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Understanding Early Retirement Distributions and Substantially Equal Periodic Payments

Understanding Early Retirement Distributions and Substantially Equal Periodic Payments

If you’ve entered early retirement, drawing from retirement accounts such as IRAs, 401(k)s or 403(b)s may be your best option to maintain a steady income. However, there are tax and penalty considerations to be aware of before making early withdrawals. We’ll present those considerations here, along with a tax planning technique that can minimize early […]

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Employee or Independent Contractor: Determining Worker Status and Taxation Rules

Employee or Independent Contractor: Determining Worker Status and Taxation Rules

As businesses expand their operations and workforce, they may rely on a combination of employees and independent contractors to carry out day-to-day tasks. And depending on how workers are classified, their relationship to the business is treated differently. Taxation is also handled differently, so it’s important for companies to classify their workers appropriately. Unsure of

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Divorce and Taxes: Tax and Alimony Considerations

Divorce and Taxes: Tax and Alimony Considerations

Divorce and Taxes: Alimony and Tax Implications Divorce is a challenge for the vast majority of couples, and it’s made more complex by financial entanglement and the presence of dependents. When a marriage is dissolved, assets must be allocated, finances must be separated, and support payments – either alimony, child support or both – must

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Charitable Contributions: How to Deduct and What Qualifies

Charitable Contributions: How to Deduct and What Qualifies

For frequent donors, charitable contributions can quickly add up to sizable deductions, but the rules can be complex – like most tax rules. There are qualifications to consider – concerning the type of donation and type of receiving organization – as well as giving limits. When itemizing deductions at the end of the tax year,

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Real Estate Professionals: Maximizing Tax Benefits

Real Estate Professionals: Maximizing Tax Benefits

Real Estate Professionals: Qualifying for Passive and Investment Tax Benefits Real estate investment is a popular vehicle for wealth building, but unless a taxpayer qualifies as a “real estate professional,” there are additional tax liabilities to consider. As such, it’s worth it for people working in real estate to determine whether they qualify under the

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Tax Credits Available for Families with Children in Houston

Tax Credits Available for Families with Children in Houston

Tax Credits Available for Families with Children Family matters are also tax matters to a large degree. As soon as dependents are added to the household – normally children – several tax credits may come into play. Together, these credits can significantly reduce a family’s tax burden, but only if they’re leveraged properly. A tax

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