5 Surprising Things You Pay Taxes On
Most of us are used to the idea of paying taxes on regular income. After all, if you earn a wage, or if you have business income, it makes sense to pay income taxes on it.
However, there are some items of financial import that you might be surprised […]
Tax Consequences of Rolling your Traditional IRA into a Roth IRA
One of the long-term financial planning tactics that many have adopted is rolling a Traditional IRA into a Roth IRA.
A few years ago, the income restrictions on rolling an existing tax-advantaged account to a Roth IRA were lifted. As a result, it’s […]
Alternative Minimum Tax (AMT) Limits for 2011 and 2012
We all want to make sure that we’re not paying more than our fair share of taxes each year. But on the flip side, the IRS also wants to make sure that nobody is getting away with so many deductions that they’re not paying enough.
The Alternative Minimum Tax […]
Tax Year 2013 Inflation Adjustments from the IRS
Recently, the IRS announced inflation adjustments for 2013. As prices rise, and as your buying power decreases, the IRS often adjusts certain items for inflation.
One of the most practical changes made as a result of the American Taxpayer Relief Act of 2012 (also […]
What Would the End of the Defense of Marriage Act Mean for Taxes?
In December 2012, the United States Supreme Court agreed to hear Windsor v. United States, a case challenging the constitutionality of the Defense of Marriage Act (DOMA), which was passed in 1996.
Because DOMA defines marriage as being strictly between one man and […]