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How All 50 States Tax Retirees

How All 50 States Tax Retirees

Alabama taxes A new law effective last year makes the first $6,000 or distributions from retirement plans (like IRAs and 401(k)s tax-exempt for retirees 65 and older in Alabama.  Income Tax on Taxable Income: Low of 2% (on up to $500 for single filers and $1,000...
5 tax moves to make this August

5 tax moves to make this August

This month is a good time to make some tax moves that could save you some (or more) dollars and/or keep you out of tax trouble. Here are five to consider. 1. File your 2022 return by Aug. 15.OK, this applies only to a few, relatively speaking, taxpayers. But Tax Day,...
TAX PENALTY-AFTER EXTENSION

TAX PENALTY-AFTER EXTENSION

Interest Interest accrues on your unpaid balance and compounds daily from April 18 (which was the tax deadline for most people) until you pay the balance in full. Interest rates on underpayments of tax are set each quarter. For non-corporate taxpayers, the rate is...
Family business tax considerations

Family business tax considerations

Some of the world’s largest companies are family owned. Yes, we’re looking at you, Walmart. But the real backbone of every community is its locally owned and operated businesses. Although they are much smaller, these owners face many of the same challenges...