| Roth IRA Contributions and Distributions |
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| A Roth IRA is an individual retirement plan set up solely for the benefit of a taxpayer or his beneficiaries. The main difference between a Roth IRA and a traditional IRA is that contributions to a Roth IRA are not deductible as they would be if made into a traditional IRA. More... |
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| Bartering |
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| The fair market value of the value of the goods and services exchanged must be included in the gross income of both parties. More... |
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| Overview of Section 401k Plans |
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| A section 401(k) plan is a type of deferred compensation plan that permits an employee to have his employer set aside a portion of his or her wages in the plan on a pre-tax basis. Upon making an election to participate in a 401(k) plan, the contributed wages are not subject to income tax withholding at the time of the deferral. Thus, they are not taxable wages at that time. However, they are subject to Social Security, Medicare, and federal unemployment taxes. More... |
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| Installment Agreements |
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| The Internal Revenue Service wants you to pay as much of your federal income tax liability as soon as possible. In order to implement this goal, the IRS allows taxpayers who cannot pay the full amount owed on April 15th to apply for an installment agreement, under which the taxpayer will make equal monthly payments until the full amount of the debt to the government is eliminated. More... |
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| Identity Theft Scheme Against Non-Resident Aliens |
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| Identity theft is big news these days, and we all know not to give our social security or credit card numbers over the telephone to strangers. But just as we are beginning to think that we are safe from the identity scammers, the Internal Revenue Service has discovered a new scheme, which is aimed at non-resident aliens who have income from a United States source. This scheme uses fake IRS correspondence and an altered IRS form to trick the foreign person into releasing personal and financial data, and the thieves use this information to steal the individual's identity and financial assets. More... |
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