Is My Military Pension Taxed?

Is My Military Pension Taxed?

Whether or not your pension is taxed depends on the type of pension—years of service or disability—and the type of tax—federal, state, or social security. The Federal Government and Military Retirement Pay If you’ve spent twenty or more years in military service,...
Can you Gift Money to Your Children Without Getting Taxed

Can you Gift Money to Your Children Without Getting Taxed

How can you gift money to your children or grandchildren without paying taxes? You’ve helped your children all your life. You’ve raised them, taught them right from wrong, and put them on the path to being good, responsible people. You’ve encouraged them to make their...
How Far Back Can the IRS Audit You?

How Far Back Can the IRS Audit You?

“Audit” is a scary word for most people, because they think it automatically means they’ve done something wrong on their taxes and are going to get penalized. True, sometimes the IRS notices a problem, whether it was intentional misreporting or an inadvertent error....

Cashing Out Your Retirement Plan

The customary advice about cashing out your retirement plan early is: don’t. There are very few situations that would make it financially worthwhile. A standard IRA or 401(k) provides before-tax contributions and tax-free compounding, deferring taxes to retirement. A...

Quarterly Income Tax Payments

So, you have some income that is not part of a traditional job. Maybe you are self-employed, have a rental property, a small business selling crafts, earn income through a business partnership, or you hit the jackpot on “Wheel of Fortun.” The good news is that...