Early Withdrawal Tax Penalty Calculator

Dec 05, 2023

For those affected by the coronavirus, the $2 trillion CARES Act eliminated the 10% early retirement withdrawal penalty from IRAs for withdrawals of up to $100,000.

Tax Preparation Checklist

Jan 16, 2024

The end of the year is often a time for introspection and optimism. There is the possibility of what you might do, who you could become, and the kind of life you could lead if you took advantage of this opportunity.

What Is The Best Time To Fill Your Taxes?

Dec 24, 2023

Are you wondering when the best time to file your tax return is? We can help! Our guide will help you determine when to file and what factors to consider.

Taxation Guide For Scholarships And Fellowships

Dec 11, 2023

There are substantial caveats in certain circumstances, such as when scholarship money is considered taxable income. Although this is quite exceptional, it is essential that both students and scholarship givers understand what led to this and what can be done to prevent it from happening again. In 1980, the Tax Treatment Extension Act was enacted, marking the first substantial reform to this system. As a result of this revision to the tax legislation, any awards of financial aid that qualify as "fees for services," such as scholarships, endowments, or fellowships, are now subject to taxation. As defined by the Internal Revenue Service, this is received as reimbursements for teaching, research, or other activities needed as a condition for obtaining the scholarship or fellowship award

What are the Tax Treatments of Roth IRA Distributions?

Jan 15, 2024

If you anticipate your tax rate in retirement to be higher than it is now, a Roth IRA may be a good option to consider saving for your golden years. With a Roth IRA, you can defer paying taxes on contributions until you withdraw the money from the account. Since contributions to a Roth IRA are typically made with after-tax dollars, such dollars are not subject to taxation.

Recoverable Depreciation

Dec 03, 2023

Recoverable depreciation is the difference between an insured object's real Cash Value and its replacement cost. If the depreciation you incur is recoverable, the insurance company reimburses you for the difference - after you can prove that you've replaced the insured item.