Taxes
Latest Taxes News
Tax Implications for Reverse Mortgages
A reverse mortgage can be a useful way to access the value of your home without having to sell it.…
How To Survive An IRS Employment Tax Audit
In recent years, the IRS has devoted more resources to employment tax matters. In addition to standard non-reporting and non-payment…
9 Common Tax Mistakes and How to Avoid Them
The more money you make, the higher your tax liability could be. And making a mistake in your filing can…
Understanding Form 8606 for IRA Taxes
If you use an IRA to save for retirement, IRS Form 8606 might be an important part of tax season.…
What Is Net Investment Income and How Is It Taxed?
Net investment income (NII) is defined as the profit gained from investments after deducting certain related expenses. This includes various…
How to Report a Backdoor Roth IRA With Form 8606
A backdoor Roth IRA typically offers high-income earners a workaround to contribute directly to a Roth IRA when their earnings…
If You Missed A Tax Election Deadline, Consider Section 9100 Relief
There are many different tax elections available to taxpayers under federal tax law. And, often, these elections are advantageous. For…
How to Set Up a Payment Plan for Taxes You Owe
When an individual or business owes taxes to the Internal Revenue Service (IRS), settling the entire amount in a single…
Why Eliminating Tax On Social Security Benefits Is Bad Policy
Former President Donald Trump has joined other politicians advocating for abolishing taxes on social security benefits. The idea may make…
What Is a Gift Loan and How Does It Work?
A gift loan is essentially a loan with an interest rate well below the market average, or even no interest…
