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Taxes Category

  • Examining the Taxpaying Population: Where Do You Fit In?

      Every quarter, the Statistics of Income Division of the Internal Revenue Service (IRS) publishes financial statistics obtained from tax and information returns that have been filed with the federal government. Recently published reports reflect data gleaned from 2014 individual federal income tax returns. These reports offer a snapshot of how the U.S. population breaks […]

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  • 401(k) Withdrawals: Beware the Penalty Tax

    401(k) Withdrawals: Beware the Penalty Tax You’ve probably heard that if you withdraw taxable amounts from your 401(k) or 403(b) plan before age 59½, you may be socked with a 10% early distribution penalty tax on top of the federal income taxes you’ll be required to pay. But did you know that the Internal Revenue […]

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  • Tax Benefits of Homeownership

    Tax Benefits of Homeownership Buying a home can be a major expenditure. Fortunately, federal tax benefits are available to make homeownership more affordable and less expensive. There may also be tax benefits under state law. Mortgage interest deduction One of the most important tax benefits of owning a home is that you may be able […]

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  • 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. […]

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  • Planning to Give – Shobe Insights: Q4 2016

    With the holiday season approaching many want to give back to their favorite charities or causes. A donor-advised fund (DAF) offers an easy way to make significant charitable gifts over a long period of time. A DAF is similar to a private foundation, but requires less money, time, legal assistance, and administration to establish and maintain. A […]

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  • 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 […]

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