Category Archives: General

Are you a stockholder for any corporations? In some cases, stockholders can receive dividends from the corporation as property distribution. These dividends are generally paid in cash, though they may also be distributed as additional stock or property. Dividends may also be received through trusts, estates, partnerships, and associations subject to tax as either a […]

Categories: General Tags: , , , , , , , ,

On a Roll to Retirement

January 21, 2016

If you have money or assets saved in an eligible retirement plan, you may be able to transfer the funds to a different retirement plan without having to pay taxes on the withdrawal, as long as you perform a rollover. In order to be considered a rollover, the transfer has to happen within sixty days, […]

Categories: General Tags: , , , ,

Is Interest Taxable?

January 19, 2016

Interest bearing accounts can help you add a little bit extra to your savings. However, if you are able to withdraw the funds without any type of penalty, then you should be aware that interest paid to those funds is considered taxable income for the year you made it available. Interest will be reported on […]

Categories: General Tags: , , , , , , , ,

Some distributions from retirement plans, allotted from qualifying annuity or pension plans through your employer, may be taxable. If any of the following statements are true, your benefits may be taxable: You didn’t contribute to your pension or you aren’t a contributing party to the annuity. Your employer didn’t deduct the contributions from your salary. […]

Categories: General Tags: , , , , ,

What is Gross Income?

January 17, 2016

We all like getting paid. When payday rolls around, it can be the happiest time of the month, at least until the next one. But did you know any salary, wages or tips you receive are considered part of your gross income and must be included at tax time. Withholdings, such as Medicare, income tax, […]

Categories: General Tags: , , , ,

Exemptions are a quick way to save money when you file your tax return. In addition to a personal exemption, taxpayers can take an exemption for each dependent they claim, known as the dependency exemption. There are a few requirements that parents must meet in order to claim an exemption for each dependent. The exemption […]

Categories: General Tags: , , , , , , , , ,

If this is the first year you’ve been affected by the Affordable Care Act, you may not really know what to expect at tax time. For starters, the bill mandates that all taxpayers have health insurance, and offers a credit to help offset the cost of monthly premiums. According to the IRS, approximately 80% of […]

Categories: General Tags: , , , ,

When the time comes to file your tax return, it’s incredibly important to ensure you’ve filled out every section with the utmost accuracy. Otherwise, you risk a delay in processing and incorrect refunds. Before you click “submit” or drop your return in the mailbox, double check all sections for the most common tax filing mistakes […]

Categories: General Tags: , , , ,

Don’t say the IRS doesn’t give you anything. While you’re forced to pay taxes, the IRS offers a personal exemption just for doing so. That means you get a deduction of a set amount each year just because you pay taxes. In 2015, the personal exemption amount is $4,000, which is an increase of $50 […]

Categories: General Tags:

Are you planning for retirement by saving now? While you probably know that it’s a smart investment in your future, you may not be aware that retirement savings can net you some extra benefits at tax time. Retirement savings can positively affect your tax situation, though you are still responsible for any penalties or fees […]

Categories: General Tags: , , , ,