- 3 Common Personal Income Tax Problems & How to Respond
- Running into issues with the IRS is a year-round concern. Let’s discuss three of the most common tax problems for personal income & their potential solutions.
- Are Solar-Powered Batteries the Answer to Power Outages?
- Over the past few years, several wildfires have been blamed on power lines downed during periods of low humidity and gusty winds, which typically occur in the fall. The 2018 Camp fire, sparked by downed power lines, was the deadliest in California history, claiming 85 lives and causing more than an estimated $16 billion in damages.
- Don't Overlook These Essential Small Business Tax Credits
- From the general business tax credit to the new markets credit, there are endless tax credit opportunities for your small business to save money on your taxes.
- Crowdfunding Can Have Unexpected Consequences
- Raising money through Internet crowdfunding sites prompts questions about the taxability of the money raised. A number of sites host money-raising projects for fees ranging from 5 to 9%, including GoFundMe, Kickstarter, and Indiegogo. Each site specifies its own charges, limitations, and withdrawal processes. Whether the money raised is taxable depends upon the purpose of the fundraising campaign.
- 70-1/2 or Older? Avoid an IRS Penalty by Taking the Correct Retirement Plan Distribution
- If you are age 70-1/2 or older and have a traditional IRA, a 401(k), or a SEP IRA, the tax law requires you to take at least a minimum amount – referred to as the required minimum distribution (RMD) – from those accounts each year. The tax code does not allow taxpayers to keep funds in their qualified retirement plans indefinitely. Eventually, assets must be distributed, and taxes must be paid on those distributions. If a retirement plan owner takes no distributions or if the distributions are not large enough to satisfy the amount the law requires, he or she may have to pay a 50% penalty on the amount that is not distributed.
  |
|  |