Consultants, Education and Taxes - Private Equity Central

Don't Ignore These 5 Essential Tax Breaks for Parents

The Motley Fool

MARCH 17, 2024

While that number may seem mind-boggling, there are a few tax credits that can provide relief for parents. A tax credit provides a dollar-for-dollar reduction in how much you owe. If the tax credit is refundable, it can help you get money back when you file your return.

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5 Valuable Tax Credits You Should Know About in 2024

The Motley Fool

FEBRUARY 26, 2024

Image source: Getty Images If you haven't started your 2023 taxes yet, you may want to get moving. Although the April 15 filing deadline is still more than a month and a half away, the sooner you get through the process, the sooner your tax refund, if applicable, can hit your bank account. Of that, up to $1,600 is refundable.

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5 Ways to Lower Your New York State Tax Bill

The Motley Fool

MARCH 17, 2024

Image source: Getty Images Ah, New York, the Empire State: home to the Big Apple, cascading waterfalls, and, not so proudly, some of the highest taxes in the nation. Whether you're a city slicker dodging taxis or a country dweller enjoying the serene landscapes, one thing unites all New Yorkers: the quest to lower that pesky tax bill.

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Retiring Abroad? 3 Important Tax Implications to Consider First

The Motley Fool

SEPTEMBER 18, 2023

This article is intended for educational purposes only and is not legal advice. But those riches can come at a cost, especially if you're not hip to the tax laws you're beholden to, both here and in your new chosen land. tax return every year. Just like you need to consult an expert here, do so over there.

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How to Ensure Your Charitable Donations Are Tax Deductible

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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Got Your Tax Refund? 9 Smart Things to Do With It

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. Read more: we researched free tax software and put together a list of the best options here 2.

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Are You Missing Out on Education Tax Credits?

The Motley Fool

FEBRUARY 24, 2024

Image source: Getty Images The costs of higher education are a major pain point for students and young workers. 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. This is a partially refundable tax credit. during 2023.

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3 Accounts You Should Set Up For Your Kids at Birth

The Motley Fool

MARCH 27, 2024

The beauty of a Roth IRA lies in its tax structure. Contributions are made with after-tax dollars, but the account's growth and withdrawals are tax free under current laws. A UTMA account offers tax advantages -- the first $1,250 of unearned income is tax free and the next $1,250 is taxed at the child's lower rate.

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Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

The Motley Fool

APRIL 21, 2024

This article is intended for educational purposes only and is not legal advice. That also may be the ideal time to consult an estate attorney or financial advisor experienced in such matters. Consult a knowledgeable tax attorney to be sure. For guidance on your personal situation, please contact a lawyer. Or it might not.

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Want to Be a Roth IRA Millionaire? 5 Tips All Retirees Should Know

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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3 Great Ways to Set Your Children and Grandchildren Up for Success With Your Money

The Motley Fool

AUGUST 5, 2023

It's especially important to consult an expert in estate and retirement planning once you add in direct gifting and your own retirement and senior living plans. Invest in their education An education may well be the greatest gift you can give. Your children and grandchildren will see your values in action.)

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This Retirement Mistake Cost Americans $6.12 Billion Last Year. Here's How You Can Avoid It

The Motley Fool

FEBRUARY 25, 2024

It doesn't include the income taxes these workers will have to pay on their withdrawals. Or you can convert your tax-deferred savings from a traditional 401(k) into a Roth IRA. But to do this, you must pay taxes on the converted sum in the year you make it. billion in 2023 alone. And that's just the penalties.

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Here's Why Claiming a Charitable Giving Tax Deduction Could Really Hurt You

The Motley Fool

DECEMBER 26, 2023

And they could benefit you when it's time to file your taxes -- but this isn't a guarantee. There is a charitable donation tax deduction, but there's an important stipulation that keeps many from claiming it. Below, we'll talk about why and how to decide if you should claim the tax deduction this year.

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Read This Article Before Dropping Out of College – Your Wallet Will Thank You

The Motley Fool

JULY 26, 2023

The National Center for Education Statistics notes that there were 2 million high school dropouts aged 16 to 24 in the U.S. According to data from the Education Data Initiative, roughly a quarter of full-time first-year college students drop out of college -- and among part-time first-year college students, more than half do.

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Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

The Motley Fool

JULY 1, 2024

This article is intended for educational purposes only and is not legal advice. And if you're thinking that a living trust could serve as a tax shelter of sorts for your family, think again. So before you consult an attorney to discuss a living trust, sit down with a financial advisor and see what they say.

