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Do you have to pay taxes on cash value of life insurance?

Similar to retirement accounts, such as 401(k) plans and IRAs, the accumulation of cash value in a whole life insurance policy is tax-deferred. Even thoug...

Jul 09, 2026 • 1 READS

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Does it matter whose name is first on a joint tax return?

When filing jointly does it matter whose name is first on the Tax Return? If you filed jointly last year, it’s best to use that person’s name first each t...

Jul 09, 2026 • 1 READS

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What does it mean when 1099r is listed as unknown?

1099R Taxable amount is listed as ‘Unknown’. What does that mean? If your 1099R Statement Box 2.a for the Taxable Amount is marked as ‘Unknown’; this mean...

Jul 09, 2026 • 1 READS

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What happens to my Social Security benefit if I keep working?

You can get Social Security retirement or survivors benefits and work at the same time. But, if you’re younger than full retirement age, and earn more tha...

Jul 09, 2026 • 1 READS

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How do you find the monthly payment?

To calculate the monthly payment, convert percentages to decimal format, then follow the formula: a: 100,000, the amount of the loan. r: 0.005 (6% annual ...

Jul 09, 2026 • 1 READS

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What tax documents do I need to send my accountant?

You should bring your accountant any documents pertaining to a recent home purchase, proof of paid mortgage or home equity loan interest, or proof of paid...

Jul 09, 2026 • 1 READS

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How much is the penalty for not paying taxes on time?

The penalty for not filing your taxes on time is 5% of your unpaid taxes for each month that the return is late, maxing out at 25%. For every month you fa...

Jul 09, 2026 • 1 READS

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Why do people get ROTH IRAs?

Advantages of a Roth IRA One of the best ways to save for retirement is with a Roth IRA. These tax-advantaged accounts offer many benefits: You don’t get ...

Jul 09, 2026 • 0 READS

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What happens if your spouse owes money to the IRS?

If your spouse owes money to the IRS and you file jointly, you both become responsible for each other’s taxes, penalties, debt, and levies. This means you...

Jul 09, 2026 • 1 READS

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How many exemptions allowances should I claim?

A single person who lives alone and has only one job should place a 1 in part A and B on the worksheet giving them a total of 2 allowances. A married coup...

Jul 09, 2026 • 1 READS