Whoa! Today is April 13th already? That means we are just days away from this year's tax deadline. Where does the time go? Have you filed yet? If not, you better get crackin'! But even if you've filed your 2011 return already, have you thought about any of the other key deadlines you may need to plan for this year? Before you know it, those dates will be here as well.
There are many questions and circumstances to discuss when dealing with minor beneficiaries. This question-and-answer session is aimed to fill in some of the blanks and start a discussion with your financial advisor based on a foundational depth of knowledge.
With less than two weeks to go in tax season, accountants across the country are putting in the long hours and nights that are so often required. With 10, 12, 16+ hours a day the norm, it can be easy to go a little loopy. One way to help keep one’s sanity through the process is to try and inject a little humor now and then. Cue ridiculous tax deductions people try and claim.
With Tax Day right around the corner, it is the perfect time to answer the most popular questions involving IRA and Roth IRA contributions. Below are five of the more popular questions.
One of the most effective ways to accumulate a large retirement nest egg is to start young. And no age is too young. In fact, the younger the better. Even a one year-old can make an IRA, or better yet, a Roth IRA, contribution as long as they have earned income – perhaps as a model in a Gerber Baby Food commercial. In reality though, most people don’t start contributing to retirement accounts until much later on in life.
Thanks to April 15th falling on a Sunday and a Washington D.C. holiday (Emancipation Day) on the following day, the April 15th filing deadline is pushed back to April 17, 2012 for 2011 federal income tax returns. Below are five things you should address between now and then.
One of the most common questions asked during tax season is, "Do I have to file a tax return?" The answer, of course, is a bit complicated, but in general, if your income is equal to or greater than the sum of the standard deduction plus your personal exemption, you must file a return. The standard deduction is higher for those 65 or older, so age makes a difference in some cases.
Today is the last day of February, so there's a good chance that unless you've already done so, you're about ready to go into full tax return mode – gathering your documents, pulling together your receipts and making a list of all those charitable contributions you're going to tell your CPA you made. And while getting your tax return filed on time is important, it's also important to keep one eye on the future, planning ahead so that future tax returns are less painful than they otherwise might be.
IRS released its "Dirty Dozen Tax Scams for 2012" on February 16, 2012. Number one on the list this year - Identity Theft. We detail this problem and how you can protect yourself below.
IRS released proposed regulations regarding the establishment of "qualified longevity annuity contracts" (QLACs) on Friday February 3, 2012. The new QLAC rules will allow you to purchase certain annuity contracts with a portion of your retirement assets that you will be able to exclude from your required minimum distribution (RMD) calculations.
