Posts Tagged ‘Tax Penalty’


How to Pay Your Estimated Taxes

Paying cash

 

Many taxpayers are employees and have their income taxes withheld from their paycheck.  Every April 15th they need to settle up with Uncle Sam and their state tax department.

 

Other taxpayers may not be employees or have taxes withheld from their earnings.  These folks would need to file quarterly estimated taxes. This could include the self-employed, partners in partnerships … Continue reading »


3 Proven Reasons Young Investors Should Fund a Roth IRA and Roth 401(k) to Save

http://www.dreamstime.com/stock-photo-pretty-young-business-women-holding-sacks-money-image24722330

Time

As the Rolling Stones said, “Time is on my side.” And so it is with younger investors, time is clearly on their side.  The benefit to a Roth IRA or Roth 401(k) plan is that if all of the requirements are met, the distributions are tax-free. To fund a Roth IRA you will need to have earned income.  This is the … Continue reading »


3 Easy Steps For Mid-Year Tax Planning

Half the year is in the books.  Many people are playing golf, going to the beach or having a barbeque. It is also the time however to have your Mid-Year Tax Planning. Here are 3 Easy Steps to make this happen:

 

Run a Tax Projection

As a starting point, review your 2012 income tax return.  Then project out the year 2013 as to what might be different.  Bonuses, stock options and capital gains are some examples of what might … Continue reading »


When to Borrow Against Your 401(k) Plan

While you don’t necessarily want to borrow against your 401(k) plan, there might be some situations when you would consider it.

401(k) Plan Loans

The Internal Revenue Service (“IRS”) allows employers to allow employees to borrow against their 401(k) plan. For an employee to borrow against his 401(k) plan this loan provision must in the plan document. The maximum that can be borrowed is one-half the account value, not to exceed $50,000.  The employee must … Continue reading »


How to File Your FBAR and Sleep (Well) at Night

The Report of Foreign Bank and Financial Accounts (“FBAR”) Form TD F 90-22.1 is used to report an interest in foreign financial accounts.

 Who Must File

Any U.S. person with a financial interest or signature authority must file an FBAR if the balance in the account exceeded $10,000 during the year. A U.S. person includes a U.S. citizen, U.S. resident and entities like corporations, partnerships, limited liability companies and trusts and estates.

The FBAR must … Continue reading »


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