If you're experiencing financial distress during the COVID-19 crisis, you might be thinking about tapping into your Roth IRA to improve your cash situation. But before withdrawing money from a Roth account, it's important to understand the federal income tax consequences,…
If you’re getting close to retirement, you may wonder: Are my Social Security benefits going to be taxed? And if so, how much will I have to pay? It depends on your other income. If you’re taxed, between 50% and…
COVID-19 is changing the landscape for many schools this fall. But many children and young adults are going back, even if it’s just for online learning, and some parents will be facing tuition bills. If your child has been awarded…
Finding resources for COVID-19 relief programs can be overwhelming. Many states provide information on their websites about programs they have made available for their resident businesses. If you operate a business in Kansas or Missouri, you’ll find the latest information…
While you probably don’t have any problems paying your tax bills, you may wonder: What happens in the event you (or someone you know) can’t pay taxes on time? Here’s a look at the options. Most importantly, don’t let the…
Do your children or grandchildren receive unearned income from investments? Federal tax law contains provisions that are designed to prevent high-net-worth individuals from shifting investment income to children and young adults in lower tax brackets to minimize the family's overall tax…
If your business was fortunate enough to get a Paycheck Protection Program (PPP) loan taken out in connection with the COVID-19 crisis, you should be aware of the potential tax implications. PPP basics The Coronavirus Aid, Relief and Economic Security…
Over the weekend, President Trump made several announcements relating to additional government assistance in the wake of the coronavirus pandemic. Likely the most notable for business owners is his call to halt payroll taxes for employees earning less than $4,000…
Each year, the IRS compiles a list of 12 common tax scams that taxpayers may encounter during the year. This year, the "dirty dozen" list focuses on scams that target individual taxpayers, with special emphasis on aggressive and evolving schemes related…
Economic fallout from the COVID-19 crisis may cause some cash-strapped individuals to default on loans they've taken out from company qualified retirement plans, including 401(k) and profit-sharing plans. Defaulting on a plan loan will cause adverse tax and retirement-saving consequences.…