, you could qualify for a full refund …
Use Retirement Funds to Capitalize Your Business
So many times, business owners struggle to find cash to start, expand, or otherwise solve a cash flow problem in their business. Oftentimes the banks are not able to assist and the business becomes desperate for cash. It’s during this search for business funding that the owner considers taking money from a retirement account. This content …
What is a rollover IRA, and do I need one?
Generally, the term “rollover IRA” refers to an IRA that you establish to receive funds from an employer retirement plan like a 401(k). A rollover IRA is also sometimes referred to as a “conduit IRA.” When you roll funds over from an employer plan to an IRA, your financial institution may suggest that you use …
Future of the Federal Estate Tax
While no one can predict the future, the possibility of tax reform is once again in the spotlight. If it occurs, it may very well include repeal of the federal estate tax and related changes to the federal gift tax, the federal generation-skipping transfer (GST) tax, and the federal income tax basis rules. History of …
Why use a CPA to process payroll?
It comes as no surprise, there is seemingly an endless list of payroll service providers – from one of the many large, impersonal service bureaus to do-it-yourself software options. Somewhere in between the two extremes are local and regional payroll companies, accounting firms and CPAs who offer to assist with the daunting task. The list goes …