The Motley Fool

MARCH 18, 2024

As you send this interest money to your lender each month, you may be wondering if you can deduct the interest from your tax bill. If you file your taxes as married filing separately , the amount you can deduct is lower though. You can use this form when you are doing your tax preparation. In fact, IRS data showed that 87.3%

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The Motley Fool

OCTOBER 28, 2024

The wage base limit doesn't get nearly as much attention as the COLA, but it has tax and potential benefit implications that make it worth paying attention to. workers pay Social Security payroll taxes all through their careers. The current tax is 12.4%, typically split in half between workers and employers at 6.2% 2017 50,321.89

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The Motley Fool

DECEMBER 22, 2023

Not only do the holidays inspire goodwill and cheer, but many people are interested in writing off their donations as we close out the tax year. But there's also a lot of confusion about charitable donations and when you can write them off for tax purposes. To write off a charitable deduction, you'll need to itemize your tax return.

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The Motley Fool

MARCH 12, 2024

Image source: Getty Images Getting EV tax credits on a new or used vehicle can help you save big money when buying a car in 2024 (and since your auto insurance costs may increase, it's good to save wherever you can). Here are five mistakes to avoid when buying a car with EV tax credits. No tax credit for you.

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The Motley Fool

APRIL 16, 2024

If you're worried about home battery charging and suffer from range anxiety, there are ways to get a good deal on a car in 2024 -- and even qualify for EV tax credits -- without committing to a fully electric vehicle. Used Toyotas of this model will qualify for used EV tax credits of up to $4,000.

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The Motley Fool

MARCH 23, 2024

Image source: The Motley Fool/Upsplash New York is known for being a high-tax state because it charges state income tax. The top New York state tax bracket for 2023 is 10.9% -- but you won't have to pay that rate unless your income is over $25 million. This can be a big advantage!

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The Motley Fool

FEBRUARY 15, 2024

Image source: Getty Images Figuring out why your tax refund was lower than expected is a lot like trying to figure out why your world-famous (well, nearly world-famous) chocolate cake came out of the oven looking as if it had been run over by a truck. Unless you plan to pay more taxes, a smaller refund could be an unpleasant surprise.

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The Motley Fool

DECEMBER 31, 2023

Image source: Getty Images Itemizing tax deductions lost its luster for most taxpayers with the passage of the Tax Cuts and Jobs Act of 2017. The law nearly doubled the standard deduction, which is the amount any taxpayer can subtract from their tax bill, regardless of their actual expenses. Rising interest rates.

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The Motley Fool

MARCH 11, 2024

Image source: Getty Images 2024 tax season is here, and millions of Americans are gathering forms, scouring spreadsheets, and pressing "send" on their tax-filing software. If you're trying to maximize your tax breaks in 2024, it helps to look at the big picture of how tax deductions and tax credits work.

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The Motley Fool

SEPTEMBER 25, 2024

2018 2% 2017 0.3% The wage cap is rising for 2025 You may not realize it, but not all earnings are taxed for Social Security. There's a cap beyond which earnings aren't taxed. This means that someone earning $168,600 and someone earning, say, $33,168,600, will pay the same amount in taxes to Social Security.

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The Motley Fool

DECEMBER 26, 2023

Image source: Getty Images Itemizing deductions can be a good strategy to reduce your tax bill -- but only if your itemized deductions add up to a bigger number than your standard deduction. Most taxpayers end up being better off taking the standard deduction, and about 90% of tax returns do this, according to IRS data.

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The Motley Fool

DECEMBER 29, 2023

Image source: Getty Images Are you looking forward to getting charitable giving write-offs on your tax return? Ever since the IRS rules changed with the Tax Cuts and Jobs Act of 2017, it's become more difficult for most people to get a tax break for charitable donations. It might be harder than you think.

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The Motley Fool

AUGUST 2, 2024

The tax deduction you receive upfront can help you save more today and build a big nest egg quickly. But eventually, the government wants its tax revenue. And with some clever planning, you could significantly minimize the impact of RMDs on your taxes. You'll be required to pay taxes on the amount you convert.

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The Motley Fool

SEPTEMBER 16, 2024

Buffett's stated reasoning for that move was that he wanted to take advantage of the current corporate tax rate. Under the 2017 tax law that cut corporate tax rates to their current level, the cuts are set to expire at the end of 2025, so he naturally expects them to increase in 2026 and beyond.

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The Motley Fool

JANUARY 13, 2024

government is providing tax credits to help people buy new or used electric vehicles (EVs). But in 2024, the rules for these EV tax credits are changing. Let's take a look at the new landscape of EV tax credits in 2024, and how you can buy an EV while saving money. The amount of tax credit you get will depend on a few factors.

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The Motley Fool

OCTOBER 3, 2024

Tax concerns may be another reason For shareholders, the best possible reason for the sales would be if Michael Dell were selling for personal reasons or tax reasons. The tax issue looms, as capital gains tax rates may go up under a new administration next year. Still, AI server margins are worth monitoring going forward.

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The Motley Fool

NOVEMBER 4, 2024

28, 2017, and it soared 3,325% to its all-time high of $479.50 Period 2017 2018 2019 2020 2021 2022 2023 Active Accounts (Millions) 19.3 Therefore, Roku won't head off a cliff anytime soon -- but investors shouldn't expect it to repeat its millionaire-making run from 2017 to 2021. on July 26, 2021. Streaming Hours (Billions) 14.8

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The Motley Fool

APRIL 27, 2024

You can't get electric vehicle tax credits" There's been a lot of media headlines about electric vehicle tax credits of up to $7,500 for the purchase of a new EV. But did you know: some hybrid cars can also qualify for EV tax credits? Here are a few, according to the U.S.

