Saving for retirement can take your entire career, but when it comes time to retire, you want to make sure your savings work as hard as they can for you. With tax-favored accounts like IRAs, 401 s, and other employer-sponsored retirement plans, the tax-deferred growth they offer can dramatically boost your savings.
Category: Tax
7 Tax Tips to Help Avoid an IRS Audit
It’s common for taxpayers to wonder how likely it is that their tax return will be audited, as the prospect of an IRS tax audit is rather worrisome. Here are three bits of good news, though: It’s very unlikely that you’ll be audited, there are ways to decrease your odds further, and even if you are audited, it’s not likely to be too traumatic.
4 Tax Mistakes That Could Lead to an Audit
If there’s one thing tax filers fear more than owing money to the IRS, it’s getting audited by the IRS. Though your chances of getting audited are statistically pretty slim from the start, you can lower your odds even further by avoiding these major mistakes.
How to Prep (or Not) for Trump’s Proposed Tax Changes
Now that Donald Trump has been sworn in as president, changes might be on the way for the tax code. But it’s unclear what will change and how much.
As Tax Season Approaches, So Do Scammers
Last summer, Cindy Hockenberry decided she’d had it with threatening phone calls claiming she was behind on her taxes. Sometimes the calls were automated.
Inauguration Rental Hosts May Get Tax Break
Big events bring big money to host cities. Free-spending visitors flock to the sites of Super Bowls, art and music festivals and, every four years, presidential inaugurations.
DON McKEE: Georgia’s growing clout with Graves as chairman
Georgia’s clout in Congress has increased with the appointment of Rep. Tom Graves, R-Ga., to chair the Financial Services and General Government Subcommittee of the House Committee on Appropriations.
What Is the Tax Credit for the Elderly or the Disabled?
Seniors today face a world of expenses, from housing to transportation to healthcare . Similarly, those who are disabled often have difficulty making ends meet, especially when their conditions render them unable to work.
Did You Move in 2016? This Tax Break Could Save You Thousands
Did you move in 2016? Even if you didn’t move specifically to start a new job, you may still take advantage of a lucrative tax break for moving expenses. The best part is you can use the tax break for moving expenses even if you don’t itemize deductions on your tax return.
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Tens of millions of Americans have to file federal tax returns, and many of them expect to get refunds from the IRS. Yet in all but a small handful of states, taxpayers also have to file returns with state tax authorities.
3 Tax Credits to Maximize Your Refund
Most taxpayers know that a tax credit reduces the amount of tax you pay the IRS. But some may not realize that there are two types of tax credits: standard credits and refundable credits.
How Tax-Savvy Are You? Find Out Here
You’re probably not as tax-savvy as you think you are or want to be. That’s not surprising, though, because our tax code is ridiculously massive and complex.
3 Tax Scams to Watch Out For in 2017
Tax season is right around the corner and, unfortunately, a surge in tax scams is likely to come with it. Tax scams can take many different forms, but most tax scams fall under three major categories: fraudulent returns, phone scams, and phishing.
8 Ways Your Car Can Drive You to Big Tax Credits and Deductions
With just days remaining before we turn the page on 2016, it’s once again time for Americans to seriously start thinking about the upcoming tax season. Even though a majority of Americans will wind up netting a federal tax refund from Uncle Sam come April, some taxpayers may be shortchanging themselves by overlooking some very common and juicy deductions and credits.
What you should know about taxes on rental income you earn on a home you own
I am an “accidental real estate investor” in that I lived in my condo more than 15 years, at which time my job relocated and I decided to rent out the condo until such time as I could retire . I am claiming depreciation against rental income, per my CPA.
3 Tax Deductions That Could Save You Big Bucks in 2017
Tax time is approaching, and you deserve every tax break you can get in order to pay less to Uncle Sam. Fortunately, there are some huge opportunities to take advantage of tax provisions that are designed to help save you money.
IRS Tax Brackets 2017: What You Need to Know
If you want to figure out what you’ll owe in taxes next year, then you need to know the tax brackets that the IRS puts out every year. Long before most people even start thinking about filing their taxes for 2016, the 2017 tax brackets become available for those who want to do advance planning on their taxes for the coming year.
What Happens If You Get Audited?
If there’s one thing American taxpayers fear more than owing money to the IRS, it’s being audited. But before you picture a mean, scary IRS agent busting into your home and questioning you till you break, you should know that in reality, most audits aren’t actually a big deal.
Roth IRAs Can Help Ward Off the – Ghost of Retirement Future’
The spooky ghost scenes from “A Christmas Carol” are perfect metaphors for the past, present and future worries that haunt our retirement savings dreams. For some, Roth IRAs – which tend to see an annual spike in online search interest beginning during the holiday season – can help keep that “Ghost of Retirement Future” at bay.
5 Things You Didn’t Know Were Taxable
We all know taxes are unavoidable, but you may not realize how much of your money the IRS gets its hands on. Here are five things you may be surprised to learn are taxable.
15 Ways to Lower Your Taxes in 2017 — and Beyond
Paying taxes is necessary — after all, our government needs funding to provide things we need, such as schools, roads, courts, and so on. Still, there’s no need to pay more in taxes than you have to.
Gift Tax in 2017: Will You Owe Tax on Holiday Presents?
The end of the year is the season of giving, and where there are gifts, there’s also the potential for gift tax. The U.S. tax laws impose gift tax on gifts of cash or property whose value exceeds annual limits, with rates as high as 40%.
The 6 Best Tax Deductions for 2017
Most U.S. taxpayers can agree on one thing: We’d all like to pay as little as possible. Thankfully, there are a number of tax deductions that can shield more of your income from the IRS.
What Is Excise Tax, And Do I Have to Pay It?
Most people pay many different types of taxes, and they most often notice the income tax, sales tax, and property tax they have to pay. Yet there are other taxes that Americans pay all the time without even realizing it.