While the majority of Americans get a tax refund each year, there are many who owe tax and some who can’t pay what they owe all at once. If you find yourself in the position of owing taxes, there are a number of ways to deal with the issue: Get a Loan to Pay the Balance – If you owe the IRS and don’t pay on time, they will assess interest and penalties. If you work out an … [Read more...] about Can I get loan to pay my taxes?
How much do I need to put aside for retirement?
One of the earliest lessons in life is that actions have consequences, and approaching retirement age without a substantial nest egg is one of those consequences. But if you are in this situation, you are not alone, as millions of other Americans are faced with the same need to save enough to retire comfortably. Our priorities shift throughout our lives. Early in the life … [Read more...] about How much do I need to put aside for retirement?
Do I get tax break for the time I spend on charity?
If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is allowed for the value of services performed for a charity, there are deductions permitted for out-of-pocket costs incurred while performing the services. The normal deduction limits and substantiation rules also apply. The following are some examples: away-from-home … [Read more...] about Do I get tax break for the time I spend on charity?
Is my Gift Taxable?
If you give someone money or property, you may be subject to the federal gift tax. Most gifts are not subject to the gift tax, but here are some tips to help you determine whether your gift is taxable or if you are required to file a gift tax return. 1. Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your spouse or to a … [Read more...] about Is my Gift Taxable?
How long should I keep my tax records?
You are probably wondering what old records can be discarded. If you are like most taxpayers, you have records from years ago that you are afraid to throw away. It would be helpful to understand why the records needed to be kept in the first place. Generally, we keep “tax” records for two basic reasons: (1) in case the IRS or a state agency decides to question the … [Read more...] about How long should I keep my tax records?