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Income Tax AmendmentIncome tax amendment Index A Abatement of interest (see Interest, abatement) Appeal rights, Appeal Rights, Appeals to the Courts, Tax Court, District Court and Court of Federal Claims (see also Tax Court) Assistance (see Tax help) Authorization, third party, Third party authorization. Income tax amendment B Burden of proof, Burden of proof. Income tax amendment C Civil action (see Waivers, tax suits, civil action) Claim for refund, Claims for Refund Disallowance, Explanation of Any Claim for Refund Disallowance Estates on installment method, Claim for refund by estates electing the installment method of payment. Income tax amendment Periods of financial disability, Periods of financial disability. Income tax amendment Comments on publication, Comments and suggestions. Income tax amendment Communications, privileged, Confidentiality privilege. Income tax amendment , Confidentiality privilege. Income tax amendment Confidentiality, Confidentiality privilege. Income tax amendment , Confidentiality privilege. Income tax amendment D Disability (see Financial disability, periods of) Disaster areas, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions E Employment status, Tax Court review of, Jurisdiction for determination of employment status. Income tax amendment Estates Claim for refund, Claim for refund by estates electing the installment method of payment. Income tax amendment Examination of returns, Examination of Returns F Fast track mediation, Fast track mediation. Income tax amendment Financial disability, periods of Claim for refund, Periods of financial disability. Income tax amendment Form 8379, Injured spouse exception. Income tax amendment 8857, Form 8857. Income tax amendment Free tax services, Free help with your tax return. Income tax amendment H Help (see Tax help) I Injured spouse, Injured spouse exception. Income tax amendment Innocent spouse relief, Tax Court review of request for relief from joint and several liability on a joint return. Income tax amendment , Relief from joint and several liability on a joint return. Income tax amendment Installment agreement, Installment Agreement Request Installment method Estates, claim for refund by, Claim for refund by estates electing the installment method of payment. Income tax amendment Interest Abatement Disaster areas, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Error or delay by IRS, Abatement of Interest Due to Error or Delay by the IRS Terrorist attacks, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Netting, overlapping underpayments and overpayments, Interest Netting Suspended, Suspension of interest and penalties. Income tax amendment J Joint and several liability, relief from, Tax Court review of request for relief from joint and several liability on a joint return. Income tax amendment , Relief from joint and several liability on a joint return. Income tax amendment L Losses Disaster area, Disaster area claims for refund. Income tax amendment Low Income Taxpayer Clinics, Low Income Taxpayer Clinics. Income tax amendment M Mediation, fast track, Fast track mediation. Income tax amendment More information, Useful Items - You may want to see: N Notice of deficiency Timely mailing, Suspension of interest and penalties. Income tax amendment Notices Third party contacts, Notice of IRS contact of third parties. Income tax amendment O Offer in compromise, Offer in Compromise Overpayments Offsets against state tax, Offset of past-due state income tax obligations against overpayments. Income tax amendment P Penalties, suspended, Suspension of interest and penalties. Income tax amendment Practitioners, federally authorized Confidential communications, Confidentiality privilege. Income tax amendment , Confidentiality privilege. Income tax amendment Presidentially declared disaster, Disaster area claims for refund. Income tax amendment Publications (see Tax help) R Refund, Claims for Refund, Periods of financial disability. Income tax amendment , Offset of past-due state income tax obligations against overpayments. Income tax amendment Reduced, Reduced Refund Refund deadline postponement, Postponed refund deadlines. Income tax amendment Refund or credit before court decision, Refund or Credit of Overpayments Before Final Determination Rights Communications, privileged, Confidentiality privilege. Income tax amendment , Confidentiality privilege. Income tax amendment Requests to waive, Prohibition on requests to taxpayers to give up rights to bring civil action. Income tax amendment S Suggestions for publication, Comments and suggestions. Income tax amendment T Tax Court, Appeals to the Courts, Tax Court Employment status, review of, Jurisdiction for determination of employment status. Income tax amendment Innocent spouse relief, review of request for, Tax Court review of request for relief from joint and several liability on a joint return. Income tax amendment Refund or credit before decision, Refund or Credit of Overpayments Before Final Determination Tax help, How To Get Tax Help Taxpayer Advocate, Taxpayer Advocate Service. Income tax amendment Taxpayer Advocate Service, Taxpayer Advocate Service. Income tax amendment Terrorist attacks, abatement of interest, Abatement of Interest for Individuals Affected by Presidentially Declared Disasters or Military or Terrorist Actions Third party authorization, Third party authorization. Income tax amendment TTY/TDD information, How To Get Tax Help W Waivers Tax suits, civil action, Prohibition on requests to taxpayers to give up rights to bring civil action. Income tax amendment Z Zero rate, overlapping periods of interest (see Interest, netting) Prev Up Home More Online Publications
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Investigate Before You Invest
What do you want to invest in: stocks, bonds, mutual funds? Do you want to open an IRA or buy an annuity? Does your employer offer a 401K? Remember, every investment involves some degree of risk. Most securities are not insured by the Federal government if they lose money or fail, even if you purchase them through a bank or credit union that offers Federally insured savings accounts. Make sure you have answers to all of these questions before you invest:
- Define your goals. Ask yourself "Why am I investing money?" Maybe you want to save money to purchase a house or to save for retirement. Maybe you would like to have money to pay for your child's education, or just to have a financial cushion to handle unexpected expenses or a loss of income.
