Taxes From A To Z (2015): Z Is For Zloty

It’s my annual “Taxes from A to Z” series! Next up: Z Is for Zloty U.S. resident taxpayers must pay their taxes in U.S. dollars. Of course. But what about international taxpayers? International taxpayers without a U.S. bank account are allowed to transfer funds from their foreign bank account directly to the Internal Revenue Service (IRS) … Read more

Taxes From A To Z (2015): W Is For Withholding From Wages

It’s my annual “Taxes from A to Z” series! Next up: W Is For Withholding On Wages Chances are, the first paycheck you ever received came as a shock. It was almost certainly less than you expected. The reason for the discrepancy? Taxes. If you are an employee, your employer withholds income tax from your … Read more

Taxes From A To Z (2015): V Is For Veterans’ Benefits

It’s my annual “Taxes from A to Z” series! Next up: V is for Veterans’ Benefits Under the Tax Code, income is reportable and taxable unless otherwise excluded. Fortunately, when it comes to veterans’ benefits, those paid under any law, regulation, or administrative practice administered by the Department of Veterans Affairs (VA) are completely excludable. … Read more

Taxes From A To Z (2015): U Is For Underpayment Penalty

It’s my annual “Taxes from A to Z” series! Next up: U is for Underpayment Penalty If you owe tax on Tax Day, it may not simply be enough to write a check for the tax due. Depending on how much tax you owe – and the circumstances – you may also have to pay … Read more

Taxes From A To Z (2015): S Is For Scams

It’s my annual “Taxes from A to Z” series! Next up: S Is For Scams There have always been folks willing to take advantage of honest taxpayers but recently it feels like scams are all the rage. The Internal Revenue Service (IRS) is working to educate taxpayers about scams with the hope that the more … Read more

Taxes From A To Z (2015): R Is For Rollover

It’s my annual “Taxes from A to Z” series! Next up: R Is For Rollover Building your nest egg for retirement? Most of us simply make contributions and leave it alone. Occasionally, however, there might be a situation when you need or want to move funds from one plan to another. There’s just one problem: … Read more

Taxes From A To Z (2015): Q Is For Qualifying Widow(er) With Dependent Child

It’s my annual “Taxes from A to Z” series! Next up: Q Is For Qualifying Widow(er) With Dependent Child After the death of a spouse, figuring out your taxes is probably the last thing on your mind. Uncle Sam gives you something of a tax break by allowing you to continue to file as married … Read more

Taxes From A To Z (2015): P Is For Personal Property Taxes

It’s my annual “Taxes from A to Z” series! Next up: P Is For Personal Property Taxes Most taxpayers are used to the idea that they can deduct taxes paid on real property. Real property generally includes land and improvements. Most commonly, those improvements are buildings. You most likely identify the “improvement” on your land … Read more

Taxes From A To Z (2015): O Is For OID

It’s my annual “Taxes from A to Z” series! Next up: O is for OID OID stands for Original Issue Discount. You’ll likely hear this concept discussed when referring to bonds and you might have even received a form 1099-OID. There are a lot of sophisticated OID concepts but we’re going to focus on the … Read more