Tax implications are deeply interwoven into the experience of home ownership. The tax deduction for home mortgage interest ensures that this is the case.But the deductibility of mortgage interest is not the only tax issue that can affect homeowners. For one thing, the...
One of the most fundamental aspects of tax planning for many people is maximizing the tax-shielding features of their retirement savings. This includes pensions, 401(k)s and individual retirement arrangements (IRAs).There are of course very specific rules about the...
A chiropractor in Lowell recently pleaded guilty to charges of bribing an Internal Revenue Service auditor. According to allegations in the complaint, the man paid $5,000 in cash to an IRS auditor to sign off on an audit.The man had hoped that the auditor would ignore...
The answer depends heavily on the classification of the award. The tax consequences vary based on whether the damages cover lost wages, pain and suffering or a physical injury.In general, if you win a lawsuit or negotiate a settlement the amount you receive is taxable...
Currently, no limits exist to the amount a U.S. taxpayer can accumulate in an individual retirement account. A recent report from the Government Accountability Office found that roughly 9,000 individuals have more than $5 million saved in IRAs. The value of a 314...