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The Motley Fool

FEBRUARY 12, 2024

This period included the financial crisis that began in 2007, the oil price collapse from 2014 through 2017, and the COVID-19 pandemic. That means it issues K-1 tax forms, which make tax preparation more complicated. For example, Enterprise delivered a double-digit return on invested capital (ROIC) in every year since 2005.

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The Motley Fool

SEPTEMBER 25, 2024

Apple Berkshire first took a stake in Apple during the first quarter of 2016, and it became the biggest position in the company's portfolio by the fourth quarter of 2017. federal government has run a historic deficit in recent years, and Buffett believes higher taxes will be used to remedy the situation at some point.

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The Motley Fool

DECEMBER 4, 2023

The thinking is that prices will be lower because of potential tax advantages, less competition, and sellers who really want to get the deal done. Reason 2: There are tax benefits to buying a house at the end of the year To be clear, there used to be decent tax benefits to buying or selling a house before the end of the year.

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The Motley Fool

OCTOBER 12, 2024

Each year, the Social Security Administration collects taxes on your wages. That's because Social Security caps the amount of wages you pay taxes on in any given year. If you don't pay taxes on the wages, they don't count toward your earnings history. For 2025, the earnings limit will be $176,100.

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The Motley Fool

JULY 2, 2024

Unlike income tax , for 2024 the Social Security Administration stops taking out additional Social Security taxes once your earned income exceeds $168,600. Because taxing any degree of your income beyond that amount wouldn't make your monthly payments any bigger once you claim retirement benefits. There are limits, though.

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The Motley Fool

SEPTEMBER 27, 2023

Year Max Monthly Social Security Benefit 2014 $3,425 2015 $3,501 2016 $3,576 2017 $3,538 2018 $3,698 2019 $3,770 2020 $3,790 2021 $3,895 2022 $4,194 2023 $4,555 Data source: Social Security Administration. The chart below shows how the maximum Social Security benefit has changed over the last decade. But there is a caveat.

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The Motley Fool

NOVEMBER 3, 2024

This is the maximum amount of your income subject to Social Security payroll taxes each year. Since you don't pay Social Security payroll taxes on any income above the wage base limit, those earnings are also not considered when calculating your monthly benefit.

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The Motley Fool

JULY 22, 2023

From its initial public offering in April 2017 to its all-time high in August 2021, the stock skyrocketed an eye-watering 3,230%. In 2022, the company sold 413,000 cars, or more than nine times the 44,000 it sold just five years earlier in 2017. Investors would struggle to find a return like this elsewhere in the market.

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The Motley Fool

NOVEMBER 25, 2023

Step 2: Earn the maximum taxable amount each year If you want the maximum Social Security retirement benefit, you have to pay the maximum Social Security tax for at least 35 years. Social Security taxes only apply to applicable wages earned up to a certain value each year. Every year, that number is adjusted for inflation.

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The Motley Fool

MARCH 24, 2024

Investors who like Enterprise Products Partners (and understand the tax complexities of owning an MLP ) should check out fellow MLP MPLX (NYSE: MPLX). billion of adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) and $5.3 compound annual rate since 2017. yielding distribution.

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The Motley Fool

APRIL 15, 2024

Its ROIC has also been in the double digits every year since 2005 -- a period that included the Great Recession, the oil price collapse of 2014 to 2017, and the COVID-19 pandemic. This can make tax preparation more of a hassle. The LP has delivered an average return on invested capital (ROIC) of 12% over the last 10 years.

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The Motley Fool

NOVEMBER 6, 2024

Here's the salary you need to get the maximum benefit Most people pay Social Security taxes on their entire paycheck during their career. But high earners might not pay the tax on every penny they earn. Any amount earned above that cap won't incur taxes, but it also won't count toward your earnings history.

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The Motley Fool

OCTOBER 5, 2024

With the program's monthly payments being capped at $4,873, to avoid penalizing you by withholding benefits you'd otherwise be paying for, the Social Security Administration (SSA) also caps how much of your income it taxes. This year's maximum taxable income is $168,600.

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The Motley Fool

JULY 3, 2024

The answer is that only some income is subject to Social Security payroll tax, and only the same amount of income is considered when Social Security benefits are calculated. Income above that amount is not subject to Social Security payroll tax, nor is it included in the benefits formula.

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The Motley Fool

APRIL 1, 2024

While Buffett has trimmed his Apple position a few times in the past, it appears to be for tax purposes more than anything. In fact, Buffett expressed regret over selling shares given a tax opportunity in the past, but he seemed to repeat the same mistake at the end of last year. There's a lot to like about Amazon.

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The Motley Fool

FEBRUARY 27, 2024

In 2017, Nvidia, along with several other investors, funded a $75 million capital raise for the small company when it was still privately held. The company also expects to generate positive adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) in Q4.

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The Motley Fool

AUGUST 5, 2024

That's neither outrageous or unsustainable, to be clear, but given that tax rates on capital gains could soon be bouncing higher following their temporary reduction, now's arguably a better time than later for Berkshire to tweak its portfolio. Here's the thing: Buffett's tax concerns may or may not be your tax concerns.

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The Motley Fool

SEPTEMBER 13, 2024

Invesco's number-crunching indicates that back in 2017 the market's 10 largest names collectively accounted for a little over 21% of the S&P 500's total value. In this same vein, do know that the Invesco fund's regular quarterly rebalancing creates recurring tax liabilities for positions held outside of tax-deferring retirement accounts.

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The Motley Fool

NOVEMBER 16, 2024

Plug Power has been promising it's close to adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) break-even for over a decade, which I highlighted as far back as 2017 ! And these losses aren't new or temporary.

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