The Basics of Individual Retirement Accounts and Your Taxes

The Basics of Individual Retirement Accounts and Your Taxes

Although the calendar says 2011 already, you can still make a 2010 IRA contribution. In fact, you can make a contribution until April 15, 2011. Furthermore, some taxpayers are eligible to deduct their IRA contributions, thereby lowering their taxes for a year long since over. Crazy? Not in the wonderful world of arcane tax rules. Here’s an overview of how IRAs affect your taxes and vice-versa. Full story

America’s Most Bizarre Taxes

America’s Most Bizarre Taxes

Ask anybody about taxes, and you’re sure to get an earful. Some think we are taxed too much, while others believe we are not taxed enough. The one thing that is safe to assume, is that there are a number of taxes in America (typically unique to just one State) that tend to be on the weirder side. From pets to bagels, to candy to crack, here are America’s most bizarre taxes. Full story

What is a Schedule K-1 Form?

What is a Schedule K-1 Form?

If you are an owner of a partnership, LLC, S-corp, or other entity that passes through taxes to its owners, in most cases you will receive a K-1 form each year. The K-1 is prepared by the entity to distribute to owners/shareholders to outline their portion of the income, loss, and deductions. Full story