Once tax season is over, you may want to file your most recent records and discard older records to make room for the new ones. According to the IRS, personal tax records should be kept for three years after filing your return or two years after the taxes were paid, whichever is later.* (Different rules apply to business taxes.) It might be helpful to keep your actual tax returns, W-2 forms, and other income statements until you begin receiving Social Security benefits. The rules for tax … [Read more...]
Tax Refund: Spend or Save
About 72% of taxpayers received a refund in 2018 and 2019. Here's how consumers spent the tax refunds they received in 2018 and what they planned to do with their 2019 refunds. Sources: Internal Revenue Service, 2019; National Retail Federation, 2019 (multiple responses allowed) IMPORTANT DISCLOSURES ERB FINANCIAL is an independent contractor who offers Investment Advisory Services & Securities through Excel Securities & Assoc., Inc. … [Read more...]
Due Date for Federal Income Tax Returns and Payments Postponed to July 15
Tax deadline for most individuals: Wednesday, July 15, 2020 Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision. The relief applies automatically to all taxpayers, and … [Read more...]
Tax Preparation Checklist
View or Download the TAX PREPARATION CHECKLIST (PDF form) … [Read more...]
Social Security and Medicare
Full Retirement Age If you were born in 1942 or earlier, you are already eligible for full Social Security benefits. The following chart will guide you in determining your full retirement age... Read More... Social Security & Medicare … [Read more...]
Retirement Income
Social Security retirement benefits are based on the following: Lifetime earnings. Age at time of retirement. Lifetime Earnings Higher lifetime earning result in higher benefits. The highest 35 years are used to calculate average monthly earnings. Each year is indexed for inflation to approximate what earnings for that year would be in today's dollars. Earnings for each year are also capped by the Social Security maximum earnings subject to Social Security tax for that year. … [Read more...]
Rental Income and Expenses
Rental income includes any payment received for the use or occupancy of property. In addition to normal rent payments, the following items are reported as rental income... Read More... Rental Income & Expenses … [Read more...]
Recordkeeping for Tax Purposes
Which records should you keep? You should keep information that you and the IRS need to determine your correct tax. Everyone should keep the following records... Read More... Recordkeeping for Tax Purposes … [Read more...]
Individual Retirement Accounts – Roth IRAs
A Roth IRA is an individual retirement arrangement. It is a personal savings plan that gives you tax advantages for setting aside money for retirement. An account must be designated as a Roth IRA when opened. Read More... IRAs, Roth … [Read more...]
Individual Retirement Accounts – Kinds of IRAs and Prohibited Transactions
You can open different kinds of IRAs with a variety of organizations. You can open an IRA at a bank or other financial institution or with a mutual fund or life insurance company. You can also open an IRA through your stockbroker. Any IRA must meet Internal Revenue Code requirements, which are listed below for various arrangements. Read More... IRAs - Types of … [Read more...]
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