Category Archives: Taxes

Everything You Need To Know About IRAs And The Inheritance Process

Everything You Need To Know About IRAs And The Inheritance Process

The death of a loved one is always a difficult time. A frustrating part can be dealing with their final expenses and closing out their various financial accounts. Knowing what you need to do in advance can save you from a lot of complications. This is especially true when inheriting an Individual Retirement Account (IRA).

1. CONTACT THE FINANCIAL INSTITUTION

The first step you want to take is to contact the financial company where the IRA is being held. Their representatives are licensed and trained to walk you through the entire process. They can tell you a number of things:

– If you are a named beneficiary

– Identify the options available to you

– What paperwork you will need and where to get them

– Walk you through their forms

– The transfer procedure of the assets

2. HAVE YOUR PAPERWORK IN ORDER

The first document you will need is the official death certificate. This must be an original copy from the county in which the person passed away. If their residence was in “County A”, but they died in “County B,” you must obtain that Continue Reading

Why getting a Tax Refund Anticipation Loan is a Bad Idea

Why getting a Tax Refund Anticipation Loan is a Bad Idea

The tax anticipation refund loan is basically a method by which a tax filer can receive his refund back immediately. So basically in this the consumer is guided by the tax preparation entity through filing ones taxes. The amount which has to be refunded is determined and then the individual is offered the refunded cash… Continue Reading

When do You Need to Submit a 1040 Form?

When do You Need to Submit a 1040 Form?

There are several types of federal tax return forms. Individuals and businesses are required to use the form that best fits their particular circumstance and allows them to claim the income, deduction, etc. that apply to them. If you are a new business owner and are required to obtain an Employer Identification Number (EIN) for… Continue Reading