Home Sales and Taxation
Home Sales and Taxation Home sales and taxation go hand in hand. Fortunately, there are ways to reduce capital gains on your home sale and reduce taxes. In this article, we will go over secrets to home sales and taxation. Exclusions Under the Taxpayer Relief Act of 1997 there are exclusions that help reduce capital gains from home sales. You can exclude up to $250,000 if you are single or $500,000 if you are [...]
6 Taxes Retirees Faces
6 Taxes Retirees Face As you age, you need to factor in tax planning. There are forms of taxes you will face in retirement that you did not previously have to worry about. In this article, we will go over 7 taxes retirees face. 1. Social Security Taxes If you are still receiving income while taking social security benefits, you could be subject to social security taxes. If you are single and have income [...]
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 [...]