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"Keep records and watch the statute of limitations. The usual IRS statute of limitations is three years after you file your tax return," an expert writes.
December 31 -
Deferred taxation on these retirement products, in part, depends on how their distributions are made.
December 23 -
Adjusting a federal income tax return depends on personal tax circumstances, “such as the materiality of the error,” an expert says.
December 17 -
Clients who have yet to make withholding adjustments to cover their tax liability still have time to avoid the extra burden.
December 10 -
One option is to sell funds with lower or no estimated distributions, especially if possible savings will exceed trading costs.
December 3 -
Waiting too long means clients will miss out on the opportunity to maximize the plan’s full tax benefits.
November 19 -
Clients with children are advised to start saving early in a 529 plan to take advantage of the “tax-free or tax-deferred growth.”
November 12 -
Funding a Roth account, for example, may not offer upfront tax deductions, but withdrawals are tax-free.
November 5 -
Payouts from pensions and tax-deferred accounts are usually not taxed in states without a state income tax or with levies only on interest and dividends.
October 29 -
High-deductible plans open the door to tax breaks for high-income investors, an expert says.
October 22