The next self-employment tax deadline is January 15 if you have to make a payment

/ Articles by Kevin Brunelle (Page 24)

The next self-employment tax deadline is January 15 if you have to make a payment

0 Comments
December 22, 2020 , ,

Self-employment tax

If you’re self-employed and don’t have withholding from paychecks, you probably have to make estimated tax payments. These payments must be sent to the IRS on a quarterly basis. The fourth 2020 estimated tax payment deadline for individuals is Friday, January 15, 2021. Even if you do have some withholding from paychecks or payments you receive, you may still have to make estimated payments if you receive other types of income such as Social Security, prizes, rent, interest, and dividends.

Read More

Can you qualify for a medical expense tax deduction?

0 Comments
December 15, 2020 ,

medical expense tax deduction

You may be able to deduct some of your medical expenses, including prescription drugs, on your federal tax return. However, the rules make it hard for many people to qualify. But with proper planning, you may be able to time discretionary medical expenses to your advantage for tax purposes.

Read More

Maximize your 401(k) plan to save for retirement

0 Comments
December 8, 2020 , ,

401k

Contributing to a tax-advantaged retirement plan can help you reduce taxes and save for retirement. If your employer offers a 401(k) or Roth 401(k) plan, contributing to it is a smart way to build a substantial sum of money.

Read More

Steer clear of the wash sale rule if you’re selling stock by year end

0 Comments
December 1, 2020 , ,

Wash Sale Rule

Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule.

Read More

Taking distributions from a traditional IRA

0 Comments
November 17, 2020 , , , , ,

traditional IRA distribution

Although planning is needed to help build the biggest possible nest egg in your traditional IRA (including a SEP-IRA and SIMPLE-IRA), it’s even more critical that you plan for withdrawals from these tax-deferred retirement vehicles. There are three areas where knowing the fine points of the IRA distribution rules can make a big difference in how much you and your family will keep after taxes:

Read More

How Series EE savings bonds are taxed

0 Comments
November 10, 2020 ,

Series EE Savings Bonds

Many people have Series EE savings bonds that were purchased many years ago. Perhaps they were given to your children as gifts or maybe you bought them yourself and put them away in a file cabinet or safe deposit box. You may wonder: How is the interest you earn on EE bonds taxed? And if they reach final maturity, what action do you need to take to ensure there’s no loss of interest or unanticipated tax consequences?

Read More

Disability income: How is it taxed?

0 Comments
November 3, 2020 ,

disability income tax

Many Americans receive disability income. You may wonder if — and how — it’s taxed. As is often the case with tax questions, the answer is … it depends.

Read More

Divorcing couples should understand these 4 tax issues

0 Comments
October 27, 2020 , ,

divorce tax issues

When a couple is going through a divorce, taxes are probably not foremost in their minds. But without proper planning and advice, some people find divorce to be an even more taxing experience. Several tax concerns need to be addressed to ensure that taxes are kept to a minimum and that important tax-related decisions are properly made. Here are four issues to understand if you’re in the midst of a divorce.

Read More

Buying and selling mutual fund shares: Avoid these tax pitfalls

0 Comments
October 20, 2020 , ,

Mutual Fund Buying/Selling

If you invest in mutual funds, be aware of some potential pitfalls involved in buying and selling shares.

Read More