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Avoid IRS Penalty For Underpayment Of Taxes

With nearly 10 million U.S. taxpayers facing a penalty for underpayment of estimated tax last year, the Internal Revenue Service urges taxpayers to plan ahead, understand their options and avoid the penalty when they file in early 2019. To help taxpayers avoid this common situation, the IRS is focusing four news releases this week on […]

What are the new rules for 401(k) hardship withdrawals?

The Bipartisan Budget Act passed in early 2018 relaxed some of the rules governing hardship withdrawals from 401(k)s and similar plans. Not all plans offer hardship withdrawals, but the ones that do will be required to comply for plan years beginning in 2019. In order to take a hardship withdrawal from a 401(k) or similar […]

Want a Solid Financial Plan for Retirement? Take Social Security Out of the Equation

Millions of seniors depend on Social Security to provide a large amount of their retirement income. As such, it’s natural to bank on those benefits when planning for your own retirement. The problem with estimating your benefits, though, is that there are several variables that will determine your ultimate monthly payout. First, there’s the age […]

IRS Penalty Abatement And Reasonable Cause

Being assessed a penalty by the Internal Revenue Service can be an overwhelming situation. Faced with potentially massive penalties a taxpayer’s financial future may seem bleak. Fortunately, there may be relief available. The IRS offers qualified taxpayers something called “penalty abatement.” But, what is and how is it determined? To provide you with some knowledge […]

The History of Recessions in the U.S.

Since 1850, the U.S. has experienced a recession in every decade. That illustrates two points: (1) The current economic expansion has been extraordinary. It recently turned nine years old, making it the second-longest in history and just a year short of the all-time record. (2) Historically, expansions don’t last forever. The last recession ended in […]