Many people are aware that if they begin receiving social security retirement benefits prior to reaching their full benefit retirement age, their benefits will be reduced when their income exceeds a certain threshold ($15,120 in 2013). However, they may not know those lost benefits are partially restored upon reaching full retirement age. This is known [...]
For married taxpayers, the implications of filing a joint or separate return extend beyond tax rates and the standard deduction. Like many aspects of income taxation, there is usually more than one approach to finding the optimal solution. We have listed some of the more common implications of filing either a joint or separate return. [...]
If you did some gambling this year, you should be aware of the applicable federal income tax rules. You generally must report 100% of your gross gambling winnings as income. They are subject to your regular federal income tax rate, which can be as high as 35% for 2010. You can write off your wagering [...]