tax

Social Security Benefits - WorthTax

Minimizing Tax on Social Security Benefits

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Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For … Read More

tax records - Worthtax

How Long Should You Keep Old Tax Records?

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This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals should hold on to their income tax records for at least 3 years after the … Read More

spousal IRA Worth Tax

Don’t Miss the Opportunity for a Spousal IRA

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One frequently overlooked tax benefit is the spousal IRA. Generally, IRA contributions are only allowed for taxpayers who have compensation (the term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment). Spousal IRAs are the exception to that rule and allow a non-working or low-earning spouse to contribute to his or her own IRA, otherwise known as a spousal IRA, as long as the spouse has adequate compensation.

living trust

Is a Living Trust Appropriate for You?

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You have probably heard others discussing living trusts but may not understand the reasons for them or whether you should have one. Living trusts are an estate-planning tool, and there is not a one-type-fits-all living trust. … Read More

November Tax Due Dates?

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Now that the ghouls and goblins are soon to leave us, the November tax due dates are here. Read below for what a person’s or business’ tax responsibility may be for the month of November. Hopefully you will have something to be thankful for by the end of the month. If you are not ready for your tax deadlines,

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Stock Options and the 101% "Tax"

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Do Stock Options Make You Feel Taxed?

Did you ever get the feeling you paid too much in taxes? Probably every paycheck, right? Did you exercise stock options or restricted stock last year? Exercise meaning, you bought the issuer’s common stock at the grant price or the price set by the option. This purchase was regardless of the stock’s price at the time you purchased the option. If so, then you should read the rest of this blog post.

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