Once you reach age 70-1/2, the required minimum distribution (RMD) rules say you have to withdraw at least a minimum amount from your retirement plans each year. Since the withdrawals are considered ordinary income, planning in advance can help you
Read moreAs an employee, you may not have thought much about the procedures behind the issuance of your paycheck. But as a new business owner, you'll need to understand how federal employment taxes work because you'll have to withhold these payroll
Read moreAre your children in college? You may be able to offset some of the costs of their education with tax breaks. Here's a "tax primer." Education tax credits include the American Opportunity Tax Credit and the Lifetime Learning Credit. The
Read moreBasic estate planning begins with completing documents that allow your last wishes to be carried out as you choose. But are you familiar with the documents you'll need? Here's a list of common estate planning documents and their purpose. Advance
Read moreAfter your death, the disposition of retirement accounts, life insurance policies, annuities, and accounts at financial institutions are governed by beneficiary designations. If those designations are outdated, unspecific, or wrong, your assets may not be distributed the way you would
Read moreA new overtime rule takes effect on December 1, 2016, and the Department of Labor estimates that over 4 million workers will become entitled to overtime in the first year of the change. If your employees are included in that
Read moreHow well do you know your customers? Which ones are the most profitable? Which ones take most of your time? Finding the answers to these questions can be worthwhile, because you may discover that the 80-20 rule, also known as
Read moreWhen you change jobs and abandon vested amounts in your 401(k), your former employer has to follow IRS rules and plan provisions for dealing with your account balance. Pursuant to these guidelines, the 401(k) plan may have a "force-out" provision.
Read moreThe old adage "close only counts in horseshoes" is an accurate reflection of the new IRS information reporting rules. Beginning with 2016 returns, due dates for Forms W-2 and certain Forms 1099 have been moved up, and the penalties for
Read moreDid you know that you can claim a federal income tax credit when you pay someone to care for your kids while you are at work or school? The Child and Dependent Care Credit is valuable because it reduces the
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