When you employ someone to work in your home, such as a nanny or a housekeeper, you are required to pay Social Security and Medicare taxes on their wages.
Congress and the IRS decided that you cannot leave your pre-tax retirement savings growing forever tax-deferred, so they chose 70½ for you to begin mandatory withdrawals.
An ESA is another savings program for educational expenses which can be set up for kids under 18 years of age. The annual contribution limit is $2,000 per child.
Listeners tell me they’re not worried, they’ll have their Social Security, but Social Security was never intended to be your only source of income in retirement.
Nobody wants to think about taxes in the middle of summer but it is a good time to put taxes on the radar screen.
A man who spent two-and-a-half years in prison before he was given $104 million by the IRS for whistle blowing was arrested at a sobriety checkpoint Friday night in Portsmouth, New Hampshire.
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Few serious bosses with a clue would do stuff like this these past few years amid all the deprivation of our economy, for fear of looking careless and foolish.
When he referred to those “damn Catholics who are holy on Sunday and holy hell the rest of the week” can you imagine if he referred to those damn Jews…or those damn Muslims? Hell they would have fired and lynched him by now…but “it’s ok”…the Catholics can take it.
RS agents raided Boston’s biggest cab company Friday.