If you're not covered by a workplace retirement plan, consider looking into the new simplified Roth IRA, called a myRA (short for "my retirement account"). The account is funded by setting up direct paycheck deposits. Your employer must be able
Read moreIf you are planning to roll all or part of your IRA into a different IRA this year, you'll only get one chance. Previously, you could roll over each of your IRAs once every 12 months. Now you are limited
Read moreIf you own a small business, you have until March 16, 2015, to choose S corporation status for this year. In order to become an S corporation, you'll need the unanimous approval of all the shareholders. The principal advantage of
Read moreThere are several sources of revenue that are not subject to income tax. Here are the most common sources of money that are not taxed on your federal tax return: Borrowed money such as from banks or personal loans. Money
Read moreCertain tax numbers are adjusted by the IRS for inflation each year. Here are some of the 2015 tax numbers you'll need to use as you get started with this year's tax planning. The standard mileage rate for business driving
Read moreForms 1099 must be filed by businesses each year. This year the deadline for filing falls on February 2, though electronic filers have until March 31 to file. The most common form for businesses is probably Form 1099-MISC, used to
Read moreThe arrival of a new year is a great time to assess your household finances and prepare for new opportunities. To help you get started, here are a few suggestions. Set Financial Goals. Financially speaking, where do you want to
Read moreSuppose you've just inherited a traditional IRA from your spouse. Before you take any action, make sure you fully understand all the options available to you. Otherwise, you may regret your initial impulses, especially if you haven't sought professional guidance. The
Read moreYour retirement funds are protected from creditors even if you file for bankruptcy, with only a few limitations. This protection extends to funds in all government-qualified pension plans, including IRAs (traditional and Roth), 401(k)s, 403(b)s, Keoghs, profit sharing, money purchase,
Read moreOops. You've just discovered an error on or an omission of an item on your most recently filed federal income tax return. Now what? Should you ignore the mistake? While it could depend on the nature of the error and how
Read more