You can often manage the size of your gain or loss when you decide to sell some, but not all, of a particular stock or mutual fund. To do this, you must have kept good records of the date and the price for each share purchase. By selling the highest cost shares first,...
When you own Series EE or Series I savings bonds, you have a tax decision to make. Both types of bonds earn interest monthly. Usually, you’ll choose to defer paying any taxes on the interest until the bond reaches final maturity or you redeem it, whichever comes...
If your business is incorporated, it is often a good idea for you to personally own the business real estate and lease it to your corporation. There are a number of tax and nontax concerns relating to real estate ownership. For the income tax considerations, see...
Don’t let penalties for underpaid taxes increase your tax bill next April. Check the total tax you’ve paid in for 2012 through withholding and/or quarterly estimated payments. Check to see how much tax you have currently witheld and then project the amount that will...
In your tax planning, don’t overlook how your tax-saving strategies might be affected by the alternative minimum tax. -What is the alternative minimum tax? Enacted back in 1969, the alternative minimum tax (AMT) was designed to make sure that high-income taxpayers pay...
In navigating income tax, it’s crucial to distinguish between taxable and non-taxable sources of money. Here’s a breakdown to help you understand: Non-Taxable Income Sources Certain types of income are generally not subject to income tax: Money received as a...
