Q: I have several IRAs and just turned 70, so I must start taking withdrawals next year. Do I have to take money out of each IRA? A.S., Yardley, Pa.
Small Business Tax
Section 179 vehicles should be a key part of your small business tax deduction strategies. Can Section 179 property fit in with your business tax strategies?
Let Business Management Daily help you get each and every rental property depreciation credit and business tax deduction you’re entitled to.
When switching business insurers, don't just weigh coverage and cost. Also check out the insurers' claims-filing procedures.
Q: My wife has taught in public schools for 30 years and participated in a 403(b) plan the entire time. Now she's thinking about opting for early retirement. Does she need to wait until she retires to roll over that money into an IRA? C.T., Sacramento, Calif.
Q: I am selling a vacation home. My daughter owns a lot where I can build a new house. Can I roll over the profit from the old home into the new home tax-free? R.C., Dunwoody, Calif.
Q: I still do some work as a consultant, but I must start taking distributions from my IRA before April 1 of next year. If I convert to a Roth IRA this year, can I avoid taking the distribution (and the resulting tax)? R.A., Duluth, Minn.
Q: We took out a $320,000 mortgage to buy our home several years ago. We recently used inheritance money to pay off the $220,000 balance on the mortgage. Our house is now worth around $700,000. If we take out a new mortgage for $400,000, can we deduct all of the mortgage interest we'd pay? L.M.S., Montvale, N.J.
The Senate approved a long-stalled bill on May 11 that would end a trade dispute with Europe and shower U.S. corporations with several new tax breaks, including reduced income taxes for manufacturers.
Taxpayers are receiving better and faster service at IRS offices around the country, according to a study by the Treasury Department's inspector general.
IRS bigwigs are predicting increased audit activity of employer retirement plans.