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How to Plan for IRA Distribution and Taxes
Planning for your retirement is no easy task. If you are young, it most likely seems like light-years away. However, it pays to do your best to plan ahead for taxes you will pay on your IRA. You need...
View ArticleHow to Plan Tax Loss Harvesting
Tax loss harvesting, or the practice of offsetting your capital gains tax liability by selling securities at a loss, can help you save on taxes. Short-term capital gains are taxed at a higher rate than...
View ArticleHow to Find an Accountant Specializing in Tax Planning
Certified public accountants, or CPAs, must have many hours of training to handle accounting matters, and they need to be licensed. However, not all accountants are equipped to handle tax planning. So,...
View Article529 Plan Tax Deduction
There are two types of 529 plans to help you save for future education expenses. A prepaid-tuition plan locks in the current rate of college tuition, while college savings plans allow contributions to...
View Article529 Plan Tax Consequences
Individuals are allowed to save money for higher-education expenses via tax-advantaged investments called 529 plans. Originally introduced in 1996, 529s are now available in every state. These are...
View ArticleInheritance Tax Planning Advice
The federal government's estate tax has been a controversial topic in the past and is likely to be again, thanks to upcoming changes in the tax system. While the Internal Revenue Service (IRS) says...
View ArticleHow to Withdraw From a 401(k) For a Business
Withdrawing money from a 401(k) plan involves numerous restrictions and potential consequences. There are several ways this can be done to achieve the goal of withdrawing money to invest or start a...
View ArticleTax Planning for an S Corp
Electing S corporation tax status with the IRS is one of the most popular business taxation strategies because of the numerous tax advantages involved. S corporation tax status may be elected by both...
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The Definition for a Roth 401(k)
Roth 401(k) plans offer an after-tax savings option for employees of any income level. Unlike Roth IRAs, Roth 401(k) plans do not restrict participation based on the employee's income level. Only...
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How do I Set Up a Payment Plan With the West Virginia Tax Department?
The West Virginia Department of Taxation allows you to set up a payment plan if you are unable to pay your tax amount in full.
View ArticleAMT Tax Planning
The Alternative Minimum Tax (AMT) is an alternative tax used for determining taxable income. The intended purpose of the AMT was to create an alternative tax method that would ensure that high-income...
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Are S Corp Distributions Considered Income?
According to the Internal Revenue Service, S corporation distributions to shareholders are reported on their personal tax returns and taxed at their individual income tax rates. You report S corp...
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How to Switch to a Subchapter S Corporation From a C Corporation
Many small business owners in the United States prefer to conduct operations as S corporations; they get that name because Subchapter S of the Internal Revenue Code governs their treatment for federal...
View ArticleWhat is the Idaho 529 Tax Deduction?
Section 529 is a provision in the tax code that allows families to set aside money on a tax-advantaged basis to pay for anticipated higher education expenses for a loved one. Generally, contributions...
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Can a Subchapter S Corporation Use the Net Operating Loss Carryback?
The purpose of a net operating loss (NOL) carryback is to offset net income taxed on the entity's tax return in a previous year. Because a Sub-chapter S corporation passes net income, net losses,...
View ArticleDoes an S Corp Pay Taxes on Distributions?
An S corporation is known as a "pass through" entity for federal income tax purposes because its shareholders are responsible for taxes associated with income, deductions and credits. The S corp...
View ArticleHow Are Property Distributions From an S Corp Taxed?
An S corporation may distribute cash and other property to its shareholders and corporate officers based on the percentage of interest the individual owner has. The taxation of the distributions...
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How to Deduct Accrued Shareholder Salaries
Accrued shareholder salary is an amount of compensation that a company has been paying a shareholder over a period of time, but which, according to Net MBA, the company hasn't officially recorded....
View ArticleThe Gift Tax Consequences of Gifts to 529 Plans
According to the National Center for Educational Statistics, the average cost for a year of undergraduate education at a private university in 2009 was $31,233, $12,283 if you go to a public...
View ArticleTax Planning Strategies for Avoiding AMT
Congress introduced the alternative minimum tax system, or AMT, in 1969 as a way of ensuring that all affluent or wealthy taxpayers paid some income tax and that you couldn't use itemized deductions as...
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