Father
Time has closed the book on 2018. We’ve sung Auld Lang Syne. And now our focus
is on all the things that have to be done this year, which includes filing your
income tax return for 2018 using the new tax rules. Oh Joy!
Staying
in the good graces of the IRS has...
In 2019, professional baseball player Bryce Harper signed the largest free-agent deal in the history of North American sports up to that time—$330 million dollars to play for the Philadelphia Phillies for 13 years. He had similar offers from the Los Angeles Dodgers and the San Francisco Giants. But...
There
are certain questions of life we all want answered. What happens when you die?
Does my life have meaning? How long should I keep tax records? Personally, my
answer about keeping tax records is biased because I’m a safety man. I would
wear a belt AND suspenders—just in case.
But
the length of...
Believe
it or not, the penalty for failing to file a tax return exceeds the penalty for
failing to pay your taxes. Filing an extension is a way to make sure you don’t
fall into the bad graces of the Internal Revenue Service.
I’ve
talked to lots of folks who would rather give up...
To say there were some ticked off folks after-tax returns were filed for 2018 is an understatement. Border-to-border and coast-to-coast people who normally don’t have to send the IRS additional money were first shocked, and then angry that the government was demanding more. People who got a smaller-than-usual refund...
IRA
rollovers are as common as drinking water. But if your rollover isn’t done
correctly, it can cost you taxes and penalties, sucking out money that could
have been used for your retirement. In this article from MarketWatch, you’ll
discover 4 of the most expensive IRA rollover tax traps and how to avoid
falling...
For approximately half of retirees, their Social Security check is just like the paycheck they received when working—they don’t get to keep all of it because it gets taxed by the IRS.
If you’re single and your income is between $25,000-$34,000 you pay taxes on 50% of your benefit; above...