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Tax benefits for members of the military
Members of the military benefit from a variety of special tax benefits. These include certain non-taxable allowances, non-taxable combat pay, and a variety of other special tax provisions.
Protect yourself from charity scam
Donating to a charity is a great way to give back, but you should also take simple precautions to protect yourself from potential scams and make sure your donation goes to a worthy cause.
Take tax advantage of a low-income year
You may think tax planning only applies to individuals with the big bucks. Think again, as some tax moves benefit lower-income taxpayers and those who are having a lower-than-normal income year.
Not all interest is deductible for taxes
A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds are used for personal, investment, or business activities.
More than 60% of the world’s biggest companies are concentrated in just 3 countries
Greater China (including Taiwan) surpassed the U.S. for the largest number of Global 500 companies for the first time in fiscal 2018; it widened its lead in 2020, when COVID shut down much of the world
What is a required minimum distribution?
If you turn 72 during the current tax year, you are required to begin taking required minimum distributions (RMDs) from your traditional IRA, 401(k) and SEP IRA accounts. If you became 72 in a prior year, you must withdraw your RMD for this year by December 31. Failing to take a RMD could result in a penalty equal to 50% of the required withdrawal amount.