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...
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...
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...
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....
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,...
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...
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...
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...
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...
