Imagine that you've been diligently putting money away in your Roth IRA retirement fund for the last 10 years, as any savvy investor would do. Only when it's too late do you discover that you're out $9,000 … and didn't even know it! It's an investor's worst nightmare, and it happened to one of my [...]
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Starting in 2019, you can contribute up to $6,000 in a Roth IRA and up to $19,000 in your Roth 401(k), plus $6,000 if you’re 50 and older. These accounts allow you to sock away after-tax dollars and grow them over time. Provided you take qualified distributions, your withdrawals are not subject to tax. Shave [...]
As part of a larger mission of helping all taxpayers understand and meet their tax responsibilities, the IRS has launched an account on Instagram, adding this platform to its social media portfolio. The IRSNews account (https://www.instagram.com/irsnews) will provide taxpayers the latest information on a variety of topics as taxpayers face numerous tax law changes for [...]
Employers and other businesses are being reminded by the IRS that the deadline for filing W-2 and W-3 forms, and 1099 statements, and providing them to workers and contractors, is January 31. The Protecting Americans from Tax Hikes (PATH) Act of 2015 started a requirement for employers to file their copies of Form W-2, Wage [...]
Many taxpayers are confused about how to apply tax rules and find tax-saving opportunities under the new Tax Cuts and Jobs Act. Financial advisor Barry Glassman of Glassman Wealth Services suggests clients use tax-planning software to assess any impact on 2018 returns. Taxpayers aren't prepared for the scope of changes and really need to start [...]