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Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

The Motley Fool

MARCH 31, 2024

This article is intended for educational purposes only and is not legal advice. To be sure, consult a qualified tax attorney. Proceed with consideration and consultation While a living trust has many advantages for estate planning, it must be adopted with careful thought and examination.

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Is a Will Really the Best Way to Pass an Inheritance to Your Family?

The Motley Fool

SEPTEMBER 4, 2023

This article is intended for educational purposes only and is not legal advice. Estate planning can also involve tax implications, the particular needs of heirs and your strategies for meeting them, and just how quickly and easily assets can be transferred. For guidance on your personal situation, please contact a lawyer.

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Employ These 8 Year-End Strategies To Save During Tax Season

Fortune Financial

NOVEMBER 22, 2022

The clock is ticking for taxpayers who wish to minimize the taxes they will owe in the spring. The IRS does not tax what you divert directly from your paycheck into your retirement or health savings accounts. A Roth conversion will lower the Required Minimum Distributions (RMDs) from tax-deferred accounts.

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Retiring in 5 Years? 10 Essential Steps You Need to Take

The Motley Fool

SEPTEMBER 24, 2023

If you have disposable income and have an eligible retirement plan, use a mega backdoor Roth IRA to save a significant amount of tax-free money for your retirement. If you're eligible, consider contributing as much as possible to your 401(k), IRA , or other retirement accounts. Four years out Here are your next steps with four years to go.

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Planning Details for NUA: A Tax-Saving Strategy

Fortune Financial

JULY 28, 2022

When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . However, the tax deferral benefit comes at a cost tradeoff. Almost every dollar distributed from a pretax retirement account will be taxed at ordinary income tax rates.

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Here's What Happens When You Have Too Much Money in a 529 Plan

The Motley Fool

JULY 2, 2023

A 529 plan offers the benefit of tax-free investment gains, whereas with a regular brokerage account , investment gains are subject to taxes. You can also take tax-free 529 plan withdrawals to pay for education. When penalties apply There's no tax break to be had on the money you put into a 529 plan.

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Could a Government Shutdown Impact Your Student Loan Payments?

The Motley Fool

SEPTEMBER 28, 2023

Will people trying to file their tax returns before the mid-October extension deadline encounter any issues? Department of Education will be furloughed in the event of a federal government shutdown. The Department of Education isn't really involved in the day-to-day processing of payments.

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Retiring in Your 50s? You Need to Know These 3 Important Retirement Account Rules.

The Motley Fool

FEBRUARY 29, 2024

Normally, the IRS charges you a 10% penalty for every withdrawal you make before age 59 1/2, unless it's for a qualifying reason, like a large medical or higher education expense. You can withdraw Roth IRA contributions penalty-free at any age You fund Roth IRAs with after-tax dollars, since you pay taxes on your contributions.

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Gen Z Is Catching On to This Incredible Money-Saving Tool

The Motley Fool

MARCH 13, 2024

Many 20-somethings these days, for example, are focused on building emergency funds and paying off educational debt. Set yourself up for benefits down the line One reason some retirement savers like traditional 401(k)s and IRAs is that they give you an upfront tax break on your contributions. That puts you in the 12% tax bracket.

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3 Top Tips for Maximizing Your Charitable Giving Write-offs

The Motley Fool

DECEMBER 24, 2023

Image source: Getty Images Giving money or goods to charity can be a great way to get a break on your taxes -- but you need to understand the IRS's rules. Some donations to qualifying charities can allow you to get a tax deduction, where you subtract the amount of the donation from your taxable income. Sounds simple, right?

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The Standard Deduction Is Going Up by $750 in 2024. Should You Claim It?

The Motley Fool

DECEMBER 4, 2023

Image source: Getty Images If you aren't eligible for many tax deductions, you probably take the standard deduction instead of itemizing at tax time. The standard deduction is the amount the IRS lets you automatically deduct from your adjustable gross income to lower your federal tax bill.

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Want to Be a Roth IRA Millionaire? 4 Tips All Retirees Should Know

The Motley Fool

JUNE 14, 2024

A Roth IRA is a tax-advantaged retirement account that allows your investments to grow tax-free, and qualified withdrawals in retirement are also tax-free. As long as you're earning income, you can continue to contribute and let your investments compound tax-free. Educate yourself. Keep a budget.

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The Basics of Stock Option Compensation

Walkner Condon Financial Advisors

APRIL 27, 2023

When an employee is granted stock options, they are not immediately taxed on the value of those options. If the employee holds onto the stock after exercising the options, any future appreciation in the stock’s value will be subject to capital gains tax when the stock is eventually sold.

