This is an employer-sponsored pension plan that offers qualified employees a guaranteed payment during retirement. This is an alternative to the defined contribution plan, which allows...
Supplemental Security Income (SSI) is a benefit program administered by the Social Security Administration that provides monthly payments to people facing significant physical and...
If you buy an annuity in pre-tax dollars, the annuity payments will be fully taxed as income. If you purchase an annuity with after-tax funds, you only have to pay income tax. Annuities...
Tax credits, such as elderly tax credit and the disabled, are credits applied to taxes owed. For example, if you owe $2,000 in taxes and have a loan of $700, you only have to pay $1,300....
If you are one of those persons who supported your parents financially in the previous year, the U.S government is willing to share the cost by providing certain deductions when you...
It is not a good idea to turn up empty-handed if you have a tax appointment. You need some records as proof as it will save you time and effort.New clients need to have copies of the...
Posted by Karen Munoz, EA on 12/20/2020
Form 1099-G is one of a series of "1099" forms used by the IRS to report various payments and financial transactions with the government, in addition to employee salaries.Key...
We want to remind you of the federal education tax benefits you may be eligible for. Making the most of these tax benefits would help reduce spending on higher education.If you're...
Posted by Carmen Garcia on 07/24/2020
The CARES Act recently passed into law some measures to stimulate the economy. There is a provision that allows retirees to stop taking Required Minimum Distributions (RMD) from 401(k)...
Posted by Carmen Garcia on 06/22/2020