Harmoney Advantage Partner Network

PENALTIES FOR LATE WITHDRAWALS FROM TRADITIONAL IRAs

Do you have funds stashed in traditional Individual Retirement Accounts and are older than 70? Then you need to familiarize yourself with the rules for mandatory withdrawals from traditional Individual Retirement Accounts. Every year, many of your fellow seniors needlessly incur hefty penalties or overpay their taxes because they misunderstand the harsh rules that kick in when they have to begin removing money and fail to do so.

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TAX RULES DIFFER FOR FOREIGN GAMBLERS

Q. I am a Canadian citizen and live in our capital, Ottawa. Last month, I went on my first visit to the United States, a ten-day stay, part of which was in Atlantic City, where I won $20,000 at a casino. To my dismay, I left the casino without all of my winnings, the $20,000 having shrunk to $14,000 after the casino withheld $6,000 for U.S. income taxes.

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HOBBIES MAY BE SERIOUS BUSINESS

A couple I’ll call Ceil and Carl asked for my advice. Carl works as a sales coordinator and hopes to launch a Web design business. Ceil teaches science courses at high schools during the day. To supplement their income, she writes articles for newspapers, magazines and Web sites at night and on weekends. Ceil describes her writing as a "small hobby business that brings in only pocket money at present," though she hopes to step up the pace of activity and become a full-time writer within several years.

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AS CERTAIN AS DEATH—QUOTATIONS ABOUT TAXES

Except for the deadline disadvantaged, most of us already have filled out and submitted our 1040 forms, an annual chore that is one of the few constants in our continually changing society. In recognition of that shared ordeal, here are some quotations about America's tax system—whether negative (almost invariably) or positive (seldom). The quotes bring to vibrant life a dry subject that has been the source of fierce political contention.

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What is electronic filing (e-filing) and why is it worth trying?

With electronic filing, you transmit your return to the IRS by computer instead of mailing it by U.S. mail. The primary advantage is that you will receive any refund in approximately two weeks instead of the usual ten weeks. Another advantage is that there are fewer IRS errors because human data entry is eliminated.

I use a home office. Should I take the deduction?

Home office deductions can save you money on your taxes, but you can enjoy these deductions only if you operate a legitimate business from your home and the space is used strictly for business purposes. A home office deduction frequently attracts the attention of IRS auditors, so be sure your office space qualifies before you take the deduction.

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