Should you “Reset” your Basis in Securities?
A yearend tax strategy for lower income taxpayers. For taxpayers in the 10% and 15% tax brackets (below $36,900 taxable income if single; $73,800 taxable income if married filing a joint return [...]
Double Tax on 401(k)?
By Barry C. Picker, CPA/PFS, CFP Question: I hear from some people that I should never borrow money from my 401(k) plan, because the money in the plan ends up being double taxed. Is this [...]
What are the Baltimore Ravens?
by Barry C. Picker, CPA/PFS, CFP (the following is not to be taken too seriously)First, congratulations to the Baltimore Ravens on their Super Bowl victory.But the important question for those of [...]
“Tax Cheats” Can’t Hold UBS Responsible
by Barry C Picker, CPA/PFS, CFPChutzpah has been defined as the child who kills his parents and then pleads for mercy in Court because he’s an orphan.In a similar vein are the three [...]
Form 1099 Issues and How to Handle
by Zesha Auerbach, CPAForm 1099 is the form that payors of income use to inform you of the income paid to you. Most of the form 1099s you receive are fairly straightforward. You receive a 1099 [...]
‘Coercion’ No Excuse to Early Withdrawal Penalty
By Barry C Picker, CPA/PFS, CFP Section 72(t) of the Internal Revenue Code provides that there is a 10% additional tax for early withdrawals from a retirement plan. That section also [...]
Perserverance or stubbornness?
by Barry C Picker, CPA/PFS, CFPWhen an individual who clearly has a losing argument on the taxability of his retirement plan distribution goes to Tax Court anyway, maybe it’s because he [...]
Don’t get “inoculated”
I came up with the term “inoculated” a number of years ago. The term arose in a situation where someone was telling me about this “great new tax scheme.” It was clear from [...]