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Should You Roll Over Your Old 401(k)? Here's What to Consider

The Motley Fool

NOVEMBER 3, 2024

Cashing out is generally not a great idea as you'll pay taxes and penalties -- and decimate your retirement savings!) Pay attention to the fees Those small fees for administration, investment, consulting, and other expenses can add up faster than you might expect. Before you make the move, there are several things you should know.

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67% of Millennials Have No Savings for a Home Down Payment. How Do You Compare?

The Motley Fool

SEPTEMBER 27, 2024

Between high education costs, low real wage growth, and mortgage rates skyrocketing over the last few years due to inflation, it's definitely not as easy for our generation to purchase a home as it was in generations past. You'll also have to budget for your mortgage payment, property taxes, and homeowners insurance.

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4 Ways to Determine Which Type of Trust Is Right for You

The Motley Fool

SEPTEMBER 5, 2023

They can also help you avoid tax hassles and legal battles. Reduce taxes on your estate? Irrevocable trusts can protect your assets from creditors, lawsuits, and estate taxes. This type of trust can pay for expenses that are not covered by government programs, such as therapy, education, or recreation.

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Are You and Your Partner Financially Compatible? Ask These 5 Questions to Find Out

The Motley Fool

FEBRUARY 9, 2024

Shared expenses include everything from the rent and grocery bills to major long-term purchases, like a home or higher education. For example, if neither of you is confident about filing your own taxes , you may want to consult a tax professional. How do you envision managing shared expenses?

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Here's How Much the Average Worker Expects to Need per Month in Retirement. How Do You Compare?

The Motley Fool

OCTOBER 4, 2024

Make good use of tax-advantaged retirement accounts such as IRAs and 401(k)s. Roth accounts will let you withdraw funds in retirement tax-free, if you follow the rules. Don't put it off -- and don't be afraid to consult a financial advisor , either. Index funds are actually terrific ways to save for retirement.

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Common Tax Filing Mistakes

Walkner Condon Financial Advisors

MARCH 16, 2023

As we are now within 30 days of the April 18 tax filing deadline (April 15 falls on a weekend and April 17 is a federal holiday), it is important to begin organizing your documents and creating a plan to file your taxes, if you have not done so already. Filing Late One of the most common mistakes is filing your tax return late.

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Is $1 Million Enough for a Comfortable Retirement?

The Motley Fool

DECEMBER 19, 2023

All the same, there are some ways to make educated guesses. It doesn't fully factor in all variables, such as asset allocation, market performance, inflation, taxes, and the way people's needs may change during their old age. Think about how much you might need to live comfortably in retirement and work backward from there.

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Year-End Tax Planning Tips

Tobias Financial

DECEMBER 20, 2023

As we begin our countdown to 2024, it is a great time to ensure your year-end tax plan is in place. Tax planning is a vital component of meeting your overall financial goals. Our team of professionals is here to assist with your financial and tax planning needs. This might be the time to consider an adjustment.

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What Goldman Sachs and Morgan Stanley Told Investors

The Motley Fool

JANUARY 25, 2024

Streamlining decision making, he proudly ignores consultant reports, he's getting it back to an operating profit. Up next, Robert Brokamp and Alison Southwick are going to tackle some of those questions that you sent in about saving for kids, taxes and trading, and a little known savings account. I'm warming up to the guy.

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ABLE Accounts in Wisconsin: Key Things to Know for WI Residents

Walkner Condon Financial Advisors

SEPTEMBER 2, 2022

And while ABLE accounts can be a bit more complex for Wisconsin residents, they offer significant tax benefits for individuals with disabilities and their families. The money in the account grows tax-deferred and income from the account is tax-free when used for qualified expenses. It b ecame law on Dec. SSI, SSDI, Medicaid).

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Accounting Due Diligence Mutual Funds Taxes

Introduction to NUA: A Tax-Saving Strategy

Fortune Financial

JULY 5, 2022

One major thing to consider when doing so is the tax bill that may come along with it. The good news is you may be able to take advantage of a little-known tax break called net unrealized appreciation (NUA) — if you qualify. . What Is NUA? You originally paid $10 per share but they are now valued at $50 per share. Reaching age 59 -1/2.

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7 Things You Can Do to Trim Your 2023 Tax Bill

Ballast Advisors

MARCH 17, 2023

Reducing your tax liability can literally save you thousands of dollars Tax season can be a stressful time for many people, especially if you’re not fully prepared. However, with some advance planning and preparation, you can take steps to reduce your tax bill for the upcoming year.

