Tax documents will begin to arrive soon, and it’s critical to know how to handle the information. Which documents will your tax preparer want to see, and how long should you keep these documents? This article will provide some general guidelines.
When it comes to financial documents, two types of people
tend to exist–Oscars and Felixes, like the characters in Neil Simon’s “The Odd Couple.” The Felix record-keeper tends to be neatly organized, whereas the Oscar tends to be a bit jumbled.
Sometimes a new law is passed and many people say, “That’s all
right. That’s going to affect somebody else. Not me.”
A window of opportunity was opened for estate strategies as part of the 2017 Tax Cuts & Jobs Act. However, that window will shut in less than three years unless Congress decides to act and extend the current rules.
Here are some things to consider as you weigh potential tax moves between now and the end of the year.
There are several different types of property that can be donated to charity, and a gift is limited only by your imagination. Are you the type who wants to donate cash, stock, or your lunch box collection from a 1960s sitcom?
Debt poses a growing threat to the financial security of many Americans — and not just college graduates with exorbitant student loans. Recent studies by the Center for Retirement Research at Boston College (CRR) and the Employee Benefit Research Institute (EBRI) reveal an alarming trend: The percentage of older Americans with debt is at its highest level in almost 30 years, and the amount and types of debt are on the rise.
Taxes can take a big bite out of your total investment returns, so it’s encouraging to know that your employer-sponsored retirement savings plan may offer a variety of tax benefits. Depending on the type of plan your employer offers, you may be able to benefit from current tax savings; tax deferral on any investment returns you earn on the road to retirement; and possibly even tax-free income in retirement.
It’s nice to own stocks, bonds, and other investments. Nice, that is, until it’s time to fill out your federal income tax return. At that point, you may be left scratching your head. Just how do you report your investments and how are they taxed?