- Back-Door Roth IRAs
- Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation and post-retirement distributions to be tax-free. In comparison, contributions to traditional IRAs may be deductible, earnings are tax-deferred, and distributions are generally taxable. Anyone who is under age 70.5 and who has compensation can make a contribution to a traditional IRA (although the deduction may be limited). However, not everyone is allowed to make a Roth IRA contribution.
- Big Business Write-Offs Available
- With the enactment of the Protecting Americans from Tax Hikes (PATH) Act, Congress made two significant business-friendly changes in the tax law, extending bonus depreciation and making the Section 179 deduction's higher expensing amount permanent. This article examines these changes so that you can take full advantage of them in your trade or business.
- Was Your Refund Too High or Did You Owe Taxes? You Probably Need to Adjust Your W-4
- If you are a wage earner and that is your primary source of income and you received a very large refund—or worse, if you owed money—then your employer is not withholding the correct amount of tax (but it probably isn’t your employer’s fault). Sure, you like a big refund, but you have to remember you are only getting your own money back that was over-withheld in the first place. Why not bank it and have access to it all year long instead of providing Uncle Sam with an interest-free loan?
- What Are the Tax Implications of Paying or Receiving Alimony?
- Recently divorced individuals may pay or receive alimony. If this is your situation, here are some tips for how to correctly treat the payments on your tax return.
- Owe Taxes and Can't Pay?
- Are you one of the unfortunate Americans that end up owing and cannot pay your tax liability?
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