Taking money out early from your retirement plan can cost you an extra 10 percent in taxes. Here are five things you should know about early withdrawals from retirement plans. 1. An early withdrawal normally means taking money from your plan, such as a 401(k), before you reach age 59½. 2. You must report the amount you [...]
Archive for category Medical
If you paid for medical or dental expenses in 2012, you may be able to get a tax deduction for costs not covered by insurance. The IRS wants you to know these seven facts about claiming the medical and dental expense deduction. 1. You must itemize. You can only claim medical and dental expenses for costs [...]
WASHINGTON — The Internal Revenue Service today issued the 2013 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on Jan. 1, 2013, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 56.5 [...]
Taxpayers may sometimes find themselves in situations when they need to withdraw money from their retirement plan early. What they may not realize is that that transaction may mean a tax impact when they file their return. Here are 10 facts about the tax implications of an early distribution from your retirement plan. 1. Payments [...]
If you, your spouse or dependents had significant medical or dental costs in 2011, you may be able to deduct those expenses when you file your tax return. Here are eight things you need to know about medical and dental expenses and other benefits. 1. You must itemize You deduct qualifying medical and dental expenses [...]
WASHINGTON — The Internal Revenue Service today announced an increase in the optional standard mileage rates for the final six months of 2011. Taxpayers may use the optional standard rates to calculate the deductible costs of operating an automobile for business and other purposes. The rate will increase to 55.5 cents a mile for all [...]
Tax Reminders
Feb 23
Filing deadlines. The filing deadline for 2010 tax returns for individuals and partnerships is April 18, 2011. The IRS extended the deadline because Washington, D.C. observes the Emancipation Day holiday on April 15. The deadline for calendar-year corporations to file 2010 returns is March 15, 2011. Extension requests can be filed, giving individuals and corporations [...]
