Below you'll find a list of all posts from March, 2018
If you withdraw money from an IRA (individual retirement account) prior to age 59 ½, there is a 10 percent penalty assessed in addition to the income tax due on the withdrawal. However, if you strategically plan, there are ways to avoid the early withdrawal penalty. Education Costs: You can avoid the penalty if you use the IRA funds to …
In 2016 the IRS uncovered an estimated $387 billion in underreported income. Underreported income includes revenue not reported to the services or deductions taken that are disallowed. This figure alone shows the wide spread “cheating” taxpayers commit to reduce their tax liability. The most common cheats include: -Not reporting tips -Working under the table -Falsifying business expenses -Under-reporting cash business …
The estate tax is used to generate tax revenue from the transfer of wealth between deceased family members and their heirs. It is paid by the estate, not by the heirs in most cases. Your estate is the total value (at your date of death) of possessions left behind. An executor appointed by the court is placed in charge of …
