Income Taxes

With many stocks meandering near the end of the year, some stocks in your portfolio may be as useful as your depleted fantasy football team. However, while these underperforming stocks may cause you some heartache, they could actually be a ray of sunshine when tax...

In our prior post, we highlighted the basics in how total gross income is calculated within the process of arriving at one’s taxable income. Essentially, gross income is calculated by including all of the income that you collect during the calendar year,...

Next year’s federal income tax filing deadline of April 18, 2016 seems like a long way off in the midst of the holiday season. However, knowing whether you will be eligible for a tax refund, or will be owing money is an important question to be resolved in the...

Who knows when exactly tax season starts. For accountants, it is likely the last week of January; because that is when people who anticipate a refund want to get their returns in so that they can collect on their windfall. However, with the holiday season in full...

While many of the commercials you see on television are about the holiday season, it is important not to forget that the New Year is just around the corner. With 2016 coming, there are a number of changes that will take effect involving the U.S. Tax Code. Many of them...

An IRA is a good way to save money for retirement. For many people, it is their most significant investment outside of their home. But sometimes, life happens and you may need to tap your resources to deal with financial difficulties. While the rules governing IRAs...

No one likes owing taxes when tax time comes around. As we noted in a previous post, most people would rather pay taxes through their regular wages with each paycheck and get a large refund every March. But when people have the misfortune of owing taxes, it is best...

In October, it is not common to talk about tax refunds. After all, most refunds come in February and March of the following year. But money managers and financial advisors must be frustrated at this time of year, because their clients commonly do not heed their...

For many people, tax season is not even on their mental radars. After all, it is September, which means football season and the start of a new school year. Nevertheless, it is never too early to plan for tax season, as it will come sooner than you think. In fact,...

For the most savvy savers, the preparation for tax season starts well before they receive a w-2 from their employer in January. This is because they likely know that a stellar income tax refund check is not an invitation to spend wildly for a month or buy something...