Recently, I received a call from a number with a Washington, D.C. area code. On the line was someone claiming to be from the IRS, and claiming that I owe taxes. For a second, panic clutched at me; however, I quickly regained my senses and hung up the phone. It’s a scary thing to think […]
Even though the economy is in recovery, the average length of unemployment is currently at 36.9 weeks, which is a long, slow slog for anyone searching for a job. As if the unemployed don’t have enough to worry about, there are tax implications to prolonged unemployment (not all of them bad). Here’s what you need […]
With back-to-school in full swing, parents are researching how to give their children a head start in paying for college. Many look to 529 plans. With education costs increasing, and more students using loans to cover their university needs, it makes sense to consider a 529 plan. And, as we approach the end of the third […]
529 plans are an excellent way to help your children, grandchildren, or nieces and nephews save for college. Not only are they easy to set up and maintain, but they also grow tax-deferred, and distributions are completely tax-free if they’re used for qualified education expenses. However, things can get a little complicated if you decide […]
Usually when the IRS is mentioned in a headline about tax fraud, they’re the ones doing the investigating. But in recent headlines, the IRS itself is facing allegations of discrimination. The IRS is being sued by numerous representatives of non-profit Tea Party groups whose tax-exempt status requests were either denied or are still in limbo — […]
Our country has a decades-long history of trying to make sure that high earners pay what is considered their fair share in taxes. However, a long list of deductions is available, which allows many wealthier people to reduce what they pay in taxes. In order to reduce the deduction loopholes, another method of figuring tax […]
