Taxpayers who received large refunds earlier this year may be able to get more of their money included in their paychecks during the rest of 2018 by using the Withholding Calculatoron IRS.gov.
The IRS is coming - eventually - for the money in your 401(K) or Traditional IRA.
As a result, people who think they have $500,000 or $1 million stashed away for retirement will learn they have less than they realized once they start withdrawing the money and have to pay taxes on those withdrawals.
"It's not enough to simply save money and grow an IRA and 401(K)," says Troy Bender, president and CEO of Asset Retention Services Inc.
Many people on low incomes are paying dearly for access to credit.
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While some people in the retirement-planning stages worry about outliving their money, others have a different concern: that their money is outgrowing their investment advisor.
It's not unusual for the size of the client's investment to increase well beyond their advisor's level of experience and knowledge. Higher net-worth individuals often demand more creative, sophisticated planning for their needs than their original advisor is able to provide.
Debt continues to be a crushing burden for many Americans. From credit cards to auto loans, mortgages, student loans and medical bills, a high percentage of the nation's households have one or more of those types of debt.
According to a NerdWallet debt analysis in 2017, the average American household carrying credit card debt owed a balance of $15,654. The average balance for a household with auto loans was $27,669; it was $46,597 for a student loan; and $173,995 for the average remaining on a mortgage.
Sometimes a whole crate of birthday candles might not be enough.
Americans are living longer than ever, with the average life expectancy now rising to about 79 years. Some have referred to this trend as the "longevity revolution," but it's also creating a revolution in the way people think about retirement.
"What worked for retirees a generation ago isn't going to work today," says Jack Teboda, president of Teboda & Associates, a financial services firm.
The Internal Revenue Service today advised taxpayers that in many cases they can continue to deduct interest paid on home equity loans.
Help some of our state's threatened and endangered wildlife by volunteering a contribution to the Non-game Conservation and Wildlife Restoration Cash Fund on your 2017 Colorado state tax return through the voluntary income tax checkoff. Donations made on Line 1 of Colorado tax form 104CH support wildlife rehabilitation and conservation throughout the state.
Most of us get up every day and trade our time for a specific amount of money each month. There are also some of us out there who also work when we have time off like on the weekends or even holidays. Then there are the select few that have passive revenue streams like rentals, a cow herd, or other investments that help them create wealth to try and get ahead or just help provide for the family.
You get a call from someone claiming to be a federal Internal Revenue Service (IRS) agent and they are seeking immediate payment of taxes they claim you owe. The phony agents use intimidation tactics such as threats of arrest, liens on property, deportation, or driver's license revocation to scare consumers into making payments or disclosing personal information. The imposters often have just enough personal information to convince a taxpayer they are legitimate.
