class="archive category category-tax category-18 nojs">

Taxes Category

  • Pretax, Roth, or After-Tax Contributions: Which Should You Choose?

    Pretax, Roth, or After-Tax Contributions: Which Should You Choose? If your employer-sponsored retirement savings plan allows pretax, after-tax, and/or Roth contributions, which should you choose? Pretax: Tax benefits now With pretax contributions, the money is deducted from your paycheck before taxes, which helps reduce your taxable income and the amount of taxes you pay now. […]

    Learn more
  • Substantiating Your Charitable Gifts

    When you claim a federal income tax deduction for charitable contributions, you must substantiate the contributions by maintaining certain records. The records must establish the charity to whom the gift was made, the amount of cash or the type and value of other property donated to charity, whether anything was received in consideration for the […]

    Learn more
  • Do I Have to Pay an Additional Tax on Investment Income?

    You might, depending on a few important factors. A 3.8% net investment income tax is imposed on the unearned income of high-income individuals. The tax is applied to an amount equal to the lesser of: Your net investment income The amount of your modified adjusted gross income (basically, your adjusted gross income increased by an […]

    Learn more
  • How Do I Figure the Tax on The Sale of My Home?

    In general, when you sell your home any amount you receive over your cost basis (what you paid for the home, plus capital improvements, plus the costs of selling the home) is subject to capital gains taxes. However, if you owned and used the home as your principal residence for a total of two out […]

    Learn more