Month: June 2015

How to Save $100,000 By the Time You’re 30

You might have heard an absurd-sounding parable that often makes the rounds on personal finance blogs. This story is about two siblings who want to have a [...]

When Can A Business Deduct Prepaid Expenses?

Tax Treatment of Prepaid Expenses, In General Imagine your life had turned out differently, and instead of living in a storage locker and surviving off [...]

How to Get a Double Dose of Tax-Deferred Savings

Q: When I turn 70½ I’m required to start withdrawing funds from my 401(k) and pay taxes on it. I don’t need this money to live on. Is it too risky for me [...]

Don’t Miss Filing Deadlines Related to Foreign Income and Assets

All U.S. citizens and residents must report worldwide income on their federal income tax return. If you lived outside the U.S. on the regular due date of your [...]

The 7 Biggest Threats to Your Retirement

Saving for retirement can be intimidating and confusing. This leads many people to avoid thinking about it altogether and just hiding their heads in the sand. [...]

How Far Back Can IRS Claim Tax Evasion?

If you are hiding income from the taxman, consider how long you are at risk. Three years, six, more? Even if you did your best with your taxes, you might be [...]

Top 10 Myths and Realities about W-2 and 1099 Reporting

Beware of some common reporting mistakes of W-2 and 1099 reporting to avoid tax penalties. Myth vs. Reality Greatland, a provider of W-2 and 1099 [...]

No Capital Gains Taxes Due for Some Investors

You heard right. There's no capital gains tax -- nada, nothing, zilch, zero -- on the sale of assets held for more than a year. But you might not have heard [...]

IRS Prodded to Ease Compliance with Obamacare Individual Mandate

Delays in employer and insurer reporting of health insurance information have reduced the IRS’s ability to determine whether taxpayers and their dependents [...]

2016 inflation adjustments for HSAs released

The IRS issued the inflation-adjusted figures for calendar-year 2016 for the annual contribution limits for health savings accounts (HSAs) and the minimum [...]