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Unknown Rules & Strategies for RMDs (Required Minimum Distributions) from IRAs

Unknown Rules & Strategies for RMDs (Required Minimum Distributions) from IRAs

The required minimum distributions (RMDs) of IRA and other qualified retirement plans are more complicated than they should be. Several little-known rules can help or cause taxpayers...

Posted by Fred Lake on 04/06/2021

Ponchatoula LA Tax Pro for RMDs Tax Preparer for IRAs Required Minimum Distribution IRA 401(k) IRMAA Lump Sum Fixed Rates Roth IRA QCD
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Keeping Receipts for Tax Purposes

Keeping Receipts for Tax Purposes

As the tax deadline approaches, many people are fond of frantically ransacking their home for various receipts to support their claim for a refund from Uncle Sam. Many people discover...

Posted by Fred Lake on 03/31/2021

Ponchatoula LA Tax Pro for Keeping Receipts Tax Preparer for Getting Organized Uncle Sam Getting Organized Significant Expense Storage Record-keeping Business Deductible Expenses Categories Filing Cabinet Envelopes Records
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Are Legal Expenses Deductible on Your Taxes?

Are Legal Expenses Deductible on Your Taxes?

Legal fees are deductible if business expenses are incurred. The deduction can be claimed on corporation returns (for example, in a partnership form 1065) or directly on Schedule C...

Posted by Fred Lake on 03/26/2021

Ponchatoula LA Tax Pro for Legal Expenses Deductions Tax Preparer for Deduction of Legal Expenses Form 1065 Business IRS Personal Tax-Deductible Corporate Lawyers LLC Marketing Travel License Fee Form 1040 Schedule C Form 8839 Itemizing
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Passive Activity & Other Types of Income

Passive Activity & Other Types of Income

Classifying assets between liabilities and non-liabilities is not an easy task. This can often determine whether a current income deduction is received or what tax rate should be applied....

Posted by Fred Lake on 03/16/2021

Ponchatoula LA Tax Pro for Passive Activity Tax Preparer for Types of Income Assets Passive Income Deduction Non-Passive Activities IRS S-Corp LLC Partnership 1099 Medicare Tax Section 1.469-2 Rental Income capital Gains
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How To Lower Your Tax Bill With Itemized Deductions

How To Lower Your Tax Bill With Itemized Deductions

What are itemized deductions?Itemized deductions are a list of expenses that you can use to reduce taxable income on your federal income tax return. These include medical bills, taxes,...

Posted by Fred Lake on 03/05/2021

Ponchatoula LA Tax Pro for Itemized Deductions Tax Preparer for Deductions Itemized Deductions IRS Filing Status Gift Theft Injuries Federal Disaster Mortgage Loans Medical Dental Charitable Donations TCJA Standard Deduction Form 1040 AG
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Do Trust Beneficiaries Pay Tax?

Do Trust Beneficiaries Pay Tax?

The beneficiaries of a trust generally pay tax on the distributions they receive from the trust income, then the trust pays for the tax itself. However, these beneficiaries are not...

Posted by Fred Lake on 02/28/2021

Ponchatoula LA Tax Pro for Trust Beneficiaries Tax Preparer for Trusts Find a Tax Accountant for Beneficiaries Form K-1 Interest Principle Distributions Form 1040 Trusts
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What is the Net Investment Income Tax (NIIT) or 3.8% Medicare tax?

What is the Net Investment Income Tax (NIIT) or 3.8% Medicare tax?

If you sell stocks, mutual funds, or other assets that you have held for at least a year, any profit from the sale will be taxed at the rate of 0%, 15%, or 20%. These long-term capital...

Posted by Fred Lake on 02/23/2021

Ponchatoula LA Tax Pro for NIIT Tax Preparer for Stocks Find a Tax Accountant for Stocks Medicare Tax Capital Gains NIIT MAGI Section 1411 IRC S-Corps C-Corps Form 8960
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How Are Dividends Taxed?

How Are Dividends Taxed?

There are two ways that equity investors make money. Ideally, the price of the stocks you hold increases, giving them a profit when they sell them. Some stocks pay dividends to shareholders...

Posted by Fred Lake on 02/17/2021

Ponchatoula LA Tax Pro for Dividends Tax Preparer for Dividend Taxation IRA 401(k) NY Stock Exchange Nasdaq Stock Market
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Exploring Various Types of Employment Taxes

Exploring Various Types of Employment Taxes

All employers are expected to pay their taxes and send in taxes from their employees' wages. Employment taxes come in various types, and the employer will have to withhold, file...

Posted by Fred Lake on 02/07/2021

Ponchatoula LA Tax Pro for Employment Taxes Tax Preparer for Trust Fund Taxes Find a Tax Accountant for Federal Income Tax Withholding W 9 Form 1099 NEC Trust Fund Taxes W 4 State Income Tax Withholding FICA SECA Medicare
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