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Posts Tagged ‘Adjusted Gross Income’
How (Almost) Everyone Can Have a Roth IRA
What’s the Benefit of a Roth IRA?
The benefit of having a Roth IRA is that if the account is open for at least 5 years and the account owner is at least 59 1/2, then all of the distributions from the Roth IRA are tax-free. Additionally, unlike IRA’s, Roth IRA’s are not subject to the Required Minimum Distribution Rules (“RMD”) for either the taxpayer or … Continue reading »
How to Declare a Casualty Loss From Hurricane Sandy
Hurricane Sandy has left her mark. This included power outages, significant property damage and, sadly loss of life.
5 Reasons Donors Should Give Appreciated Property
Donors should give appreciated property to their favorite charity. Appreciated property is property whose Fair Market Value exceeds the cost basis. Cost basis is generally what was paid for an item.
How to Pay Estimated Income Taxes and Avoid IRS Penalties
Taxpayers must pay their taxes "as they go." For many taxpayers, their income taxes are withheld from their paychecks. For taxpayers that don't have any withholding, they will need to make estimated tax payments.
The 5 Most Common Itemized Deductions
Mortgage Interest—Many taxpayers can deduct their mortgage interest on their residence. However, there is a limitation on this. The interest on a primary residence can only be deducted on up to $1,000,000 mortgage and $100,000 line of credit. Points paid to secure a mortgage when purchasing a new home are fully deductible. Points paid on a refinance must be amortized over the life of the loan.
