What could that money do for you? Is a tax refund coming your way? If you have already received your refund for 2012 or are about to receive it, you might want to think about the destiny of that money. Here are some possibilities. Start (or add to) an emergency fund. Many people don’t have [...]

Little details worth paying attention to as April approaches. Every year, the IRS institutes big and little changes – and some don’t get as much notice as they should. This year is no exception. Here is a rundown of some of alterations and asterisks affecting taxpayers this year. Don’t forget Form 8949. If you are [...]

President Obama’s envisioned tax reforms could hurt wealthy retirees. On Capitol Hill, a rough consensus is starting to emerge: a feeling that the corporate tax rate should be reduced to help U.S. firms stay globally competitive. At the same time, President Obama’s 2013 federal budget proposes a massive tax hike on corporate dividends, a change [...]

How does the President want to modify tax rates? Taxpayers could be hit hard if the tax hikes in President Obama’s 2013 federal budget proposal become law.  The good news is that the tax changes outlined by the President in mid-February may be softened by eventual bipartisan compromise. As currently proposed, they would impact the [...]

Meeting your obligations and finding some opportunities. After you turn 70½, the IRS requires you to withdraw some of the money in your retirement savings accounts each year. These withdrawals are officially called Required Minimum Distributions (RMDs).1 While you never have to make withdrawals from a Roth IRA, you must take annual RMDs from traditional, [...]