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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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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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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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

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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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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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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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

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 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

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

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

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

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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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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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

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

APRIL 15, 2024

This felt frustrating, especially since tax season was approaching. If you're a small business owner, freelancer, consultant, or solo entrepreneur who needs an easy way to track business expenses, this could be a great solution for you -- and it's worth paying for. Fortunately, after extensive research, I found a good Mint replacement!

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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

OCTOBER 8, 2024

One of the most important is you can defer the taxes on your contributions. Instead of paying taxes on your income during the year in which you earn it, you can wait until you withdraw your savings in retirement to pay taxes, giving you more money to invest upfront. But you can't wait forever to pay your tax bill.

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The Motley Fool

FEBRUARY 5, 2024

I've also kept working and am paying the price in the form of paying taxes on a portion of my benefits. Above those thresholds, up to 85% of benefits can be taxed. I've been paying taxes my whole adult life. Income after taxes, after all, is still income. I'm used to paying taxes. I knew that going in.

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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

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

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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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

JUNE 16, 2024

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. Consulting a tax professional who specializes in expat finances can save you from pitfalls. and your new country to avoid double taxation.

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The Motley Fool

NOVEMBER 8, 2024

One is to fund a traditional IRA, which gives you an immediate tax break on your contributions. You could also fund a Roth IRA, which doesn't come with an up-front tax break but offers perks galore. With a Roth IRA , your investments gains are tax-free, and withdrawals are tax-free in retirement.

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The Motley Fool

JANUARY 30, 2024

And your total income will determine whether federal taxes on your benefits apply. So if your retirement plan withdrawals cause enough of an increase to your income, it could result in you having to pay taxes on some of your Social Security benefits. With a Roth, it won't.

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The Motley Fool

MAY 22, 2024

To maintain your financial security after leaving the workforce, you need to understand how your move will affect your budget and your tax bill. Tax rates Where you retire determines which types of taxes you'll owe and how much you'll pay annually. Some states, like Florida, don't have state income taxes.

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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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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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The Motley Fool

JUNE 28, 2023

The accountant you hire should be someone who's trustworthy, who takes the time to explain things, and who's knowledgeable enough to help you make savvy financial and tax-related decisions. Accountants tend to be very busy during tax season. That's because you won't have a tax-filing deadline looming. Here's why.

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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

OCTOBER 9, 2024

Just over half of its revenue comes from its consulting and infrastructure segments. Consulting and infrastructure, which are nearly all of the remaining revenue, did not experience significant increases. Additionally, the income tax benefit that ignited the 37% net income growth is a one-time event.

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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

NOVEMBER 29, 2024

The Internal Revenue Service (IRS) also requires retirees to pull out funds from their traditional IRAs once they reach a certain age, an this can have tax consequences. However, if you have a traditional IRA, you may qualify for a large $105,000 transfer to a charity tax-free, which might help you in other areas of your taxes.

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The Motley Fool

JULY 24, 2024

Unfortunately for people living in nine states, depending on their incomes, there's a chance they'll owe state income taxes on a portion of their Social Security benefits this year. How are Social Security benefits taxed? Anyone collecting Social Security ought to know the details of how the federal government taxes their benefits.

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