How to File an Extension on Your 2018 Tax Return
Tax returns must be submitted by April 15th this year. Filing form 4868 will extend the due date up until October 15, 2019.
Tax returns must be submitted by April 15th this year. Filing form 4868 will extend the due date up until October 15, 2019.
A 60-second read by Nicholas Scheibner: You will receive a form 1099-R if any money has been moved out of a retirement account. How much you will pay in taxes will depend on how the money is moved. You want to make sure any movement out of a retirement account is done properly, and the correct code is applied when you file your taxes. The code will appear in box 7 of the 1099-R.
A 30-second read by Nicholas Scheibner: New Jersey is certainly not known as a “tax-friendly” state. However, the garden state has a much lower threshold on medical-expense deductions than the federal government. New Jersey allows certain non-reimbursed medical expenses to be deducted after they exceed only 2% of your gross income.
A 30-second read by Nicholas Scheibner: You may have a stock in your brokerage account that has a very large gain since you originally purchased it. If you were to go and sell the stock, outside of a retirement account, you would pay taxes on the profit you made on the investment. This is called a “capital gain”.
If you are the owner of an IRA (Individual Retirement Account) you may be aware that at age 70 ½ you are required to withdraw a small portion of your account and pay taxes on the amount withdrawn.
Baron Financial Group’s New Investor Blog Series will consist of monthly blog posts that provide general information on a range of investment topics. The series aims to provide new investors with basic investment information.