Roth IRA Archives - FREE Yourself from IRS Problems

Shamsey Oloko January 17, 2023 Income, Income Tax, Income Tax Return, IRA, Retirement Accounts, Roth IRA 0

If You Are Age 72 or Over, You Must Make Required Minimum Distributions from IRAs and Retirement Plans to Avoid Penalties

If you are a taxpayer, you are required to take annual Required Minimum Distributions (RMDs) from your IRA and retirement plans when you reach age 72. Every year as the new year begins, the IRS reminds us that if you…

Shamsey Oloko August 22, 2016 Business Expenses, Deductions, Expenses Deductions, Income, Investment-Related Deductions, IRA, Medical Expenses, Roth IRA, Roth Thrift Savings Plan 0

Top Tax Deductions for Seniors and Retirees

Here are some of the most important tax deductions for seniors and retirees. Higher standard deduction. Any taxpayer that is 65 and older by December 31 of the tax year is entitled to a higher standard deduction. Taxpayers may take…

Shamsey Oloko June 22, 2016 Capital Gains, Capital Losses, Death Benefits, Expenses Deductions, Filing Status, Gains & Losses, Home-Related Deductions, Income Exclusions, Income Tax, Interest Income, IRA, Medical Expenses, New York Estate Tax, Roth IRA, Roth Thrift Savings Plan, Social Security Benefits, Standard Deductions, Tax Credit, Taxable Gain 0

Tax Issues for new Widows and Widowers

It’s a traumatic experience to lose a spouse. While there is little that can be done to replace this physical and emotional loss, the Tax Code provides some relief for newly widowed taxpayers. Here is a summary of some of…