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Posts in category Taxes

A Guide to Advanced Tax Terminology

A Guide to Advanced Tax Terminology
Tweet Taxes are something that every American must face for the majority of his or her life. With the start of a first job, income taxes become one of the great inevitabilities of living in our modern society. Many people learn tax basics but there are numerous complex tax questions that everyday people will never encounter. The list below ex [...]

Should You Expect an Audit?

Should You Expect an Audit?
Tweet Auditing is every working American’s worst nightmare. The pain of tax season is hard enough with pulling data together, painstakingly entering it on forms, or hiring a professional and waiting to be sure everything is done right without the risk of an audit. Millions of individuals and families in the United States face audits each year [...]

Is that Gift Taxable?

Is that Gift Taxable?
Tweet If you gave money or property to someone as a gift, you may owe federal gift tax. Many gifts are not subject to the gift tax, but there are exceptions. Here are a few tips you can use to figure out whether your gift is taxable. *Most gifts are not subject to the gift tax. For example, there is usually no tax if you make a gift to your s [...]

Should Capital Gains Be Taxed Differe...

Should Capital Gains Be Taxed Differently?
Tweet Capital gains are monies derived from increased value or earnings of capital assets, but only upon realization of the profits. Capital assets are defined by the IRS as pretty much, “everything you own.” When an investment increases in value, that value is taxed at a specific rate called the capital gains tax. There are multiple reasons [...]

Avoid Identity Theft During Tax Seaso...

Avoid Identity Theft During Tax Season
Tweet Consumers should protect themselves against online identity theft and other scams that increase during and linger after the filing season. Such scams may appropriate the name, logo, or other appurtenances of the IRS or U.S. Department of the Treasury to mislead taxpayers into believing the communication is legitimate. Scams involving th [...]

e-Commerce and Tax in Missouri

e-Commerce and Tax in Missouri
Tweet A study released in April by researchers at the University of Missouri disclosed the shocking fact that the state was missing out on an average of $468 million each year due to uncollected taxes on Internet sales.    Where does Missouri Stand with e-Commerce Taxes? Missouri does not currently have any regulations in place to collect e-c [...]

When Are Self-Employed Medical Plan C...

When Are Self-Employed Medical Plan Costs Tax Deductible?
Tweet To take on the many benefits associated with self-employment tax deductions, there are many things that you can do. The first step in this process is to actually make sure that you are qualified for the self-employed health insurance deduction. You can acquire this deduction if you have filed for Schedule C or F on your federal tax retu [...]

Get a Roth IRA Now to Help You in the...

Get a Roth IRA Now to Help You in the Future
Tweet The basic assumptions when considering a traditional IRA versus a basic Roth IRA are the tax break advantages and when they occur.  A disclaimer must be made here, because taxes, like the weather, are unpredictable from year to year and it is only possible to relate taxes to the current climate. * the money contributed to a traditional [...]

How to Include Physical Gold and Silv...

How to Include Physical Gold and Silver in an IRA Portfolio
Tweet If you didn’t know you could include physical gold and silver in a tax-advantaged portfolio, the fact is that you can. By using a self-directed IRA account, investors can protect themselves against the volatility that often accompanies the debt and equities markets while allowing for potential tax-deferred capital appreciation and stabi [...]

Why an Annuity May Not Be Right for Y...

Why an Annuity May Not Be Right for You
Tweet There are a lot of different methods to receive income during retirement, but there has been a lot of attention on a particular type of retirement investment known as annuities.  Annuities are essentially policies that are purchased for a set amount of money and pay out a predetermined amount to the policy holder every month.  They are [...]

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