Today is a special day, especially precious to those facing serious challenges this year – it’s Giving Tuesday.
Tag Archives: Retirement
*AskTaxMama Newsletter, *Tax Quips, IRS News, Legislation, Retirement Accounts, Retirement Planning
Proposed Tax Legislation
12
Jul
Jul
TaxMama® wants to bring some pending and potential tax legislation to your attention, today. Dear Family, On June 14th, I told you about the Taxpayer First Act that was waiting to be signed by the President. He signed that bill into law on July 1st. But there is still a lot that needs to be […]
*AskTaxMama Newsletter, *Tax Quips, Capital Gains Tax, Capital Losses, Charities, Contributions, Employee Business Expenses, Interest Expense, IRAs, Itemized Deductions, Medical, Payroll, Retirement Accounts, RMD - Required Minimum Distributions, Roth IRA, W-4
Last Minute Tax Tips for 2018
11
Dec
Dec
Today TaxMama®wants to give you some steps to take before the end of 2018. Dear Family, This year, it’s especially difficult to figure out how to reduce your taxes. The average couple is not likely to be itemizing any more. Folks with high employee business expenses won’t be able to use them. Individuals with mortgages […]
Today TaxMama® hears from Nic in the TaxQuips Forum, with this common misconception. “Nic is disabled and withdrew his money from his retirement plan. Now he’s trying to figure out how to avoid paying taxes on this money.”
Today TaxMama® hears from Stevenson in the TaxQuips Forum, with this question. “If you are unemployed, can the penalty to withdraw money from your IRA be waived when filing taxes? However, the taxes will still need to be paid since I am not 59 1/2. Is this correct? What form or forms would I file if […]
Today TaxMama® hears from Patricia in the TaxQuips Forum, with this question. “I have a client who is 70.5 and working for his own company. He has a 401k plan. Does he have to start taking distributions from his 401k because he is 70.5, even though he is still working? Can he still contribute to […]
Today TaxMama® hears from “AReasonableMan” in the TaxQuips Forum, with a question about his wife’s inheritance. Essentially, it boils down to this.buy lexapro generic https://rxbuywithoutprescriptiononline.com/lexapro.html over the counter His mother-in-law died. Among the items his wife inherited is an IRA. When a person is over age 70 ½, they are required to draw a certain […]
Courtesy of the IRS [TaxMama Note: You don’t have to be rich to take advantage of this opportunity. This will work for you, if you are the right age, have funds in an IRA, and would have made charitable contributions using your own funds anyway. This way, you get a nice tax break.] WASHINGTON — […]
Today TaxMama® hears from Larry with this concern. “At age 64, I am still working full time. My hours and pay rate have been reduced so that I now have a $ 600 + per month deficit. My mortgage payment is $700 per month. (My wife is a full time student and my son is […]
Today TaxMama® hears from Sergey in the TaxQuips Forum, with this problem. “I started a new job with a 401k plan this year; but I had to quit after a few months. I accumulated some money in my 401k with this organization; and I want to take that money out now. Am I subject to […]
Today TaxMama® hears from Stephen in the TaxQuips Forum who has a sensible (though late) question. “In the current economy, raises are hard to come by. I haven’t had a raise in several years. I am 64 1/2 planning on a full retirement at age 66. Can I volunteer to pay more into Social Security […]
Today TaxMama® hears from Dave in the TaxQuips Forum with a quickie little question. “If I retire at 62 or 63 with Social Security and IRA distributions (not Roth) what will my tax liabilities be? For example: Monthly: $1700 from social security and $3,000 from IRA for total of $4,700. Do I pay income tax […]