Submitted by Scott Thompson on Wed, 04/23/2014 - 3:00pm
Plenty of methods exist for you to minimize your current, ongoing and future business taxes. The key? Be proactive – now.
Often business owners react to a tax bill rather than plan ahead, frozen at the prospect of one wrong move triggering an Internal Revenue Service audit and devastating long-term goals. Good tax planning, though, frequently leads to huge – and legally safe – savings.
Submitted by David John Maro... on Wed, 04/23/2014 - 9:00am
Inflation, at 1.5%, is tame. So why worry? Because the enormous expansion of the U.S. money supply, thanks to Washington’s attempt at economic stimulus, eventually will lead to harmful inflation, which really is a tax on your wealth.
Submitted by Lewis J. Walker on Thu, 04/17/2014 - 12:00pm
Wealth starts with a goal, discipline, and saving a dollar at a time. Call it the piggy bank strategy. There are lessons in that time-honored coin-savings container.
Any seemingly gargantuan task seems easier to contemplate when reduced to baby steps. If you wished to climb a 12,000-foot mountain, and could do it a day at a time, you would only have to climb 33 feet daily to reach your summit.
Submitted by Joseph A. Clark on Mon, 04/14/2014 - 3:00pm
Tax time is here, with the deadline for filing on Tuesday. Very few people do their own taxes, and many do not understand what the Internal Revenue Service form 1040, the central document of your return, says.
The components combine to tell the IRS your story. Following are some ideas for helping you understand your return.
Submitted by Julie Nichols on Mon, 04/14/2014 - 12:00pm
The most wonderful time of the year this isn’t. With taxes and your returns due April 15 and changes in tax laws, a big surprise might loom for some of us. Smart investors re-tool portfolios now to save on tax days now and to come.
New for 2013 taxpayers: a 3.8% surcharge on investment income. To avoid this, you may look for investments that pay little or no income, ones relying on growth in value rather than dividend or interest payments.
Submitted by Jim Blankenship on Wed, 04/02/2014 - 12:00pm
Going to college brings enough stress – not to mention debt. You can offset some costs of your education or your child’s with tax credits and reductions to taxable income. These credits and reductions, though, can trip you up if you’re careless.
For starters, you can take more than one education tax benefit in one year but generally your expenses must be segregated from one another in your reporting. In other words, you usually can’t take two tax benefits based upon the same education expenses.
Submitted by Jim Blankenship on Fri, 03/28/2014 - 12:00pm
Income tax sits front and center of your mind this time of year. Another income tax affects you if you make enough and try to take certain deductions: the alternative minimum tax (AMT). It most often means you must pay more than usual. How do you know if this gotcha tax will hit you?