| Overly Aggressive Tax Planning Strategies |
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| The Internal Revenue Service enforces existing tax laws against not only listed tax shelter transactions but also against all tax planning strategies they consider overly aggressive. More... |
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| IRA Withdrawals Used for Higher Education Costs |
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| Congress has passed a law permitting taxpayers to make withdrawals from their individual retirement accounts (IRA) to pay qualified higher education expenses for themselves, spouses, children, or grandchildren to a qualified educational institution. A taxpayer may also make a withdrawal from a Roth IRA to pay qualified educational expenses. More... |
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| What to Do If You Have Not Received a Form W-2 |
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| You are familiar enough with the tax laws to know that you should receive a "Wage and Tax Statement" (also known as a Form W-2), from every one of the employers that you worked for during the year. You need it to prepare your federal, state, and local income tax returns because it contains a summary of your taxable and non-taxable wages along with all the taxes, both income and social security, that have been withheld. More... |
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| Payroll Deduction IRAs |
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| One of the simplest retirement arrangements that a business can set up for its employees is a payroll deduction IRA. Under this type of plan, an employee sets up either a traditional or Roth IRA with a financial institution. The employee authorizes a payroll deduction for the IRA, and the employer's only obligation is to transmit the authorized deduction to that institution. Generally, an employer who offers a payroll deduction IRA to any employee should offer it to all employees. More... |
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| Tax-Exempt Status of Labor, Agricultural, and Horticultural Organizations |
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| Labor, agricultural, and horticultural organizations meeting certain requirements may be eligible for tax-exempt status under Internal Revenue Code Section 501(c)(5). However, even if a group of this type is entitled to exempt status, contributions made to it are not deductible as charitable donations on the donor's federal income tax return unless the payments are ordinary and necessary expenses in the conduct of the donor's trade or business. More... |
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