How to avoid some of the more common IRA mistakes Nearly four in 10 households in the U.S. own an individual retirement arrangement or IRA. And that means about 50 million households might someday make a costly and perhaps irrevocable mistake when it comes time to take required minimum distributions or RMDs from those accounts. [...]
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Who’s Left Out of 401(k) Nation Hispanics, part-timers, and millennials are the likeliest to have no access to a plan. Only 45 percent of U.S. workers participate in an employer-sponsored retirement plan, according to the Pew Charitable Trusts. Many don’t even have the option—one-third of U.S. workers aren’t offered a pension or 401(k)-style plan by [...]
In Trump Tax Plan, a Windfall for Businesses Large and Small A lower tax rate for corporations. Reduced taxes for partnerships like law firms. An easy way to bring overseas profits back to the United States without being taxed. Corporate America had a long wish list when it came to tax reform, and on Wednesday, [...]
Worker classification is important because it determines if an employer must withhold income taxes and pay Social Security, Medicare taxes and unemployment tax on wages paid to an employee. Businesses normally do not have to withhold or pay any taxes on payments to independent contractors. The earnings of a person working as an independent contractor are subject to self-employment tax. [...]
16 things to know before you begin taking Social Security benefits What you don't know about Social Security can cost you. Social Security may very well be the most important social program in this country: It is tasked with providing a financial foundation for tens of millions of seniors. Yet many retirees, and probably a [...]
Information on Identity Theft for Business, Partnerships and Estate Trusts Businesses, partnerships and estate and trust filers increasingly are targeted by national and international criminal syndicates who use stolen data to file fraudulent tax returns for refunds. In the past year, the Internal Revenue Service has noted a sharp increase in the number of fraudulent [...]
Accumulated wealth? Here's what to do next At some point in your life, you might accumulate enough wealth where you no longer feel comfortable going alone when it comes to managing your finances and investments. Perhaps you received an inheritance, saved $100,000 in your retirement account or earned a big bonus. Or maybe you just [...]
Know your Taxpayers Bill of Rights IRS Summertime Tax Tip 2017-21, August 18, 2017 Every taxpayer has a set of fundamental rights and the IRS has an obligation to protect them. The “Taxpayer Bill of Rights” groups the taxpayer rights found in the tax code into 10 categories. Know these rights when interacting with the [...]
Social Security beneficiaries may get biggest raise in 6 years Social Security beneficiaries are projected to receive a 2.2% cost-of-living increase next year, the most since 2011, the trustees who oversee the program said Thursday. That would be about $30 a month for the average retired worker. But It's a relative bonanza compared to the 0.3% [...]
Beam me up? Scientists teleport first object ever from Earth into space Chinese scientists successfully teleported an object from the Earth's surface to an orbiting satellite for the first time ever. A photon — a tiny sub-atomic particle — was "transported" from the Gobi Desert to China's Micius satellite some 310 miles above the surface. The Guardian reported it's a new [...]