Brace Yourself
Want to avoid getting hit by the IRS? Plan ahead.
The annual season of giving-to Uncle Sam, at least-is upon us. It's not such a bad thing for the majority of taxpayers. After paying through automatic withholding all year long, we're rewarded with a refund once we send in the paperwork.
But that's not necessarily the case for people with a substantial amount of income from sources other than wages subject to withholding. Capital gains fall into that "other" category, as do self-employment income, interest, dividends, rental income and retirement distributions.
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