Year after year, many Americans are thrilled to receive a huge refund check from Uncle Sam after they’ve filed their taxes. I’m as excited as the next person to receive a wad of unexpected cash, but I also know that by getting a big refund from the IRS, I’ve basically given the government an interest-free […]
Many people have a dream of retiring early so they can enjoy their time away from the grind. However, it is important to realize that there are some very real drawbacks to early retirement. The main issue is that you can’t begin taking distributions from your tax advantaged retirement account, penalty free, until you are […]
Free is generally considered to be a good thing: who doesn’t want something for nothing? But there are situations when free can spell trouble. Free can be so expensive sometimes that you really can’t afford to take it, no matter how appealing a prize, a giveaway or a present might be. Here are five situations […]
The IRS recommends that you keep your tax returns for a minimum of three years after filing. But there are plenty of records that go into preparing a tax return and it’s not always as clear just how long you should keep all of that paperwork. It seems pointless, in particular, to keep every last […]
Your taxes are filed. You’ve paid what’s due, and breathe a huge sigh of relief. But then, you get the dreaded letter from the IRS requesting an audit and your heart is racing. Before you panic…. take a few deep breaths. Just because you got the letter doesn’t mean you did something wrong. Sometimes, businesses […]
Around this time of year, some myths about paying taxes tend to circulate. These myths are different from the difficulties that might come with trying to figure out which deductions and credits you are eligible (and which are still available for you to take). The following three myths about paying taxes can mean serious problems […]
