Taxes

March 28, 2017Self-employment tax deductions can reduce how much independent workers pay in federal taxes by offsetting common business expenses. These deductions apply to costs such as health insurance premiums, retirement contributions, home office use and vehicle expenses. These write-offs apply only when they meet IRS criteria related to the taxpayer’s profession. Knowing what qualifies can affect… read more…

March 24, 2017When it comes to investing, you can expect to experience both gains and losses. You might even incur a capital loss on purpose to get rid of an investment that’s making your portfolio look bad. And while selling an asset… read more…

March 14, 2017Many studies seem to suggest that millennials are in a financial pickle. For starters they earn less than their parents did when they were young adults. Plus, the average millennial has over $30,000 in student debt. For millennials who are struggling to boost their net worth and make the leap to homeownership, the last thing they… read more…

March 10, 2017Businesses and individual consumers have something in common. Both groups have to file taxes. Some groups, however, are automatically tax-exempt, meaning that they’re not required to pay federal income taxes. Others must apply for tax-exempt status. If you want your… read more…

February 2, 2017Owning a home can be expensive. Paying for property taxes, repairs and homeowners insurance can significantly reduce what you can spend on luxury items and discretionary goods and services. Fortunately, homeowners may be able to recoup some of the money they’ve… read more…

February 1, 2017Going to college seems to get more expensive every year. Tuition, fees, room and board for an out-of-state student attending a four-year public institution cost $28,240 for the 2022-2023 school year (on average). About a decade ago, an in-state student… read more…

January 31, 2017The IRS knows that some taxpayers provide their children and relatives with financial support. That’s why the government offers folks with dependents the opportunity to reduce their tax burden. Being able to claim someone as a dependent may significantly lower… read more…

January 27, 2017Making sense of the U.S. tax code can be a daunting feat. That’s why many taxpayers turn to professionals when they need to file their tax returns. Regardless of whether you’re working with a tax accountant or completing your own… read more…

January 26, 2017Looking for a new job can seem like a job in itself. And after a while, the expenses associated with finding a new gig start to add up. Even if you put effort into writing a resume and going on… read more…

January 25, 2017Few tax breaks have been more controversial than the mortgage interest deduction. Proponents of the tax benefit contend that it encourages Americans to buy homes. Opponents, on the other hand, argue that it reduces tax revenue and leaves lower-income individuals at a disadvantage. For the second year in a row, SmartAsset assessed how the mortgage… read more…

January 23, 2017If you’re planning on using a tax break to minimize your tax bite, keep in mind that deductions come in different shapes and sizes. There’s the standard deduction that any taxpayer can claim every tax year just for filing taxes.… read more…

January 23, 2017The Trump tax law doubled the federal estate tax exemption for estates and gifts, allowing wealthy investors to pass on their financial legacy with big tax savings for their heirs. Many families work with a financial advisor to maximize an estate plan for their loved ones. Let’s take a look at how the estate tax could affect affluent investors and their… read more…

January 20, 2017If you want to shrink your tax bill or beef up your refund, claiming all the deductions you’re eligible for can be a smart strategy. Deductions reduce your taxable income. That’s a plus if you want to hang on to… read more…

January 19, 2017Filing federal income taxes can be stressful. Making sure you plug in all the right numbers and snag every tax break you qualify for can make your head spin. If you’re relatively new to tax filing, you may not know… read more…

January 18, 2017In one way or another, taxes are a part of every American’s financial life. But for residents of Alaska, Florida, Nevada, South Dakota, Tennessee, Texas and Wyoming, they are off the hook for state-level personal income taxes. While avoiding state… read more…

January 17, 2017Under the tax reform bill that passed into law at the end of 2017, the personal exemption was eliminated. This means you cannot claim it on your taxes starting with the tax year 2019. So the following information on the personal… read more…

January 17, 2017The NFL salary cap (which limits how much teams can spend on players) has risen from $40 million in 1996 to $155 million in 2016. This means NFL salaries have increased by almost 400% over the past 20 years. To put that in perspective, median incomes in the U.S. rose 12.5% from $24,500 in 2005 to… read more…

January 16, 2017Paying taxes is a fact of life for most Americans. Whether you work for a business from 9 to 5 or you’re self-employed, you’re expected to turn over a portion of your pay to Uncle Sam. There are many different… read more…

January 16, 2017There are a number of ways to decrease your tax burden. The two most popular ones, though, are likely tax credits and tax deductions. While these may seem like they are the same thing, they are actually two very different… read more…

January 13, 2017Filing taxes for the first time can be nerve-racking. But being organized can relieve some of your stress. Knowing what paperwork and materials you’ll need is a good place to start, especially if you’re concerned about leaving out a key piece of information. If you’re preparing to fill out your tax return, here’s a breakdown… read more…

January 10, 2017It’s tax time and if you’re self-employed, you’ll need to plan ahead. What you do between now and the April tax filing deadline can have a significant impact on the amount of income tax you owe. If you work for yourself, here are some important moves that you’ll need to make to reduce your tax bill.… read more…

December 5, 2016President Trump signed the Tax Cuts and Jobs Act into law in December 2017. This bill largely didn’t affect individual income taxes until the 2018 tax year, which you filed in early 2019. How exactly the Trump tax plan affects you depends… read more…

December 1, 2016Smoking is the leading cause of preventable death in the United States, according to the Centers for Disease Control and Prevention. An estimated 480,000 people die each year from smoking-related deaths, costing an estimated $300 billion in healthcare costs and… read more…

November 18, 2016Have you ever wondered how city governments pay for big infrastructure projects? One method is called tax increment financing. Essentially, it means banking on the increase in property tax revenue that will result when the project is finished. The government can “fund” a project by pointing to the revenue the project will generate once it’s… read more…

November 18, 2016Moving to Tennessee offers a unique blend of Southern charm, stunning natural landscapes, and vibrant city life, but there are a few things you should know before making the move. From the state’s low cost of living and no income tax to its unpredictable weather and deep-rooted country music culture, Tennessee has plenty to offer… read more…