The Internal Revenue Service (IRS) on May 11 said it will start limiting workers’ personal identification information on communications with taxpayers in June to reduce threats aimed at IRS employees. The Treasury Department’s inspector general for tax administration said in a May 8 report (pdf) that it was “concerned that taxpayers and anti-government or anti-tax groups…
Your Pension Could Become a Retirement Tax Bomb
May 9, 2023
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If you have a pension coming to you when you retire, it could affect your taxes in the future. The biggest problem would be that you put a lot of your retirement money into tax-deferred accounts. As a result, it means that you will have to pay taxes on that money when you withdraw it,…
Roth IRA Contribution Limits for Business Owners
May 3, 2023
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As a business owner, you have an assortment of retirement options. These range from the straightforward, think an Individual or Simple 401 (k), to the more complex, such as a Money Purchase Plan or Profit Sharing. However, for many, the creme de la creme is a Roth IRA. Why? Because not only is able to set…
Small-Business Tax Planning for the Coming Increased Taxes
Small businesses can save a lot of money if they take time to plan how they can reduce their taxes. Waiting until the end of the year to discover which tax credits or tax deductions you can get is too late. Most likely, you will wish you knew about some new deductions before the year…
IRS Says Little Time Left to Claim Your Portion of the $1.5 Billion in Tax Refunds
The Internal Revenue Service (IRS) has revealed that many people have not yet received their tax refunds for 2019. The announcement states that there is as much as $1.5 billion in unclaimed tax refunds. The 2019 tax forms were not due in April 2020 because of the COVID-19 pandemic. The IRS delayed the required filing…
Bank Rates Are Up. How to Avoid Leaving Money on the Table
April 29, 2023
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NEW YORK—Moving your savings around by opening a new account and closing an old one can seem like a hassle. But it’s a use of time that can pay off. After years of paying low rates for savers, banks are finally offering better interest on deposits. Though the increases may seem small, compounding interest adds…
Howard Cox: ‘Governments Don’t Seem to Understand–the Commercial Heartbeat of Any Economy is Transport’ | British Thought Leaders
NTD’s Lee Hall sits down with Howard Cox, founder and CEO of Fairfuel UK, one of Britain’s most successful campaign groups. Howard works in the interests of motorists, calling for lower fuel prices and freezes on taxes. Fairfuel UK addresses other motoring issues such as bans on petrol cars and environmental traffic measures. …
Retirement and Estate Planning for Broke Individuals
You can help your relatives immensely by setting up an estate plan now, regardless of who you are. Essentially, whatever you own makes up your estate. These assets could be: Any property your own Whatever money you have in a bank account Stocks, bonds, and mutual funds invested through a taxable brokerage account A Roth…
Cash in on Your Home Equity
By Emma Patch From Kiplinger’s Personal Finance For the nearly two-thirds of Americans who own a home, tapping into home equity can be an affordable and flexible way to borrow money. One way to do that is through a home equity line of credit or HELOC. HELOCs allow homeowners to borrow from their home equity…
Your Tax Refund Could Be Smaller Than Last Year. Here’s Why.
NEW YORK—Expecting a tax refund? It could be smaller than last year. And with inflation still high, that money won’t go as far as it did a year ago. The more than 100 million taxpayers who have had their returns processed as of April 7 got refunds that were an average of 9.3 percent less…
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