Being a limited partner in a business generally offers liability protection and potential self-employment tax advantages. But it may also trigger the passive activity loss (PAL) rules, which can limit loss deductions for federal income tax purposes. We explain what to know before investing or filing a return reporting partnership losses.

You went into business to make a profit. Yet you find yourself cutting payroll checks, making tax deposits and filling out reports. But it doesn't have to be that way. You may be surprised how affordable it can be to outsource payroll preparation. Take a look at four reasons why your company should turn the headaches over to professionals.

Will your tax bill increase or shrink after your retirement? The answer differs depending on one's tax and financial situations. Indeed, many people find that the combination of Social Security, pensions and withdrawals from retirement savings accounts increase their income in retirement and may even push them into a higher tax bracket. This article explores five tax-planning tips.

The tax laws regarding withdrawals from IRAs are complex. Depending on your age, you could end up paying penalties for taking money out too early or for not taking money out on schedule. After you have passed on, your heirs also need to know when to take money out to steer clear of penalties. Keep reading to learn the rules.