Tag Archives: penalty

Income

IRA Payouts for Major Expenses

March 2, 2016

Using funds form your IRA, whether a traditional plan or a Roth, can be a great way to cover some major expenses that you may incur through your lifetime. Just be aware of certain terms and conditions that apply when withdrawing. Home Purchase If you chose to withdraw funds from your traditional IRA before you’ve […]

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So you owe the IRS? Most taxpayers have been there, done that. But what happens if you owe taxes and don’t have any money to cover what you owe? First, you need to not panic. There are options, but before you get to them, you have to ensure you file your return. If you don’t […]

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With the implementation of the Affordable Care Act, Americans who chose to opt out of health coverage will end up paying a rather high penalty. For a five person family with a high income, the penalty can max out at over $12,000 in 2014. This penalty is expected to rise significantly in 2015 and continue […]

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