Some taxpayers may have needed to take an early distribution from their retirement plan last year. If you took an early distribution you should know that there can be a tax impact to tapping your retirement fund. Here are ten facts about early distributions.
1. Payments you receive from your Individual Retirement [...]
The Alternative Minimum Tax (AMT) attempts to ensure that anyone who benefits from certain tax advantages pays at least a minimum amount of tax.
Here are seven facts that you should know about the AMT and changes to this special tax for 2009.
1. Tax laws provide tax benefits for certain kinds of income and allow special [...]
Gambling winnings are fully taxable and must be reported on your tax return. Here are the top seven facts the Tax Gurus want you to know about gambling winnings.
1. Gambling income includes – but is not limited to – winnings from lotteries, raffles, horse and dog races and casinos, as well as [...]
Have you heard of capital gains and losses? If not, you may want to read up on them because they might have an impact on your tax return. The Tax Gurus want you to know these ten facts about gains and losses and how they could affect your tax situation.
1. Almost everything [...]
Feb 22, 2010 | Comments Off
If you make eligible contributions to an employer-sponsored retirement plan or to an individual retirement arrangement, you may be eligible for a tax credit. Here are six things you need to know about the Retirement Savings Contributions Credit:
1. Income Limits The Savers Credit, formally known as the Retirement Savings Contributions Credit, applies to individuals [...]
College can be very expensive. To help students and their parents, the tax gurus suggest the following five ways to offset education costs.
The American Opportunity Credit: This credit can help parents and students pay part of the cost of the first four years of college. The American Recovery and Reinvestment Act modifies the existing [...]
