It's important to notify the IRS if you move and change your address. Under tax law regulations, a taxpayer's last known address is the one that appears on the tax return you filed most recently — unless the IRS is otherwise notified.
In the News
Tuesday, September 27, 2022
Tuesday, September 27, 2022
Inflation is up 8.3% year over year, according to the latest data from the U.S. Bureau of Labor Statistics. Many factors — including supply chain disruptions, multi-trillion-dollar government spending packages, the war in Ukraine and economic fallout from the COVID-19 pandemic — have contributed to higher prices at the gas pumps, on the grocery shelves and elsewhere, as compared to the same time last year.
Tuesday, September 27, 2022
Two things in life are certain: death and taxes. While you can't live forever, there are still some ways to collect tax-free income. Here's a list of common federal-income-tax-free opportunities for individuals.
Tuesday, September 6, 2022
If your company has a qualified retirement plan or you have set one up in self-employment -- such as a 401(k), profit-sharing, or Keogh plan -- the participants might be allowed to borrow from their accounts. (This option is not available for traditional IRAs, Roth IRAs, SEPs, or SIMPLE-IRAs.)
Tuesday, September 6, 2022
Inflation has been heating up and is expected to continue at least into the fall, possibly longer. Where does this forecast leave nervous investors?
Tuesday, September 6, 2022
The average cost of a data breach has risen to a record high, according to a new study by the independent research firm Ponemon Institute. The study found that the global average cost grew from $4.24 million per incident in 2021 to $4.35 million in 2022, an increase of roughly 2.6%.
Tuesday, August 23, 2022
When you adopt a child, you could bring home more than a bundle of joy. You may also be in line for a valuable tax credit.
Tuesday, August 23, 2022
To help curb record-setting inflation, the Federal Reserve Bank enacted its second consecutive 0.75-percentage-point increase to the Fed Funds rate on July 28. Despite the Fed's aggressive moves, significant uncertainty remains. Financial analysts are unsure whether the rate increases will work — or where the stock and real estate markets are headed.
Clearly, this isn't an ideal situation for retirement savers, especially those nearing that goal line. You might be thinking about investing a portion of your nest egg conservatively and in a way that also offers some safeguards against inflation. Here's an option to consider.
Tuesday, August 23, 2022
An IRA rollover is usually a tax-smart move, because it allows you to continue to defer taxes on the amount you roll over. But Congress has laid traps for the unwary. Here's how to avoid the most common IRA rollover tax pitfalls.
Arrange Direct Transfers from Company Plans
After leaving a job, you may want to roll over funds from your former employer's qualified retirement plan (or plans) into an IRA. That way, you gain full control over the funds while continuing to defer taxes. Unfortunately, there's a tax trap for the unwary. Thankfully, you can dodge it by arranging for a direct trustee-to-trustee transfer from the plan into your IRA. In other words, the check or electronic funds transfer from the plan should go directly to the trustee or custodian of your IRA. While you must have an IRA set up and waiting to receive the rollover, the account can be empty before the transfer.
Monday, August 15, 2022
The business entity you choose can affect your taxes, your personal liability and other issues. A limited liability company (LLC) is somewhat of a hybrid entity in that it can be structured to resemble a corporation for owner liability purposes and a partnership for federal tax purposes. This duality may provide you with the best of both worlds.
