Stocks, bonds, precious metals, and real estate are not the only types of investments in which to make money. Today, in light of outlets popularizing art, antiques, and other collectibles, such as eBa...
You may donate some of your items or collections to charity. The reason: This can allow donors to claim a charitable contribution deduction based on the item's current value, avoiding the need to pay ...
You may spend money each year to maintain, repair, and insure collectibles. Are these costs deductible? It depends...
Stocks, bonds, precious metals, and real estate are not the only types of investments in which to make money. Today, in light of such outlets popularizing art, antiques, and other collectibles, such a...
- For purposes of the 3.8% additional Medicare tax on net investment income in 2013, how does this relate to rental income?
- Can I make a direct transfer of my IRA to my church and qualify for tax-free treatment (up to $100,000)? I’m 72 years old.
- I sold my residence at a loss. How do I report this on my tax return?
- I traveled to Africa on a mission trip with my church. I paid for the airfare. Can I deduct it?
Use Voluntary Withholding on Retirement Benefits to Avoid Estimated Taxes
If you’re on a pension or taking withdrawals from a retirement plan or IRA, you can opt for income tax withholding on the benefits. Doing this will avoid the need to pay quarterly estimated taxes.
The top 1% of taxpayers paid 40.4% of federal income taxes in 2007 (the most recent year for statistics).
Source: Tax Foundation report (www.taxfoundation.org/publications/show/250.html)
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