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Welcome
the tax guy
Bill Bischoff
Closing Down the Estate; Being named the executor of someone's will is tricky tax business.
SmartMoney.comWhen a loved one dies, somebody must step up to the plate to handle all the resulting tax issues. This person may be identified in the decedent's will as executor of the estate. If there isn't a will, however, the probate court will appoint ...
IRAs Are Better Than Ever as Retirement Tool; More folks are eligible -- and the contribution limits are higher. So get on this.
SmartMoney.comOnly a few years ago, IRA contributions were limited to a measly $2,000. Plus, strict income limits prevented many folks from being able to contribute to deductible or Roth IRAs at all.
Inheriting Uncle Henry's IRA; Tax rules are tricky when inheriting an IRA from someone other than your spouse.
SmartMoney.comIn a previous article, I explained how the IRA minimum withdrawal rules affect spouses who inherit their husband's or wife's IRA. But what if you inherit your Uncle Henry's IRA, or any IRA that belonged to someone other than your spouse? ...
The Tax Perks of Charitable Giving; Donating cash or other goods to charity can save you a bundle on your taxes.
SmartMoney.comCharitable giving is good for more than just your soul. Play your cards right and it can be good for your wallet, too. Here's a crib sheet on how to make sure your good deeds get properly rewarded.
Key Tax Issues to Watch Post-Election; Bischoff: These eight tax matters could see big changes -- depending on who wins the White House.
SmartMoney.comWhatever the outcome of the presidential election on Nov. 6, the next Congress and president will face a pile of unfinished tax business. Some of this stuff has been lying around since 2010, and dealing with it can't be postponed much ...
Why Your Kids Need a Roth IRA; Bischoff: Making modest contributions during a child's teenage years can add up to a good amount by retirement. It's also tax smart.
SmartMoney.comWorking at a tender age is an American tradition. I'm sure lots of kids did just that over the summer, and some are still be doing it after school and over the weekends. What isn't so traditional is the notion of kids contributing to their ...
The Moving Van vs. the Tax Man; Bischoff: The IRS allows taxpayers to write off the cost of moving -- but there are a few catches.
SmartMoney.comIf you move for work-related reasons, you may be allowed to deduct some expenses on page 1 of Form 1040. Page 1 treatment is good, because you don't have to itemize to reap a tax-saving benefit. Here's what you need to know.
Deducting Job-Hunting Expenses; Bischoff: Your write-off may be modest, but it helps.
SmartMoney.comIn this stumbling economy, lots of folks are still looking for work, and they may incur some extra expenses while doing so. In this article, I'll explain when you can claim federal income-tax deductions for job-hunting expenses and when you ...
A Taxmageddon for Real-Estate Investors; Bischoff: If you flip or own rental properties, you may have higher taxes in 2013.
SmartMoney.comThe Bush tax cuts are set to expire at year-end. Plus, the new 3.8% Medicare surtax on investment income collected by higher-income individuals is scheduled to take effect next year. The combined tax-hiking impact of these two events has ...
On Taxes: Romney vs. Obama; Bischoff: We break down how the two presidential candidates' plans would affect individual taxpayers.
SmartMoney.comIt's officially election season. This week the Democrats hold their convention in Charlotte, N.C., following last week's Republican convention in Tampa, Fla. Not surprisingly, the two parties are proposing starkly different tax plans for ...
Roth IRA Conversions: Still Tax-Smart; Bischoff: Conditions remain favorable for conversions -- at least until the end of this year.
SmartMoney.comIn 2010, I wrote that the conditions were ideal for converting traditional IRAs into Roth accounts. Previous restrictions on conversions had been removed, and income triggered by conversions was taxed at relatively low rates. Today, we are ...
Last Chance to Pay 0% Tax Rate on Gains; Bischoff: Many taxpayers effectively pay zero taxes on long-term gains and dividends -- a break set to expire this year.
SmartMoney.comThanks to the so-called Bush tax cuts, lots of folks qualify for a 0% federal income tax rate on long-term capital gains and dividends. You read that right: 0%. Even if your income is too high for you to benefit, you may have children, ...
Rolling Over Uncle Henry's 401(k); Bischoff: New rules allow non-spousal inheritors of retirement accounts to defer taxes. Here's how to do it.
SmartMoney.comJust a few years ago, many non-spousal inheritors had no tax-deferral option when they inherited all or part of a deceased individual's qualified retirement plan account. By qualified retirement plan, I mean 401(k) plans, profit-sharing ...
'Taxmageddon' May Wallop Home Sellers; Bischoff: The tax bill from selling a home could jump more than 50% next year for some sellers.
SmartMoney.comThe so-called Bush tax cuts will automatically expire at the end of the year unless Congress takes action. Plus, the new 3.8% Medicare surtax on investment income collected by higher-income individuals is scheduled to take effect next year. ...
How Wiping Out Debt Affects Your Taxes; Bischoff: Some negative tax consequences may hit you when you're already down.
