The Motley Fool

JUNE 28, 2023

Image source: Getty Images Whether you need an accountant for your small business or your own personal needs, it's important to find the right person for the job. If you've yet to find the right accountant for you, it pays to focus on that search during the summer months. Accountants tend to be very busy during tax season.

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The Motley Fool

OCTOBER 8, 2023

Image source: Getty Images IRAs are retirement savings accounts you can open with any brokerage firm. You can invest in an IRA if you don't have a workplace 401(k) plan and you want to save for retirement in an account that offers tax benefits. But that doesn't mean you are never taxed on the money you contribute to them.

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The Motley Fool

DECEMBER 26, 2023

Image source: Getty Images Giving money to charity is wonderful, but don't do it for the tax breaks. A few years ago, it was easier for everyday people to get a little tax break for donating to charity. Let's look at what it takes to make sure your charitable donations are tax deductible. But most people don't itemize.

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The Motley Fool

MARCH 18, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS this filing season was $3,213. But no matter what refund you get on your taxes , it's important to make the most of that money. Rather than risk that scenario, add your refund to your savings account.

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The Motley Fool

JULY 2, 2023

The Roth IRA is relatively new among investment accounts; it was created in 1998 to help Americans save for retirement. Additionally, income limits begin at $138,000 and start phasing out your contribution amount depending on your tax status. Don't be shy about consulting a financial advisor to be sure. How does a Roth IRA work?

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The Motley Fool

DECEMBER 22, 2023

Taxes on Social Security can be extremely complicated, and there are some big pitfalls you could find yourself falling into if you're not careful. It's important to understand the basics of how taxes on Social Security work. So keeping your combined income as low as possible is necessary to avoid taxes on Social Security.

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The Motley Fool

FEBRUARY 17, 2024

The biggest is the payroll taxes workers pay on their incomes each year. billion -- a mere 4% of Social Security's total income -- came from taxing the benefits of seniors whose income exceeded certain limits. But that figure is expected to be higher this tax season. Here's why, and how much you might owe in benefit taxes.

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The Motley Fool

DECEMBER 10, 2023

You work for decades, regularly paying taxes to help fund Social Security. No more taxes, right? Here are five things retirees need to know about income taxes on Social Security benefits. However, that means that roughly 40% will have to pay federal income taxes. Many Americans might think that.

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The Motley Fool

NOVEMBER 29, 2024

households had individual retirement accounts (IRAs) in 2023. As Americans get older, they begin to pull out funds from their retirement accounts to replace the recurring income they had from their jobs. What is an IRA and how is it taxed? Individuals contribute to traditional IRAs with pre-tax earnings. Let me explain.

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The Motley Fool

OCTOBER 8, 2024

Retirement accounts, like IRAs and 401(k)s , come with several advantages for investors. One of the most important is you can defer the taxes on your contributions. But you can't wait forever to pay your tax bill. That's why it imposes required minimum distributions (RMDs) on traditional retirement accounts.

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The Motley Fool

JULY 22, 2024

Some of the best-paying side hustles listed on FlexJobs include: Software developer Project manager Account manager Consultant Web designer Technical writer Video editor Piecing together one-off projects and juggling multiple clients is not the only way to make money as a freelance side hustler.

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The Motley Fool

APRIL 15, 2024

Intuit claimed that Mint's capabilities would be migrating to Credit Karma, so I signed up for a new Credit Karma account. This felt frustrating, especially since tax season was approaching. Quicken Simplifi gives me an easy-to-use, clearly visible dashboard of where my money is going, based on linked bank accounts.

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The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images One of the benefits of being self-employed is getting to enjoy a host of different tax breaks. You can also save money on your taxes by deducting expenses that include professional license fees, equipment, and office supplies, like pens and notepads. You could instead deduct your auto-related expenses.

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The Motley Fool

MARCH 3, 2024

Image source: Getty Images Letting someone else file your tax return sounds like a pretty sweet deal -- unless that person is an identity thief after your refund. million tax returns with refunds totaling $6.3 Fortunately, the IRS has developed a strategy that can reduce your risk of tax identity theft. It's not a must-have.

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The Motley Fool

FEBRUARY 23, 2024

Image source: Getty Images One of the benefits of being a freelance worker is getting to deduct different expenses on your taxes that relate to your work. Read more: we researched free tax software and put together a list of the best options here 1. Unfortunately, child care is not an expense you can deduct on your taxes.

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The Motley Fool

JANUARY 24, 2024

Make good use of tax-advantaged retirement accounts : These include IRAs and 401(k)s , and both come in two main varieties -- traditional and Roth. You contribute money to a traditional account on a pre-tax basis, shrinking your taxable income and therefore your tax bill for the year of the contribution.

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The Motley Fool

JANUARY 30, 2024

So at some point, you're apt to want to start taking withdrawals from your retirement account. In fact, if you have your money in a traditional IRA or 401(k), as opposed to a Roth savings plan, you'll actually have to start tapping your account once required minimum distributions begin to apply. Image source: Getty Images.

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The Motley Fool

MARCH 14, 2024

Image source: The Motley Fool/Upsplash Just as it's sometimes possible to drop the ball on filing your federal taxes , so too might you inevitably drop the ball on your state taxes. So if you're sitting on an old tax return you know you need to submit, don't just ignore the problem. But you may be looking at costly penalties.

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The Motley Fool

MARCH 3, 2024

Image source: Getty Images The goal when filling out your federal income tax return should be to pay what you owe -- but not a penny more. You can make sure this happens by taking advantage of the numerous tax deductions, credits, and other incentives in the lengthy U.S. tax code to make sure your bill is as low as possible.

