Do you itemize your tax deductions? Then you might have a chance to partly or fully deduct the cost of the advisory fees you pay for the investment, legal, and tax advice you receive. Under federal tax law, you may deduct “investment fees, custodial fees, trust administration fees, and other expenses you paid
Fewer than 1% of Americans have their federal taxes audited. The percentage has declined recently due to Internal Revenue Service budget cuts. In 2016, just 0.7% of individual returns were audited (1 of every 143). That compares to 1.1% of individual returns in 2010. The rich are more likely to be audited –
Ninety-five percent of married couples file joint federal tax returns. Filing jointly can be convenient. Frequently, there’s a financial advantage, but that does not mean it should be done without consideration. Years ago, there was less incentive to file jointly. That was because the “marriage penalty” for doing so was effectively greater. There
This may surprise you: you can take an IRA distribution in a form other than cash. This may seem unorthodox, but it can make financial sense for some older IRA owners as well as IRA heirs. An in-kind distribution from a traditional IRA is fully taxable, just as a cash distribution from a
What financial, business or life priorities do you need to address for 2016? Now is a good time to think about the investing, saving or budgeting methods you could employ toward specific objectives. Some year-end financial moves may help you pursue those goals as well. What can you do to lower your 2016 taxes?
If you ever have the inkling to manage your investments on your own, that inkling is worth reconsidering. Do-it-yourself investment management is generally a bad idea for the retail investor for myriad reasons. Getting caught up in the moment. When you are watching your investments day to day, you can lose a sense of