SmartMoney.comIn this still-lousy economy, debts can pile up beyond one's ability to repay. The only good news is that lenders are sometimes willing to forgive debts that are owed by especially beleaguered folks. While this can help you survive ...
When IRA Rollovers Go Wrong; Bischoff: Rolling all of your 401(k) into an IRA is not always a tax-smart move.
SmartMoney.comIn most cases, the strategy of rolling over a company retirement plan payout into an IRA is a good idea. That way, you can continue to defer taxes on the rolled-over balance -- as well as future income earned on that balance -- for as long ...
Tax Rules for Deducting Donations; Bischoff: The IRS can deny deductions -- and even impose a steep fine -- if you don't follow the rules.
SmartMoney.comIf you make a donation worth $250 or more to an IRS-approved charity, you must receive a qualified "contemporaneous written acknowledgement" from the charity to claim a charitable deduction. If you don't get a qualified acknowledgement, you ...
New Investment Tax Slated for 2013; Bischoff: The recent Supreme Court health-care ruling paves the way for a 3.8% tax on investment income.
SmartMoney.comThrough the end of 2012, the Bush tax cuts are locked in. But unless Congress takes action and the president approves (whoever he happens to be at the time) those breaks will expire, and individual federal income tax rates on investment ...
What ObamaCare Means for Your Taxes; Bischoff: The sweeping health-care law, upheld today by the Supreme Court, includes changes for next year.
SmartMoney.comPresident Obama's Affordable Care Act, which was deemed constitutional Thursday by the Supreme Court, includes some major tax changes that will take effect next year. Here's a refresher course on how sweeping health-care reform will impact ...
The 5 Best Tax Changes We Won't See; Bischoff: How Congress could make the tax code simpler and fairer with a handful of easy tweaks.
SmartMoney.comOur 4,000-page (and growing) Internal Revenue Code is a horrible mess that needs to be cleaned up. Here are five changes I believe would be huge steps in the right direction -- and the reasons why I doubt we will see them anytime soon.
Making a Tax-Smart Family Loan; Bischoff: Here's how to give a family member a great loan term while still keeping the IRS off your back.
SmartMoney.comIn today's tough economy, you may decide to loan money to a cash-strapped family member. While this may be a noble cause, please take my advice and make the loan the tax-smart way. Here's what you need to know.
3 Tax-Smart Ways to Pay Grandkid's Tuition; Bischoff: Here are three suggestions for helping out in a tax-friendly way.
SmartMoney.comIf you want to help with a grandchild's college expenses, that's very nice of you. But please do it in a tax-friendly fashion. Here are three suggestions.
Preparing for 'Taxmageddon'; Bischoff: Beneficial estate and gift tax provisions are set to expire at the end of this year. Here's what to expect.
SmartMoney.comThe 2010 Bush tax cut extension legislation also established a favorable, but temporary, federal estate and gift tax regime for 2011 and 2012. But we will go back to the bad old days on Jan. 1, 2013, unless Congress takes action and the ...
What End of Bush Tax Cuts Would Mean for You; Bischoff: Unless Congress takes action, it's not just the "rich" who will see higher tax bills.
SmartMoney.comThe so-called Bush tax cuts are scheduled to expire at the end of this year. While you may already know that, you may not fully understand what's in store for you and your family. Here's what to expect.
Skip the Dorm, Buy Your Kid a Condo; Bischoff: Low real-estate prices -- and sweet tax breaks -- may make buying a condo preferable to student housing.
SmartMoney.comPrices in many real-estate markets may be close to bottoming out. We hope. So the old adage about buying low may be something to consider if you have a kid who will soon be heading off to college. The idea is to buy a condo for the kid to ...
How to Use the IRS as a Credit Card; Bischoff: You may be eligible for a loan from the taxman -- and at a decent rate. Here's what to consider.
SmartMoney.comSay your overall cash-flow situation is good, but you need to cover a short-term deficit over the next few months. In today's still-strict credit environment, taking out a loan may not be much fun. It may not even be possible -- unless you ...
How to Fix a Botched Tax Return; Bischoff: With today's ultra-complex rules, anyone can make a mistake. Here's how to fix it.
SmartMoney.comIt's a common occurrence during tax filing season to discover that you botched a previously filed return. Say you figured out that you missed some tax-saving deductions and credits on your 2010 Form 1040, which you filed about a year ago. ...
How the IRS Targets 'Hobbyists'; Bischoff: If the IRS determines your side business is just a hobby, you can't deduct losses. Here's what you need to know.
SmartMoney.comIf the expenses of your sideline business exceed its revenues, it's reasonable to think you can deduct the loss on your return. Think again. The Internal Revenue Service may claim your purported business is a hobby that never had a chance ...
Mega Millionaires' Big Tax Bills; Bischoff: Winners of the recent Mega Millions jackpot face some serious tax hits. Here's the breakdown.
SmartMoney.comYou hear it all the time: the rich don't pay their fair share in taxes. Baloney! For proof, consider the daunting tax bills that will be faced by winners of the recent Mega Millions jackpot. Here's the true story.
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