by mariettacp | Apr 8, 2014 | Money Tips
If you earned $400 or more of net profit during 2013 from work as a sole proprietor or independent contractor, you may owe self-employment tax. That’s true no matter what your age – even if you’re receiving social security benefits. The tax is assessed on...
by mariettacp | Apr 1, 2014 | Money Tips
Ask whether you should carry life insurance on your children and you’ll receive a variety of answers. Here’s a look at the arguments for and against. * Financial security. Traditionally, you take out life insurance to provide for the financial security of...
by mariettacp | Mar 25, 2014 | Money Tips
If you intend to deduct business travel expenses on your income tax return, keep adequate records. If you are later audited, you will be able to substantiate your deductions. Your oral summary of your business expenses will not hold up to an IRS audit. Besides, audits...
by mariettacp | Mar 20, 2014 | Money Tips
There 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 income tax return: * Borrowed money, such as from banks or personal loans. * Money received as a gift or inheritance...
by mariettacp | Mar 17, 2014 | Money Tips
Are you considering withdrawing funds from your traditional IRA to pay unexpected medical costs? You may be hesitating because of the 10% penalty imposed on withdrawals made when you’re under age 59½. Since the 10% is calculated on the total you withdraw, the...
by mariettacp | Mar 15, 2014 | Money Tips
The IRS is urging taxpayers to be aware that tax-related scams using the IRS’s name become more frequent at this time of year. Here are the suggestions the IRS offers that can help protect against scams and identity theft. * Don’t carry your social...
