- Take Tax Advantage of a Low-Income Year
- People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year.
- Not All Interest Is Deductible For Taxes
- A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities. Interest expense can fall into any of the following categories:
- Video Tips: An Overview of Tax Provisions related to Business Travel
- As a business owner or self-employed individual, you can take advantage of tax deductions for your business-related travel expenses.
- Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t.
- Some people may choose not to file a tax return because they didn't earn enough money to be required to file, but these folks may miss out getting a refund if they don’t file. Although there are some exceptions, generally individuals are not required to file a tax return if their income for the year is below the filing threshold for their filing status as shown in the following table.
- What Is a Required Minimum Distribution?
- If you turn 72 during the current tax year, you are required to begin taking required minimum distributions (RMDs) from your traditional IRA, 401(k) and SEP IRA accounts. If you became 72 in a prior year, you must withdraw your RMD for this year by December 31. Failing to take a RMD could result in a penalty equal to 50% of the required withdrawal amount.
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