Taxes

March 10, 2023Knowing what you can deduct when you’re doing your taxes each year is important if you want to reduce your tax liability. Some common deductions, like the mortgage interest tax deduction, are well known, but if you’re going to do… read more…

March 7, 2023When you file a federal income tax return, you have the choice between taking the standard deduction and itemizing your deductions. But after the 2017 Trump tax changes, which nearly doubled the standard deduction, many taxpayers who lowered their tax bill by… read more…

March 7, 2023An estate tax is most notably levied at the federal level, and it’s charged to a decedent’s estate when their assets pass on to their beneficiaries. Most estates won’t trigger the federal estate tax though, as it only applies to estates… read more…

March 7, 2023If you were unhappy with last year’s income tax bill, there are several ways to reduce your overall 2022 tax burden before the April 18, 2023, filing deadline arrives. You can try to qualify for as many tax deductions and… read more…

March 7, 2023Paying for health insurance and medical bills can get expensive. Luckily, you can recoup some of those costs when you file your taxes by taking a deduction for medical expenses. To do so, the expenses in question must meet the qualifications outlined… read more…

March 7, 2023If you’re getting a divorce, the tax implications probably are not the most pressing issue on your mind. The specifics of filing taxes after divorce and how you draw up your divorce agreement could make a big difference when it… read more…

March 2, 2023Limited liability companies (LLCs) are what’s called “pass-through entities.” This means that the business does not pay corporate income taxes. Instead, the individual owners or members of the LLC collect its proceeds as income and then pay personal income taxes… read more…

March 1, 2023Small business owners can identify tax advisors by asking for recommendations from other professionals such as accountants, seeking personal referrals, checking out professional directories and following leads from advertisements. Before seeking help from a tax advisor, business owners will want… read more…

February 28, 2023Tax havens offer very low tax rates to foreign and domestic investors. While we often think about the business implications of tax havens, there can also be implications for individuals. Here are common examples, benefits and legal requirements you must… read more…

February 28, 2023When it comes to a company’s taxes, there are two important categories to understand: assets and liabilities. Tax liability is anything that a person or company owes taxes on, such as income or revenue. Tax assets are anything that can be… read more…

February 23, 2023Historically, options contracts have been a niche market occupied by professional investors. All that changed in recent years with the rise of no-fee online brokers. Now, retail investors trade options contracts regularly, and this means paying taxes on those trades.… read more…

February 17, 2023If you’ve glanced at your pay stub or W-2 from your employer, you may be dismayed at the rundown of tax items dinging your take-home pay. The Old Age, Survivors, and Disability Insurance program (OASDI) is one such tax. Fortunately,… read more…

February 15, 2023Tax diversification is an investment strategy that uses tax-advantaged, fully taxable and tax-free investment accounts to help lower taxes. Diversification is the name of the game when it comes to investing. This even applies to taxes. When you invest in accounts… read more…

February 13, 2023Property taxes can make or break your budget as a homebuyer. That’s especially true if you live in one of the higher property tax states in the U.S. New Jersey, for example, has the highest property tax rate in the nation at 2.33%, while Hawaii has the lowest at 0.27%. There are 23 states with… read more…

February 8, 2023If you have formed a limited liability company that is being taxed as an S corporation, also called an S Corp, you will at some point need to become acquainted with form 1120-S. The IRS Form 1120-S is a tax… read more…

February 1, 2023For many Americans, filing federal income taxes means getting a refund. The IRS says that the average tax refund in 2022 was $3,039, a 7.5% uptick from the previous year. Taxpayers often rely on this money to boost their retirement savings or… read more…

February 1, 2023The IRS uses your modified adjusted gross income (MAGI) to determine whether you qualify for important tax benefits like deducting contributions from your individual retirement account (IRA) and making contributions to your Roth IRA. Many taxpayers consult a financial advisor to… read more…

February 1, 2023The Earned Income Tax Credit (EITC) reduces tax bills for low-to-moderate-income working families. It’s a tax credit that ranges from $560 to $6,935 for the 2022 tax year depending on your filing status, number of children and earned income. Taxpayers… read more…

February 1, 2023Operating a business on the side can give you valuable tax deductions as well as extra income. However, the Internal Revenue Service (IRS) decides if the business is actually a hobby or not. If the IRS says it is, you… read more…

February 1, 2023Real estate investments can be lucrative assets. However, they can also incur capital gains taxes that weaken your profits. Fortunately, you can implement tactics that reduce capital gains taxes so you can keep more of your money. Although the IRS… read more…

January 31, 2023Taxes are an unavoidable part of life for most people. You could, however, get out of paying income tax if you’re deemed tax-exempt by the Internal Revenue Service (IRS). But what does tax-exempt mean exactly? In simple terms, if you… read more…

January 31, 2023Filing taxes yourself has never been easier. As long as you have internet access, you can submit your tax return from the comfort of your couch. Before you get started, however, you’ll have to choose which online tax software to… read more…

January 31, 2023There are three main ways to maximize your tax return. You can file your taxes on your own to save on tax preparation fees. You can work with a financial advisor to develop a tax strategy for your financial goals. Lastly,… read more…

January 30, 2023Real estate investing can produce robust returns, but higher income doesn’t always equal more taxes. While it’s rare to eliminate taxes completely, the tax benefits of real estate investing can reduce your tax burden. As a result, you can rent… read more…

January 30, 2023Optimizing your return is often one of the most important things you can do during tax season. One way to make the most of your tax situation is by using deductions to lower your tax burden. The mitigating factors to… read more…