Article Highlights: Exemptions from Gift and Estate TaxesAnnual Gift-Tax Exemption Gifts for Medical Expenses and TuitionLifetime Exemption from Gift and Estate TaxesSpousal Exclusion PortabilityQualified Tuition ProgramsBasis of Gifts The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant … [Read more...] about Gift and Estate Tax Primer
Is Your Small Business as Profitable as It Can Be? It’s Time to Find Out
There is an excellent chance that even if you're an expert in your particular industry, you're probably not an expert in small business finances. This may not seem like that big of an issue on the surface. However, in order to make the best decisions possible for your company, you need to have complete and accurate information to work from. It's easy to see how … [Read more...] about Is Your Small Business as Profitable as It Can Be? It’s Time to Find Out
Read This before Tossing Old Tax Records!
Article Highlights: Reasons to Keep RecordsStatute of LimitationsMaintaining Record of Asset Basis If you are a neat-nick and your tax return for last year has been completed and filed, you are probably thinking about getting rid of the tax records related to that return. On the other hand, if you are afraid to dump old records, you are probably looking for a box to put … [Read more...] about Read This before Tossing Old Tax Records!
How to Pay Your Federal Taxes
Article Highlights: Electronic Funds WithdrawalDirect PayElectronic Federal Tax Payment SystemSend a CheckPay by Cash Credit CardInstallment AgreementTap a Retirement Account If you aren’t one of those lucky Americans who gets a tax refund from the IRS, you might be wondering how you go about paying your balance due. Here are some electronic and manual payment options … [Read more...] about How to Pay Your Federal Taxes
April 2019 Individual Due Dates
April 1 - Last Day to Withdraw Required Minimum Distribution Last day to withdraw 2018’s required minimum distribution from Traditional or SEP IRAs for taxpayers who turned 70½ in 2018. Failing to make a timely withdrawal may result in a penalty equal to 50% of the amount that should have been withdrawn. Taxpayers who became 70½ before 2018 were required to make their 2018 IRA … [Read more...] about April 2019 Individual Due Dates