The Daily Deduction

Weekly Tax Inventory - 02-07-2014

Individual Income Taxes May Soon Generate Half of All Federal Tax Revenue – Forbes

Over the next decade, the individual income tax will be the fastest growing source of federal revenue, according to new estimates by the Congressional Budget Office. In fact, the individual income tax will pretty much be the only revenue source likely to increase significantly over the next decade.  As a result, it will generate more than half of all federal revenue for the first time since the turn of the 21st century.

Retirees' Untapped Tax-Deferred Savings Face Big Hit – The Wall Street Journal

A big IRA or 401(k) account can be a burden, not a blessing--at least when it comes to taxes. Many boomers in or near retirement have a big share of their wealth tied up in tax-deferred accounts that will cost them extra in taxes if they fail to plan carefully. Advisers see a golden opportunity for older clients to save taxes and build wealth by tapping their tax-deferred accounts instead of letting the money sit.

Of taxes, Money May and killer instinct: Manny Pacquiao comes clean – Yahoo! Sports

For some reason, things get attributed to Manny Pacquiao that either aren't at all what he said or are a distortion of his views. Prior to his fight with Brandon Rios in Macau, it was noted that he no longer wanted to fight in the U.S. because of the high taxes assessed on foreign athletes.

Fudging Your Taxes? Prosecutions Are Way Up, But The Big Push Now Is Against Identity Thieves – Forbes.com

If you’re starting to think about tax filing season, you’re not alone. As always occurs in the run-up to April 15th, the government wants to remind you to fly right. You must sign tax returns under penalties of perjury. The numbers you report must be true—they’re not an opening offer.

Understanding Taxes on IRA Withdrawals – MarketWatch

If you have several traditional IRAs, you must add them together and treat them as one account to determine the tax consequences of taking withdrawals from any of them. Don’t forget to add any rollover IRAs set up to receive distributions from former employers’ retirement plans into the mix. Ditto if you have a SEP-IRA or SIMPLE-IRA set up in your name.

Posted To: The Daily Deduction By: Lauryn on 2/7/2014 11:32:48 AM
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