By any measure, the tax code is huge. It is over 2,000 pages long, and even longer with footnotes. 1 And almost weekly, the Internal Revenue Service publishes a 10- to 50-page bulletin about various aspects of the tax code. 2 Fortunately, it’s not necessary to wade...
While Americans are entitled to take every legitimate deduction to manage their taxes, the Internal Revenue Service (IRS) places limits on your creativity. Here are some examples of deductions from the IRS that were permitted and some that were, well, too creative.¹...
Stocks advanced last week as market leadership shifted amid fresh inflation data and quarterly corporate reports starting to roll in. The Standard & Poor’s 500 Index advanced 0.87 percent, while the Dow Jones Industrial Average picked up 1.59 percent. The...
The reason withdrawals from a Traditional Individual Retirement Account (IRA) prior to age 59½ are generally subject to a 10% tax penalty is that policymakers wanted to create a disincentive to use these savings for anything other than retirement.1 Yet, policymakers...
Suppose your financial objectives include income and leaving a legacy for your heirs. In that case, it’s essential to work with a financial professional familiar with your many options, including older tools. Grantor retained annuity trusts (GRATs) gained...
