Category List For: Taxes
State Taxes
Once upon a time, some 50 to 100 years ago, you’d mention the word “taxes” and most people would immediately think of federal income taxes. After the 16th Amendment formed the Internal Revenue Service (IRS) in 1913, that was the definition that Americans understood. There were few if any state taxes, or even state sales taxes. Read More…
Financial Help
There are several kinds of financial help that modern consumers need. The first kind of help comes in the form of information, a second kind comes in the form of products and services from financial institutions – and another kind comes in the form of cash, from family, friends or banks. We all need help at times, and financial help of all kinds can be found, sometimes in very unexpected places. Read More…
Roth IRA
Named after the late U.S. Senator William Roth, the Roth IRA was created by the Taxpayer Relief Act of 1997 and became available for use on the first day of 1998. It is a variant of the Individual Retirement Account (IRA) that had been in use since its own creation in 1974 as part of the ERISA (Employee Retirement Income Security Act) amendments to the tax code. Read More…
401K
Until 1982, if someone told you that you could get “free” money from your job, lower your taxable income, have an automatic savings plan and relieve you of retirement worries, you might think you were hearing about their financial dreams or fantasies. The creation of 401(k) savings and investment plans, however, made it all come true. Read More…
Tax Returns
Tax returns are the reports filed with the Internal Revenue Service (IRS), (as well as state and local collection agencies) each year, detailing your personal financial earnings, which are then used to calculate the taxes you owe. Taxes owed to the government or state, get calculated on official forms from the IRS or other certified collection institutions. The most common tax return form is Form 1040, used by most individuals, however there is also Form 1120, used mainly by corporations, Form 1065, used by partnerships, and a variety of other forms used to calculate taxes owed by different households or businesses. Read More…
Tax Relief
Tax relief is a term used to describe cuts or incentives provided by the government to citizens paying income tax on their earnings. Tax relief can come in many forms. In 2008, for instance, the government implemented an “economic stimulus package,” where many Americans will receive (in addition to their annual tax refund,) funds that the government hopes will be spent or invested in ways that will ultimately stimulate the slowing economy. But this sort of case is a rarity, so don’t get too used to it. Read More…
Retirement Planning
Retirement Planning truly begins with the self-motivation and self-discipline necessary to planning well in advance for retirement. It’s hard for any of us to concern ourselves with what may happen twenty or thirty years from now, especially when there’s financial concerns weighing on us everyday. However, be concerned.
More and more people are living longer and retiring earlier; depending on your profession, you could potentially spend a quarter, even a third of your life in retirement. Factor in the ups and downs of an economy over that span of time and it quickly becomes apparent that having a suitable nest egg is considerable a priority. Read More…
Federal Taxes
Many people are surprised to find out that the Bostonians who dumped the tea in the harbor during the Revolutionary War era did so to protest a tax rate of a whopping 4 percent. In some countries, it is still possible to owe more in taxes than you earn, while the total burden on Americans today of all city, county, state and federal taxes comes to almost 50 percent of gross income. No wonder people are always arguing about them. Read More…
