There has been a great deal of media coverage related to the US Supreme Court upholding the Affordable Care Act, also known as the Health Care Law. The media coverage was generally political and failed to explain the details of how the law will impact individuals. If you are interested in political rhetoric as to whether it is a tax, penalty, or a forced purchase, look no … [Read more...] about How the Health Care Law Will Impact Your Taxes
Tax related
July 2012 Individual Due Date Reminders
July 1 - Time for a Mid-Year Tax Check Up Time to review your 2012 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during June, you are required to report them to your employer on IRS … [Read more...] about July 2012 Individual Due Date Reminders
Should Investments Be Kept In A Safe Deposit Box?
Whether it is a good idea or not to keep investments in a safe deposit box depends on the investment. Certainly, some investments definitely require this sort of protection. These would include investments such as rare coins, stamps, and similar collectables, gold and silver, and negotiable instruments, such as bearer bonds that can be cashed by anyone who possesses them. The … [Read more...] about Should Investments Be Kept In A Safe Deposit Box?
Retirement Savings: the Earlier, the Better
Generally, teenagers and young adults do not consider the long-term benefits of retirement savings. Their priorities for their earnings are more for today than that distant and rarely considered retirement. Yet contributions to a retirement plan early in life can enjoy years of growth and provide a substantial nest egg at retirement. Due to its long-term benefits of tax-free … [Read more...] about Retirement Savings: the Earlier, the Better
Tax Tips for Recently Married Taxpayers
If you - like many others during the spring and summer months - have gotten married or plan to get married in the near future, here are some post-marriage tips to help you avoid stress at tax time. Notify the Social Security Administration - Report any name change to the Social Security Administration so that your name and SSN will match when you file your next tax return. … [Read more...] about Tax Tips for Recently Married Taxpayers