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The Motley Fool

MARCH 9, 2024

Certain strategies can help you keep more of your money, like keeping savings in Roth accounts that allow for tax-free retirement withdrawals. Currently, 13 states don't tax retirement withdrawals from 401(k)s or IRAs. Right now, the only income tax its residents can face is on interest and dividend income above $2,400.

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The Motley Fool

FEBRUARY 25, 2024

What makes a Roth different than a traditional IRA is that your contributions are not tax-deductible, but you won't be taxed on your withdrawals. In other words, your money grows tax-free. That allows you to give as much time for your portfolio to compound and grow (again, tax-free) as you want.

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The Motley Fool

MAY 12, 2024

Putting coins in a piggy bank might be a fun way to jump-start your child's saving journey, but opening a Roth IRA ( individual retirement account ) could be the ultimate wealth builder. Roth IRAs are packed with benefits, including tax-free withdrawals during retirement. And anyone with earned income can contribute to a Roth IRA.

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The Motley Fool

AUGUST 16, 2023

Ernst & Young's audit and consulting businesses just can't quit each other. Fittingly for accountants, it seems love, like taxes, springs eternal. Rejection: It's unknown how much the $137 billion private equity player offered for the consulting firm in its proposed debt-and-equity deal, but EY turned it down nonetheless. "We

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The Motley Fool

FEBRUARY 25, 2024

Retirement accounts offer a lot of great benefits for savers, but they have their limitations as well. Remember, you're locking your money away Retirement accounts are intended for long-term savings, and the government discourages workers from making early withdrawals by instituting a 10% penalty for funds withdrawn before age 59 1/2.

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The Motley Fool

JUNE 22, 2024

The great thing about a Roth IRA is that anyone can contribute to the account, whether they are 17 years old or 77 years old, as long as they have earned income for the year and it doesn't exceed the annual threshold. Some accounts may come with account maintenance and other fees that could reduce your child's account balance.

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The Motley Fool

APRIL 12, 2024

Image source: Getty Images It may not exactly come as a surprise that taxes are due this year on April 15. If you don't think you'll be able to finish your taxes by April 15, it definitely pays to request an extension. But if you're self-employed , there's another tax-related item you'll need to check off your list by April 15.

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The Motley Fool

FEBRUARY 1, 2024

Image source: Getty Images In 2021, the Child Tax Credit was given a major boost at a time when the U.S. Not only did the credit's maximum value increase from $2,000 to up to $3,600, but the credit became fully refundable, which meant someone who owed nothing on their taxes could still receive its full value.

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The Motley Fool

MARCH 21, 2024

Image source: Getty Images Recently, the IRS warned that phone delays should be anticipated during the run-up to the tax-filing deadline for submitting 2023 tax returns. In response to the fact so many taxpayers call for help with their taxes at this time of year, the agency suggested an alternative if you need customer support.

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The Motley Fool

FEBRUARY 24, 2024

The IRS offers education tax credits that can reduce the amount you owe in income taxes if you paid for higher education throughout the year. The student has not claimed the AOTC or the former Hope tax credit for more than four years. This is a partially refundable tax credit. Who qualifies? during 2023. Who qualifies?

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The Motley Fool

DECEMBER 7, 2023

Roth IRAs are among the best retirement accounts available because of their unique tax break. Instead of contributions being deductible like a 401(k) or traditional IRA, contributions are made after tax with the chance for tax-free withdrawals in retirement. If you already have a traditional IRA, just contribute to it.

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The Motley Fool

MARCH 16, 2024

Image source: The Motley Fool/Upsplash People who file taxes are generally advised to try to claim as many credits as they're eligible for. The nice thing about tax credits is that they serve as a dollar-for-dollar reduction of your tax liability. For the 2023 tax year, the EITC has a maximum value of $7,430.

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The Motley Fool

JANUARY 23, 2024

Depending on your income, the state government may impose income tax on a portion of your Social Security benefits. How are Social Security benefits taxed? That makes it harder and harder to avoid paying taxes on Social Security. Retirees age 65 or older are exempt from taxes on Social Security benefits.

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The Motley Fool

MARCH 16, 2024

And as you might notice, that doesn't even account for the cost of college. The good news, though, is that as a parent, you may be entitled to certain credits when you file your taxes. With that in mind, here are some big tax breaks in credit form that all parents should be aware of.

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The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images February is almost over already, but there's still plenty of time to complete your taxes before the April 15 filing deadline. Before spending money on tax software , check to see if you qualify for free or low-cost tax-filing resources. Eight tax software companies are IRS Free File partners.

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The Motley Fool

JUNE 16, 2024

Everyday activities, from shopping to opening a checking account , might differ from what you're used to, which can be both an adventure and a challenge. Taxes You may still have to pay U.S. taxes on your income, even if you live abroad. It's essential to understand the tax treaties between the U.S.

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The Motley Fool

SEPTEMBER 13, 2024

Depending on your income, your state might tax a portion of your benefits. How to keep more of your Social Security benefits Before focusing on individual states, everyone collecting Social Security should know how their benefits are taxed by the federal government. It pays to plan ahead for taxes in retirement.

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The Motley Fool

MAY 8, 2024

There are several different strategies, accounts, and rules that each person follows based on their situation. However, I don't think it's a stretch to say that people want to make more money and pay fewer taxes on that wealth. I mean, who likes paying taxes? Don't worry -- I'm not advocating tax evasion. Don't wait!

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