Consultants and Taxes - Private Equity Central

40 States Don't Tax Social Security Benefits

The Motley Fool

APRIL 25, 2024

That's from a study by the Center on Budget and Policy Priorities, and it points to why you might make a budget priority of your own out of knowing how the state you live in now, or plan to later on, will or will not tax those benefits. There are 40 states -- plus the District of Columbia -- that do not tax Social Security benefits at all.

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4 Ways Retirees Pay Too Much in Taxes

The Motley Fool

APRIL 2, 2024

And if you plan for all retirement-related expenses -- including taxes -- count yourself among the brilliant. Every day, some retirees pay too much in taxes. For example, municipal bonds are never taxed at the federal level (which can save you big bucks in retirement). Here are four ways they allow it to happen.

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Retiring Abroad? 3 Important Tax Implications to Consider First

The Motley Fool

SEPTEMBER 18, 2023

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. So, along with studying your potential new home's healthcare and housing options, be sure to get a clear understanding of how its tax laws and ours will affect your nest egg.

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Can I Claim the Child Tax Credit This Year?

The Motley Fool

FEBRUARY 2, 2024

Image source: Getty Images At this point of the year, a lot of people are starting to buckle down and focus on taxes. And it's definitely a good idea to start gathering your paperwork, whether it's 1099 forms from your brokerage account or tax forms from your employer. One such credit is the Child Tax Credit.

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Here's How Much a Late Tax Return Might Cost You

The Motley Fool

MARCH 8, 2024

Image source: The Motley Fool/Upsplash I've yet to meet a person who lists filing taxes among their favorite pastimes, but it's in most Americans' best interests to do it anyway. The deadline to file your 2023 taxes is April 15, 2024, so you've still got time. The IRS might also decide to come after you for tax evasion.

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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 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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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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Worried About Paying a Lot of Taxes in Retirement? Do These 3 Things.

The Motley Fool

MARCH 2, 2024

Taxes are another thing you can't control, to some degree. The IRS isn't going to magically let you off the hook from paying taxes just because you're retired. Save in a Roth IRA A Roth IRA won't give you an up-front tax break on your contributions, but come retirement, withdrawals from a Roth IRA will be yours to enjoy tax-free.

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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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Seniors Paid $50.7 Billion in Income Taxes on Social Security in 2023. Could They Cost You in 2024?

The Motley Fool

MAY 24, 2024

The bulk of that came from the income taxes workers paid, but seniors made their contribution too. billion in Social Security benefit taxes, and all signs point to that figure being even higher in 2024. Here's what you need to know about Social Security benefit taxes so you can prepare ahead of time. trillion in 2023.

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When Do You Pay Taxes on Money in Your IRA?

The Motley Fool

OCTOBER 8, 2023

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. If you put money into an IRA , it's important to understand how taxes work for this type of account, since they are tax-advantaged accounts.

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5 Things Retirees Need to Know About Income Taxes on Social Security Benefits

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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3 Tax Deductions You Can't Claim as a Freelancer

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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UK ups tax on PE ‘carried interest’ to 32%

Private Equity Wire

OCTOBER 31, 2024

The UK is to raise taxes on performance fees, or “carried interest,” for private equity fund managers from 28% to 32%, effective April 2025 — a smaller increase than many in the industry had anticipated, according to a report by Reuters.

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Here's What Happens When You Don't File Your New York State Taxes

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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Paying Taxes on Social Security Benefits: 3 Pitfalls for Retirees to Avoid in 2024

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 First Tax Returns Are In. Here's the Average Refund So Far

The Motley Fool

FEBRUARY 15, 2024

Image source: Getty Images The tax deadline is still two months away, so don't feel bad if you haven't gotten around to filing your return just yet. 2, the average tax refund is just $1,395, and the average refund for direct depositors is $1,543. In 2023, the tax season began on Jan. You're definitely in good company.

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EY Rejects TPG's Bid For its Consulting Business

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 3 Biggest Tax Breaks I've Ever Gotten

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 5 Biggest Tax Credits Americans Can Claim

The Motley Fool

MARCH 10, 2024

Image source: Getty Images If you want to keep more of your money in your pocket instead of sending it to Uncle Sam, you need to maximize your tax credits. Unlike tax deductions, which reduce the amount of income that's considered taxable, tax credits offer a dollar-for-dollar reduction in what you owe.

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3 of the Biggest Tax Breaks for Parents

The Motley Fool

MARCH 16, 2024

The good news, though, is that as a parent, you may be entitled to certain credits when you file your taxes. And that's a very good thing, because unlike tax deductions, which simply exempt some of your income from taxes, credits reduce your tax burden on a dollar-for-dollar basis.

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Are You Missing Out on Education Tax Credits?

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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JPMorgan CEO Wants to See This Tax Credit Improved

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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6.1 Million Americans Did This to Prevent Identity Theft Last Tax Season

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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House Passes Expanded Child Tax Credit. Here's What's Next

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 IRS Claimed $48.6 Billion in Social Security Benefit Taxes in 2022. Here's How Much It Could Take From You This Year.

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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It's True: These 13 States Don't Tax Retirement Income

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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Self-Employed? It's Not Just Your Tax Return That's Due April 15

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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4 Free Tax-Filing Resources for Military Members and Their Families

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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Made a Mistake on Your 2023 Taxes? Here's What to Do Now

The Motley Fool

APRIL 1, 2024

Image source: Getty Images You've finally sent off your tax return to the IRS and -- too late -- realize that you did something wrong. If the mistake caused you to underreport your income and the government catches wind of it, it could charge you additional taxes plus a penalty. Whatever the cause, you've now got a problem.

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Cherry Bekaert Acquires Kerr Consulting

FinSMEs

AUGUST 6, 2024

Cherry Bekaert, a Raleigh, NC-based assurance, tax, and advisory firm, acquired Kerr Consulting, a business applications and cloud technology provider servicing clients across the United States. The amount of the deal was not disclosed.

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Need Customer Service Help With Taxes? Here's What the IRS Says to Do

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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Almost 1 in 5 Eligible Tax-Filers Misses Out on This Valuable Credit

The Motley Fool

FEBRUARY 23, 2024

Image source: Getty Images At this point, it's probably best to start focusing on your taxes if you haven't begun to work on your 2023 return. And when doing so, it pays to get your hands on every tax credit you're eligible for so you can reap the maximum amount of savings. Others might fear that claiming it will lead to a tax audit.

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Veritas Capital and Platinum Equity Eye Jacobs’ $4bn Government Consulting Unit

Private Equity Insights

OCTOBER 5, 2023

buyout firms Veritas Capital and Platinum Equity are vying to acquire Jacobs Solutions Inc’s (J.N) government consulting business, competing against rival contractor Amentum, according to people familiar with the matter. Jacobs and Amentum declined to comment.

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Your 4-Point Mid-Year Tax Checkup

The Motley Fool

JULY 3, 2023

Image source: Getty Images The midpoint of the calendar year isn't exactly a common time to be thinking about taxes. After all, it's not like your next tax return is due anytime soon. But even though this time of the year isn't exactly a popular one for tax-related matters, it's important to do a mid-year tax checkup.

Taxes

Here's Why You Should Want a Smaller Tax Refund -- and How You Can Get One

The Motley Fool

MARCH 6, 2024

Image source: The Motley Fool/Upsplash Tax refunds are the prize at the end of the tedious tax-filing process, and you're not alone in wanting the largest refund possible. The average refund this tax season stands at $1,741 as of Feb. Here's what you need to know to shrink your tax refund for next year.

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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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