- How quickly can you get your money back? Stocks, bonds, and shares in mutual funds can usually be sold at any time, but there is no guarantee you will get back all the money you paid for them. Other investments, such as limited partnerships, often restrict your ability to cash out your holdings.
- What can you expect to earn on your money? While bonds generally promise a fixed return, earnings on most other securities go up and down with market changes. Also, keep in mind that just because an investment has done well in the past, there is no guarantee it will do well in the future.
- What type of earnings can you expect? Will you get income in the form of interest, dividends or rent? Some investments, such as stocks and real estate, have the potential for earnings and growth in value. What is the potential for earnings over time?
- How much risk is involved? With any investment, there is always the risk that you won't get your money back or the earnings promised. There is usually a trade-off between risk and reward: the higher the potential return, the greater the risk. The federal government insures bank savings accounts and backs up U.S. Treasury securities (including savings bonds). Other investment options are not protected.
- Are your investments diversified? Some investments perform better than others in certain situations. For example, when interest rates go up, bond prices tend to go down. One industry may struggle while another prospers. Putting your money in a variety of investment options can help to reduce your risk.
- Are there any tax advantages to a particular investment? U.S. Savings Bonds are exempt from state and local taxes. Municipal bonds are exempt from federal income tax and, sometimes, state income tax as well. For special goals, such as paying for college and retirement, tax-deferred investments are available that let you postpone or even eliminate payment of income taxes.
Compare Investment Vehicles
Not all investment vehicles are created equal or work for your personal financial goals. Some provide steady income and are low risk, but yield small returns on investment; others may provide significant returns, but require a long term investment commitment. There is a wide assortment of investment vehicles available. Some of the most popular include: mutual funds, traditional IRAs, Roth IRAs, savings bonds or bond funds, stocks, and certificates of deposit.
Some investments pay out earnings on a regular (quarterly, monthly, or annual) basis, while others pay out earnings at the end of the investment period or may have age requirements for when you can withdraw your money without a penalty. Make sure your investment income stream matches your investment timeline.
You should also consider the tax ramifications. If you are saving for retirement or for education, consider investments that offer incentives for saving for a particular purpose. Your contributions for some investments are tax deductible, but the earnings are not taxed (e.g. Roth IRA); your contributions to other investments may not be taxed, but the earnings are taxed (e.g. traditional IRA).
You don't have to put all of your money in one investment. Consider diversifying your investment portfolio by placing your money in several investment vehicles. This can protect you from risk; while one of your investments may be performing poorly, another one of your investments can make up for those losses.
|Type of Investment||What is it?||Risk level|
|Traditional IRA||Traditional IRA is a personal savings plan that gives tax advantages for savings for retirement. Investments may include variety of securities. Contributions may be tax-deductible; earnings are not taxed until distributed.||Risk levels vary according to the holdings in the IRA|
|Roth IRA||A personal savings plan where earnings that remain in the account are not taxed. Investments may include a variety of securities. Contributions are not tax-deductible.||Risk levels vary according to the holding in the IRA|
|Money Market Funds||Mutual funds that invest in short-term bonds. Usually pays better interest rates than a savings account but not as much as a certificate of deposit (CD).||Low risk.|
|Bonds and Bond Funds||Also known as fixed-income securities because the income they pay is fixed when the bond is sold. Bonds and bond funds invest in corporate or government debt obligations.||Low risk.|
|Index Funds||Invest in a particular market index. An index fund is passively managed and simply mirrors the performance of the designated stock or bond index.||Risk level depends on which index the fund uses. A bond index fund involves a lower risk level than an index fund of emerging markets overseas.|
|Stocks||Stocks represent a share of a company As the company's value rises or falls, so does the value of the stock.||Medium to high risk.|
|Mutual funds||Invest in a variety of securities, which may include stocks, bonds, and/or money market securities. Costs and objectives vary.||Risk levels vary according to the holdings in the mutual fund.|
Investing Through Your Employer
Many employers encourage their employees to save for their retirement by establishing 401(k), 403(b), or 457(b) plans. Employees that participate in these programs elect to have a set amount of their income deducted from their paychecks to save for retirement; these amounts are not subject to income taxes. In many cases, your employer will match a portion of the amount of the money that you contribute into your 401(k) account, which is like getting "free" money. If you stop working at a company, remember to take the money from your 401(k) with you. If you "rollover" the total from your old job to an account at your new job, a traditional IRA, you will not have to pay taxes on the money.