Tax News

September 2, 2016 12:07 pm

If you need money, turning first to those you know is a common practice. You don't have to fill out forms or pass credit tests to obtain the funds you need if your family and friends can afford to hel...

May 17, 2016 11:23 am

If you work, you can contribute to a Roth IRA, but only if your modified adjusted gross income is below set limits. What happens if you contributed to a Roth IRA during 2015 (for the 2016 tax year) bu...

January 15, 2016 10:17 am

When you sell stocks, bonds, and mutual fund shares, your gain or loss depends on your basis in the securities. Keep in mind that the higher the basis, the lower the gain or greater the loss. Tax rule...

December 9, 2015 10:10 am

There are about $173 billion in U.S. savings bonds outstanding. This makes this type of investment one of the largest assets held by individuals. Savings bonds enjoy certain special tax treatment. Her...

October 26, 2015 9:59 am

Congress recently passed two measures—the Trade Preferences Extension Act of 2015 and the Surface Transportation and Veterans Health Choice Improvement Act of 2015—that include a number of tax law...

September 14, 2015 12:21 pm

When you receive a distribution from a qualified retirement plan or IRA, you have 60 days from receipt to deposit the funds into another qualified retirement plan or IRA. If you don’t, you will be t...

August 31, 2015 12:08 pm

While the Bernie Madoff scam came to light in 2008, there continues to be a seemingly unlimited number of fraudulent investment schemes afoot. Those promoting these schemes can be very convincing, and...

June 22, 2015 8:53 am

Crowdfunding is the practice of raising small amounts of money from a large number of people to fund specific projects or ventures. These activities can be personal, charitable, or business-related. A...

June 1, 2015 3:20 pm

There are many current needs—health care premiums; mortgage payments—that use up our hard-earned dollars, making it challenging for many people to save money for future needs. Fortunately, Uncle S...

May 22, 2015 2:58 pm

With the real estate market heating up in most locations across the United States, a personal residence is again an important tax shelter for homeowners. You can garner tax breaks when you buy, while ...

May 22, 2015 9:32 am

More than 50 tax breaks that expired at the end of 2013 were extended for 2014 and can be used on 2014 tax returns. Many of our readers have expressed confusion about which breaks have been extended, ...

October 23, 2014 2:33 pm

The Social Security Administration announced the 2015 wage base used for figuring the Social Security portion of FICA and self-employment tax. For 2015, this wage base is $118,500, up from $117,000 in...

November 1, 2013 11:42 am

Flexible spending accounts, or FSAs, allow employees to contribute a portion of their wages that can be used to pay for medical expenses not covered by insurance. The amount contributed to the FSA is ...

November 1, 2013 11:37 am

The IRS has announced the contribution limits for qualified retirement plans and IRAs for 2014. Due to low inflation, most limits remain unchanged from 2013 limits, for example, limits for contributio...

November 1, 2013 11:31 am

The Social Security Administration announced the 2014 wage base used for figuring the Social Security tax portion of FICA and self-employment tax. For 2014, this wage base is $117,000, up from $113,70...

July 26, 2013 11:16 am

A working spouse can contribute to an IRA on behalf of a nonworking spouse to grow the retirement savings of the couple. The contributions cannot exceed the earned income of the working spouse. In hon...

June 24, 2013 12:00 pm

Earnings from a job or self-employment are taken into account for Social Security tax purposes only up to a “wage base” amount. For 2013, that amount is $113,700. The Social Security Administratio...

February 25, 2013 12:33 pm

You may be familiar with federal income tax rules on capital gains. If you’re in the bottom 2 tax brackets (10% and 15%), you pay no tax on your long-term capital gains. If you’re in the next 4 br...

February 15, 2013 2:45 pm

The term Swiss bank account conjures up visions of wealthy individuals stashing cash where no one would know about it. Things have changed with the recent signing of an agreement of cooperation betwee...

January 23, 2013 12:12 pm

Social Security benefits paid to retirees may be fully tax free or included in gross income at 50% or 85%, depending on the amount of benefits, tax-free interest, and overall income. But what about So...

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Tax Glossary

Straddle

Taking an offsetting investment position to reduce the risk of loss in a similar investment.

More terms