Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs?
You may be hesitating because of the 10% penalty imposed on withdrawals made when you're under age 59½. Since the 10% is calculated on the total you withdraw, the tax hit could be substantial. Worse, the penalty typically is not withheld from the cash you receive, so you'll need to come up with the money when you file your tax return.
In the last few years, have you purchased stock in a dot-com that's now out of business? Do you hold other shares that are now worth only pennies? In some cases, you may be able to take a tax loss for a worthless security. Here's a quick look at the tax planning rules:
Would you like to delay paying taxes? Most business owners would answer, “yes!” to this simple question. The good news is that there is a way to defer your taxes. Here’s how:
Small businesses may be missing out on an important new tax savings related to health insurance. The stakes are high in 2014, so DC area small businesses should take these health insurance tax credits into account when doing their financial and tax planning.
There are many ways for businesses to discover where and how to save. Many of these ways are not immediately obvious. Let’s take a look at 5 surefire ways for your business to save money.
If you're an officer or on the board of a community organization, you may wonder about the tax requirements that apply to your group.
Generally, an organization will not owe taxes if two things are true:
* It has registered as an exempt nonprofit organization with the IRS, and
* It has no business income from activities unrelated to its exempt purpose.
Understanding who your customers are and what they want is essential for growing your business ROI. For example, can you say which of your customers are the most profitable? In most businesses, a simple but undeniable axiom exists: 80% of your profits come from just 20% of your clients. See how this vital rule applies to other categories of customers as well.
Every business should give serious consideration to how the company would deal with the death, disability, or departure of one of the owners. Like a will, a buy-sell agreement (also known as a business continuity or business operating contract) spells out how to distribute assets and other business interests should an owner quit, become disabled, or die.