Taxes
Formal Tax Legislation
The rules for how tax should be calculated are governed by material tax law. Formal tax law governs the tax assessment process and the rights and obligations of taxpayers. The formal tax law also contains rules that can be used to impose fines and even imprisonment.
Learn More
Taxes
For College Savings Accounts, Taxes Can Be Confusing
you’ve been saving for college for years in a 529 plan. Now is when you begin withdrawing money from your retirement account to pay for college—first, a brief history lesson. With a 529 account, consumers may save and invest in college while avoiding taxes. Donations that have already been taxed can be made tax-free, and withdrawals used to pay for qualified higher education expenditures are exempt from federal income taxation.
Learn More
Taxes
Relocating Costs: What Is Form 3903?
The 2017 Tax Cuts and Jobs Act modified the criteria for taking a tax deduction for relocation costs. Deducting relocation costs on your federal tax return is no longer possible. This modification will be in effect during the upcoming tax years (2018-2025). However, you may be eligible for a deduction if you serve in the active military and fulfill specific requirements or if you need to amend a past return before tax reform.
Learn More
Taxes
You Need to Avoid the Late-Filing Tax Mistakes
A single digit transposition or omission might significantly alter the reported data. Say you contributed $5,200 to your IRA but only reported $2,500 as the deduction on your return. This would cause you to pay $648 more in taxes (assuming a 24 percent tax bracket) than necessary
Learn More