It pays to calculate RMDs (Required Minimum Distributions) as you approach retirement or if you are already retired. You'll avoid tax penalties and preserve more of your retirement savings. Besides ...

Effective tax accounting is a complex and high-stakes function. The accuracy of tax provisions is critical to financial reporting, yet vulnerabilities exist due to the reliance on spreadsheets and the ...

Major life changes can prompt a change in your tax filing status, bracket or available deductions. A tax refund means you’re withholding too much, and a tax bill means you’re not holding enough. The ...

Dear Liz: I have missed three years of required minimum distributions from one of my IRAs although I have not heard from the IRS about this. What do you advise me to do now? Answer: Did you include ...

Effective and marginal tax rates might not be familiar terms. However, they’re essential concepts to understand because they determine how much income you’ll have to fork over to the government every ...

Schedule K-1 details income from pass-through entities for tax reporting. Investors must allocate K-1 income by state to meet nonresident tax obligations. Credits may be available for taxes paid to ...

When you get a bonus — or other supplemental wages such as severance pay, commissions, etc. — your employer must withhold some of the money to send to the IRS for taxes. Your employer may withhold 22 ...