How Many Years of Tax Records Should I Keep?
First…Why Keep Records Of Previous Tax Records? It is important to keep copies of filed tax returns and tax documents. These records help in preparing future tax returns and amending prior returns. Generally, you must keep tax records until the period of limitations for that tax return runs out. The period of limitations is the […]
Kansas Axed Social Security Taxes In 2024. Here’s What You Need To Know
Governor Laura Kelly’s administration removed social security taxes in June 2024: here’s what residents need to know moving forward.
Tax Changes In Kansas To Know About (2024)
Here are the 2024 tax changes coming to Kansas residents and how you can effectively prepare for your Kansas tax return and federal return.
What Are The Penalties For Early Distributions On An IRA?
Early distribution are amounts withdrawn from IRA or annuity before taxpayer reaches age 59 ½. The additional tax is 10% on that amount distributed and must be included in gross income. This tax is in addition to any regular income tax. However, certain exemptions to this penalty may apply. -Example math: Let’s say you want to […]
When Do You Have To Start Taking Money Out Of Your IRA?
Individuals have many options when it comes to taking money out of their IRAs. For this question specifically, we’re looking at the deadline to begin this process. We’ll talk about these distributions and your Required Minimum Distributions (RMDs). About IRA Distributions Taxpayers are required to start taking RMDs by April 1st of the calendar year […]
How Much Should You Withhold From Your Wages
This question often goes ignored when it comes to filing your yearly tax return. Our tax professionals outline your steps here. Choosing how much to withhold from your wages is a key decision all taxpayers face. Often, we find people ignore this choice and set themselves up for headaches in the future. Market Tax Services […]
How Big Of A Roth Conversion Should I Do?
For many Americans, there comes a time when a Roth conversion is the right move to make. Transferring assets from one retirement account to a Roth IRA can be a decision filled with questions – like how big your Roth conversion should be. We’ll cover that in this article. There are no limits on the […]
Unemployment Fraud
We have been receiving an increased number of phone calls regarding how to tackle identity theft with fraudulent unemployment claims. As tax season starts to get into full swing, we expect more and more people to realize that fraudulent unemployment claims have been made in their name.