Will you be among the thousands of taxpayers who get a big tax refund this year? While most Americans happily accept their tax refund checks, smart taxpayers understand that refunds actually cost them money. Here’s why:
* The government pays no interest on refunds. Kept in your hands, those dollars…
If you’re not sure what the “saver’s credit” is, you’re not alone. Members of the Senate Finance Committee believe many people who are eligible to claim the credit are unaware of its existence.
Here’s what you need to know:
*The saver’s credit, also called the “retirement savings contributions credit,” is a…
It happens to butchers, bakers, and candlestick makers. It probably happens in your business, too: A customer doesn’t pay what they owe and you end up with a bad debt. Can you take a tax deduction?
The answer depends on how you account for income on your tax return. If…
The amount you can contribute to your retirement plan increases in 2013. The 401(k) maximum salary deferral increases from the 2012 limit of $17,000 to $17,500. The catch-up limit for those 50 and older remains unchanged at $5,500. The maximum deferral for a SIMPLE increases from the 2012 limit…