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Senior Gift Giving Tips – Make your year-end gifts tax efficient
Senior Gift Giving Tips – Make your year-end gifts tax efficient When a tax year winds down, seniors with funds make donation and gift moves as part of estate management. Being tax-efficient with your moves makes sense. Here are some ideas. Senior Gift Giving Tips One of the potential benefits of your retirement years is having funds available to help others work through the challenges of life. As you consider gift giving prior to the end of the year, here are some tips to make your giving strategy more tax efficient. Know the annual gift limits. If providing funds as
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Avoiding the 10% IRA Early Withdrawal Penalty – What every Traditional IRA owner should know
Avoiding the 10% IRA Early Withdrawal Penalty – What every Traditional IRA owner should know While it is not a good idea to tap retirement accounts prior to retirement age, sometimes it cannot be avoided. What can often be avoided, however, is the punitive 10% penalty for early fund distributions. Outlined here are exceptions to the 10% penalty rule for Traditional IRAs Avoiding the 10% IRA Early Withdrawal Penalty It is one thing to be taxed on retirement contributions and their related earnings when you withdraw funds from your Traditional IRA during retirement, it is quite another when you pay
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Sharing Economy Now in IRS Spotlight – 40% are unaware of their tax responsibilities
Sharing Economy Now in IRS Spotlight – 40% are unaware of their tax responsibilities UBER – A vast number of workers taking part in the new Shared Economy are making numerous tax mistakes. So whether you or someone you know is driving for Uber or renting out their home for income, there is now help to navigate this confusing landscape. Sharing Economy Now in IRS Spotlight 40% of the workers in the Sharing Economy are unaware of their tax responsibilities. Over 60% of the service provider companies are not training their new workers on their tax responsibilities. Source: Written statement
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Understanding Tax Terms: Unearned Income – Not all income is the same in the eyes of the tax code
Understanding Tax Terms: Unearned Income – Not all income is the same in the eyes of the tax code What’s in a name? If it is defining different types of income, it can mean more income tax obligations. Here are some things to know Understanding Tax Terms: Unearned Income The tax code uses jargon that can be confusing for the unwary. One of them that impacts most of us is the term “unearned” income. Unearned income is often defined as anything that is not “earned” income. If you find this kind of definition a little too vague, here is some
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