General Tax Information

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At What Age Can I Draw Funds From an IRA Without Paying Taxes or Penalties?

dividual Retirement Accounts, commonly called IRAs, provide favorable tax treatments that allow you to build your savings for retirement faster than with other forms of saving accounts. You may owe taxes and/or penalties when you take money out of an IRA. But any taxes and ...

Am I Exempt From North Carolina Taxes if I Did Not Reside but Only Worked There?

ate income tax laws pose complications for workers who earn income in one state but live in another. In North Carolina, the law requires you to file a tax return if you are making money from a job or property in North Carolina, no matter where you happen to live. However, the ...

How to Amend, Change or Correct a Return You Already Filed

body's perfect, and the Internal Revenue Service understands that applies even when it comes to filing your taxes. Even after you have filed your return, the tax code allows you to amend your return for the current tax year as well as the three prior tax years, whether you ...

Is Annuity Inheritance Taxable?

annuity contract provides a stream of payments in return for one or more premiums that pay for the contract. The contract owner can pay for the annuity with a single lump-sum premium or can build up the annuity’s cash value over a defined period. The tax arising from an ...

Balanced Index Fund Tax Advantages

balanced index fund is an investment fund that tracks a pre-determined set of investments, called an index. In addition to being an index fund, it also combines different types of investments so that it gives a way to balance money into different parts of the market. One example ...

Building Improvements Vs. Leasehold Improvements

en you improve your commercial real estate property, the work you do fits into one of two broad camps. A building improvement is something that you do for your building, and a leasehold improvement is something that you do to your building for a specific tenant's benefit. The ...

How to Calculate SS Taxes After Pretax Deductions

cial Security tax is also called Federal Insurance Contributions Act tax because the FICA mandates its collection. Pretax deductions are employer-sponsored benefits that meet the regulations of the respective Internal Revenue Code. As an employee, your employer is required to ...

Is California Pension Income Taxable Outside California?

iling to file a tax return or pay taxes when they're due can trigger stiff penalties. Unfortunately, variations in tax laws between the states can make it difficult to figure out where you have to file, especially if you receive income from a state you no longer live in. While ...

Can Back Taxes Be Taken Out of a Refund?

t paying your taxes is usually more trouble than it is worth. Back taxes is a slang term for federal, state or local taxes you owe from prior years. The IRS has much more power to collect a debt from you than a normal debt collector does. Even if you file for bankruptcy, only ...

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