Content tagged "incometaxes"

What were Traditional IRA and Roth IRA Contribution Limits in the Past?

Personal Finance Updated: May 24, 2018

IRAs were established by legislation passed in 1974. Traditional individual retirement accounts (IRAs) first became available in 1975. Anyone with earned...

How Long do Taxpayers Have to Claim a Tax Refund?

Personal Finance Updated: February 07, 2017

Tax law provides most taxpayers with a three-year window of opportunity for claiming a tax refund. If no return is filed to claim a refund within three...

How Does Losing a Job Affect Your Income Taxes?

Personal Finance Updated: February 07, 2017

There are a number of ways that income taxes can be affected by the loss of a job. Below are descriptions of three common situations and information from the...

What is the Final Deadline to Make an IRA Contribution?

Personal Finance Updated: February 07, 2017

The IRS is firm on the tax filing deadline. An IRA contribution for the prior calendar year must be made by the tax filing deadline, which does not include...

What is FICA Tax and How is it Calculated?

Personal Finance Updated: February 07, 2017

FICA is an acronym for "Federal Insurance Contributions Act." FICA tax is the money that is taken out of workers' paychecks to pay older Americans their...

Can Workers' Income Reduce Their Spouse's Social Security?

Personal Finance Updated: February 07, 2017

No. The earnings limit ($16,920 in 2017 for beneficiaries who are age 62 through full retirement age) applies only to the income of the person who is...

What Types of Records Should You Keep for Tax-Deductible Mileage?

Personal Finance Updated: February 07, 2017

Some people record all their mileage on a calendar, planner, or business diary that they keep in their car. Be sure to jot down the date, the purpose of the...

Can You Direct Deposit a Refund From an Amended Tax Return?

Personal Finance Updated: February 07, 2017

You cannot even have the refund amount direct deposited into any financial account. At the present time (2017), the IRS does not offer a direct deposit...

Can You Split a Federal Income Tax Refund Between a Direct Deposit and a Paper Check?

Personal Finance Updated: February 07, 2017

No. You cannot split your refund between a direct deposit and a paper check. According to IRS tax refund procedures, you can either opt for the safety,...

What is the Capital Gains Exclusion for the Sale of a House?

Personal Finance Updated: February 07, 2017

Single taxpayers can exclude up to $250,000 of capital gains on the sale of a home, and married taxpayers filing jointly can exclude $500,000.Taxpayers are...

Due to circumstances beyond my control, my Required Minimum Distribution (RMD) was not withdrawn until early January. What is the procedure I need to follow in such a case?

Personal Finance Updated: December 08, 2013

The deadline date for Required Minimum Distributions (RMD) is December 31 of each year except for your first RMD. You generally have until April 1 of the...

Once a person's estate has been settled, how long should you keep tax returns that the deceased had filed?

Personal Finance Updated: December 08, 2013

Three years from the year that the estate was settled would be sufficient for federal income tax returns. This is the same minimum time frame that is...

How long must I keep real estate documents for property no longer owned?

Personal Finance Updated: December 08, 2013

While the basic rule is to keep records for three years after you have filed your return, that period is lengthened if any information is questioned by the...

What does it mean when you have pre-tax dollar health insurance premiums deducted from your pay?

Personal Finance Updated: November 26, 2013

When you pay for benefits such as health insurance with pre-tax (also called before-tax) dollars, the deductions are taken off your gross income before...

How do I pay taxes on my required minimum distribution (RMD) so I don't get in trouble with the IRS?

Personal Finance Updated: April 16, 2013

It depends. Tax law requires the payment of income taxes throughout the year as you earn income. This obligation can be met through quarterly estimated tax...

Are 4-H club expenses tax deductible? My son racked up a lot of expenses on his project.

Personal Finance Updated: July 12, 2012

More than likely they are not. Unless your son has a profitable bona fide business (e.g., raising and selling livestock as part of a 4-H project), the...

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