Annuity Taxation
Annuity Taxation Annuity taxation will depend on what type of money you used to fund the annuity, pre-tax or post-tax. This is known as qualified or non-qualified. In this article, we will go over how both types of annuities are taxed. Qualified Qualified means that the annuity has been funded with pre-tax money. These annuities are subject to taxes and Required Minimum Distributions. RMDs are payouts you must begin taking within the year you [...]
Tax Identification Number Basics
Tax Identification Number Basics A tax identification number, or TIN, is an avenue the IRS uses for tracking. They are all 9 digits long. Except for social security numbers, they are all issued by the IRS. In this article, we will go over the basics of tax identification numbers. Who Needs One Individuals, businesses, non-profit organizations, trusts, and estates all require a unique tax identification number. These are needed for filing your tax return [...]
10 Common Tax Questions Answered
10 Common Tax Questions Answered Taxes are confusing and seem clouded with complex rules and constantly changing laws. It can be hard to find a straight answer to basic questions. In this article, we will answer 10 common tax questions. 1. Where Can I Find Free Help? Tax preparation fees can add up very quickly. But there are many resources for free tax services. Depending on your income and the complexity of your return, [...]
Disaster Tax Relief
Disaster Tax Relief The IRS has special provisions for disaster tax relief. This is only for areas that the federal government confirms as disaster areas. But how can you take advantage of this? Learn more about disaster tax relief in this article. Who Qualifies For the 2012-2025 tax years, any lost or damaged property must be the result of a federally declared disaster to qualify as a deduction. Some of these events may include [...]
Form W-2G Basics
Form W-2G Basics Form W-2G, is the form gambling establishments use to report your winnings as income to the IRS. In this article, we will go over the basics of what is involved if you receive Form W-2G. Form Contents First, you must get familiar with what is on Form W-2G. In boxes 1 and 2 you will find your total winnings and the date(s) of those winnings. Box 3 specifies the type of wager [...]
International Tax Treaties
International Tax Treaties International tax treaties are agreements between two countries. The purpose of these treaties is to prevent issues such as double taxation and tax evasion. These treaties can also be known as Double Tax Agreements or DTAs. In this article, we will go over the basics of how international tax treaties work. Eligibility International tax treaties apply to residents of foreign countries. The treaty will reduce the U.S. tax burden for residents [...]