Every possible tax deduction can help when your money is tight. Yet many available legal deductions go unclaimed each year simply because most taxpayers still don’t know the breaks exist. From eyeglasses to airline baggage fees, you might qualify for at least one often-forgotten deduction – and maybe more than one.
IRA distribution rules are extremely shortsighted. They punish taxpayers in the short run and gain the government less in the long term. To see how, let’s examine how Washington compels people to withdraw money from these popular retirement plans.
You want to leave money to your heirs. When you do so, you don’t want to pay any more to Uncle Sam than necessary. Here’s what to know.
Your payroll forms and stock records start to arrive in the mail and you begin to swear you’ll soon gather up all those receipts. Tax Day looms. Who’ll help file your 2014 return?
Depending on your income, you can’t just sock away whatever you want wherever you want for retirement. Our first article looked at how much you can save annually in your individual retirement account, hinging on how much you make and what status you use to file your taxes.
Your pay not only determines the size of your nest egg when you retire but also restricts how much you save annually without penalty. Here are your limits for 2015, based on how you file your tax return.
An expanding business makes many demands on your finances. One of them is the cost of hiring additional staff. Instead of taking on full-time workers at the early stage of the business, using contract employees to fill a staffing gap is a better way to go.
It’s a new tax year, and many deductions, exemptions and other Internal Revenue Service provisions have changed. Be aware of them. Some will cost you more, some will help you.
Entering 2015, we begin the paper chase leading up to filing tax forms for 2014. As we account for last year, start planning now for 2015. Time flies. This century already is 14% gone.
The world’s most powerful companies use sophisticated strategies to eliminate taxes. If you are a corporate executive, you might be able to take advantage of variations on these strategies – one of them being life and death.
Many young taxpayers miss out on tax-saving opportunities because they just aren’t aware of them. Here are some tax credits and deductions that you shouldn’t overlook.