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A Quick Take on the Tax Treatment of Incentive Stock Options

Zajac Group

JANUARY 24, 2023

If your employer has granted you incentive stock options (ISOs) , you’ve likely spent time researching the tax treatment. If so, you’ve probably read about the alternative minimum tax (AMT), and qualifying and disqualifying dispositions. When you do, the sale is either a qualified or disqualified sale, and is taxed accordingly.

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Ready to Start Investing?

The Motley Fool

MAY 1, 2024

Robert Brokamp: The key there, remember with the IRA and it stands for individual retirement account, is that you get tax benefits by putting it into an IRA. But the trade-off is that if you take the money out before age 59 1/2, you may pay taxes and penalties. They're my biggest tax deduction every year. Matt Frankel: Yes.

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Navigating Tax Time: Tips for Filing Your K-1 Form

Zajac Group

OCTOBER 17, 2024

For most people, tax time can be a headache—though for earners with traditional compensation packages, it can at least be fairly predictable (W-2 wages, withheld taxes, 401(k) contribution deductions, etc.). Each taxpayer receives a copy of their K-1, which they then use to complete their own tax return.

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Unclaimed 401(k) Recovery: Securing Your Retirement and Family’s Future

Fortune Financial

APRIL 11, 2024

Consult with a Fortune Financial advisor for personalized advice on maximizing the growth of your recovered funds. Tax-Efficient Management of 401(k) and ESOP After Employer Separation Efficient tax management of 401(k) and ESOP holdings post-employment is critical to help secure a financially stable retirement.

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Don't Ignore These 5 Essential Tax Breaks for Parents

5 Valuable Tax Credits You Should Know About in 2024

Trending Sources

5 Ways to Lower Your New York State Tax Bill

Retiring Abroad? 3 Important Tax Implications to Consider First

How to Ensure Your Charitable Donations Are Tax Deductible

Got Your Tax Refund? 9 Smart Things to Do With It

Are You Missing Out on Education Tax Credits?

3 Accounts You Should Set Up For Your Kids at Birth

Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

Want to Be a Roth IRA Millionaire? 5 Tips All Retirees Should Know

3 Great Ways to Set Your Children and Grandchildren Up for Success With Your Money

This Retirement Mistake Cost Americans $6.12 Billion Last Year. Here's How You Can Avoid It

Here's Why Claiming a Charitable Giving Tax Deduction Could Really Hurt You

Read This Article Before Dropping Out of College – Your Wallet Will Thank You

Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

Is a Living Trust Really the Best Way to Pass an Inheritance to Your Family?

Is a Will Really the Best Way to Pass an Inheritance to Your Family?

Employ These 8 Year-End Strategies To Save During Tax Season

Retiring in 5 Years? 10 Essential Steps You Need to Take

Planning Details for NUA: A Tax-Saving Strategy

Here's What Happens When You Have Too Much Money in a 529 Plan

Could a Government Shutdown Impact Your Student Loan Payments?

Retiring in Your 50s? You Need to Know These 3 Important Retirement Account Rules.

Gen Z Is Catching On to This Incredible Money-Saving Tool

3 Top Tips for Maximizing Your Charitable Giving Write-offs

The Standard Deduction Is Going Up by $750 in 2024. Should You Claim It?

Want to Be a Roth IRA Millionaire? 4 Tips All Retirees Should Know

The Basics of Stock Option Compensation

Should You Roll Over Your Old 401(k)? Here's What to Consider

67% of Millennials Have No Savings for a Home Down Payment. How Do You Compare?

4 Ways to Determine Which Type of Trust Is Right for You

Are You and Your Partner Financially Compatible? Ask These 5 Questions to Find Out

Here's How Much the Average Worker Expects to Need per Month in Retirement. How Do You Compare?

Common Tax Filing Mistakes

Is $1 Million Enough for a Comfortable Retirement?

Year-End Tax Planning Tips

What Goldman Sachs and Morgan Stanley Told Investors

ABLE Accounts in Wisconsin: Key Things to Know for WI Residents

Introduction to NUA: A Tax-Saving Strategy

7 Things You Can Do to Trim Your 2023 Tax Bill

A Quick Take on the Tax Treatment of Incentive Stock Options

Ready to Start Investing?

Navigating Tax Time: Tips for Filing Your K-1 Form

Unclaimed 401(k) Recovery: Securing Your Retirement and Family’s Future

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