Taxes

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...

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...

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...

With the end of the year in sight, lots of plans are being made—what gifts to buy, what the menu will be, and how to shed the extra weight that will inevitably be acquired. But part of your holiday planning needs to include a year-end investment checkup so you...

Anyone 70 ½ years old or older with an IRA has discovered the pesky government requirement that forces you to take money out of your IRA whether you want to or not. The annual required minimum distribution is the government’s way of saying, “You haven’t paid taxes on your...

It's that time of the year again! RMD's! Many retirees love to hate their required minimum distributions, or RMDs. What to do? When to take it out? How much to pay in taxes? There's a myriad of questions. In this video, Morningstar discusses the topic with Maria Bruno, head...

If you’ve ever wished you could stash away more money in your tax-deferred retirement accounts, the IRS has made your dream come true. Contribution limits to retirement plans are going up in 2019. The most popular retirement savings vehicle, the 401(k) plan, along with its cousins, the 403(b) account for...