The Motley Fool

MARCH 23, 2024

Image source: The Motley Fool/Upsplash Tax season is a good time for small business owners to reflect upon their past year's business performance, and plan ahead for next year. As part of your tax planning, it's important to watch out for a few big tax mistakes. Don't pay vendors from a personal checking account.

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The Motley Fool

OCTOBER 27, 2024

Unfortunately, like other forms of income, Social Security benefits are subject to tax rules. Most retirees can avoid Social Security state taxes The good news about Social Security taxes is that most states do not tax Social Security benefits. The IRS uses your "combined income" to calculate your tax bill.

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The Motley Fool

JULY 28, 2024

Taxes help pay for a lot of the daily services and infrastructure we get to enjoy. From public schools to road maintenance to healthcare, taxes ensure our communities have access to essential services. That said, it's fair to say that most people don't like paying taxes although they're a necessity today.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Do you have big dreams for your tax refund? According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050. But many Americans don't think of their tax refund as a "nice-to-have" -- it's "must-have" money. Tax refunds are a financial lifeline for many U.S.

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The Motley Fool

JULY 15, 2023

Sometimes, it involves taking over their finances, because they're no longer in the best position to do so. If you find yourself in a situation where you believe it's best to take over your aging parents' finances, here are some steps that could simplify the process. Income like dividends could also generate a tax bill.

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The Motley Fool

AUGUST 31, 2024

According to FinancialSamurai.com, "If you fail to meet the 60-day deadline, your retirement funds will be subject to income taxes. Seller financing Maybe you want to buy a business but don't have the capital or credit necessary to do so. Supplier financing I love the book Starting on a Shoestring by Arnold Goldstein.

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The Motley Fool

NOVEMBER 9, 2023

Image source: Getty Images A lot of us don't really think about taxes until the time comes to file a return. But it's important to have a pulse on your tax situation at all times. And part of that means knowing what tax bracket you fall into. That puts you in the 22% tax bracket for 2024.

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The Motley Fool

SEPTEMBER 27, 2024

Saving for retirement in a tax-advantaged account makes a lot of sense. Why not snag some tax benefits in the course of building your nest egg? RMDs only become a problem when you don't need the money and don't want to deal with the tax burden they create. Here's how. But that doesn't mean you can't put the money to work.

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The Motley Fool

JANUARY 17, 2024

Managing your finances can be intimidating, particularly when you're first getting started. Education doesn't end with school, though, and learning personal finance as an adult can be liberating. Education doesn't end with school, though, and learning personal finance as an adult can be liberating. Only about half of U.S.

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The Motley Fool

JUNE 7, 2024

The price you pay per gallon doesn't just cover the cost of the fuel itself; a significant portion of it goes toward taxes. And depending on where you live, that tax can make a big difference in what you pay to fill up your tank. Some states have much higher gas taxes than others, which can impact your personal finances.

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The Motley Fool

MARCH 24, 2024

Whether you're newly retired or planning for retirement, understanding how taxes can impact your finances is an important step. Fortunately, there are tax breaks that you should never miss out on -- the best tax software can help you claim these and more. That limit will be raised to $7,000 for the 2024 tax year.

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The Motley Fool

SEPTEMBER 4, 2024

It's a byproduct of millions of people paying Social Security payroll taxes throughout their careers. Not everyone has to pay these taxes, however; some workers are exempt. How Social Security taxes work Social Security payroll taxes are collected under the Federal Insurance Contributions Act ( FICA ).

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The Motley Fool

DECEMBER 11, 2023

states still impose taxes on them even though they're necessary personal care items. If you get a period and live in a state that charges this tax, you can expect to pay more at checkout. But some relief is here thanks to the Tampon Tax Back Coalition. You can get your tampon tax money returned after filing a claim online.

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The Motley Fool

MARCH 24, 2024

Image source: Getty Images Women of all ages are taking charge of their finances. If you're a woman looking to make life-changing money moves, you may seek advice on managing your finances to live a more comfortable and secure life. Here are a few ways that successful women manage their finances.

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The Motley Fool

MAY 12, 2024

Ultimately, though, I took a deep breath and decided to try it out -- after using my part-time freelance income to put my personal finances into solid shape first. I'm never not thinking about income taxes No one really enjoys paying taxes , but they're the price of living in a civilized society.

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The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Paying taxes is a part of life for all of us. And unfortunately, mismanaging your tax situation could result in a hit to your personal finances. So could falling victim to certain blunders on your tax return. Don't just put "$3,000" on your taxes and assume that's good enough.

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The Motley Fool

MARCH 30, 2024

Image source: The Motley Fool/Upsplash Tax season doesn't have to be stressful and time-consuming. With tax software and other affordable tax filing options, many Americans can file taxes more quickly than ever before. Let's look at a few findings from the LoopMe 2024 Consumer Snapshot: Tax Season Insights.

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The Motley Fool

FEBRUARY 18, 2024

tax code is complex. While I can't debunk every tax myth, here are three of the biggest misunderstandings you should know the truth about as tax season gets underway. If you file an extension, you'll get an extra six months to file, making your tax return due on Oct. Image source: Getty Images The U.S.

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The Motley Fool

DECEMBER 27, 2023

In an ideal world, workers would pay their tax debt to society and eventually be let off the hook by a certain age. But that's not how our tax system works. So it's important to know what taxes you may be looking at as a retiree. Rather, you may be taxed at the federal level depending on your provisional income.

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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

MARCH 7, 2024

Image source: Getty Images Tax season is here. You still have time to file your 2023 tax return. If you're worried about the cost of tax software , explore free and low-cost resources. Explore low-cost and free tax prep and filing options It's essential to file your federal tax return by the April deadline.

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The Motley Fool

MARCH 24, 2024

Managing money will be just like it was back at home You might think that personal finance doesn't change much as a digital nomad. You'll have a more complicated tax situation. If you're an American, you still need to file tax returns in the United States. That means paying visa fees and maybe even hiring a lawyer.

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The Motley Fool

JANUARY 28, 2024

Image source: Getty Images Tax season causes a lot of Americans to get familiar with complex vocabulary and concepts that they might only use once per year. As a result, there are a lot of misunderstandings about filing taxes. It's no surprise that people get confused about taxes. After all, the IRS tax code is complicated.

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The Motley Fool

MARCH 10, 2024

Image source: The Motley Fool/Unsplash Ah, tax time -- it's such fun to sit down with an accountant or tax-filing software and see if you underpaid or overpaid the government (which already knows your tax liability). Paying down low-interest debt So you've decided to pay off some debt with your tax refund.

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The Motley Fool

APRIL 7, 2024

Image source: Getty Images Tax season can be a time of great trepidation for Americans, especially if you owe money to the IRS. Filing taxes can sometimes feel intimidating. No one wants to get hit with an unexpected tax bill, especially if you had big plans for a tax refund. You don't have to go it alone.

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The Motley Fool

JULY 9, 2023

That unpaid care often includes taking responsibility for their aging parents' finances. Your parents The crucial first step is honest, open conversation with your parent or parents about the state of their finances. Then, an accountant will be handy around issues of taxes, especially for people with complex portfolios and plans.

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The Motley Fool

APRIL 9, 2024

Image source: The Motley Fool/Upsplash Unless you're a giant corporation who can loop every hole, your business is going to need to pay taxes. Indeed, you're going to need to pay them multiple times a year thanks to quarterly estimated tax requirements. When it's time to pay those taxes, consider how you'll pay.

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The Motley Fool

JANUARY 16, 2024

The larger your combined income , the more likely your Social Security benefit will be taxed. If that combined income passes a key threshold based on your tax filing status, then up to 50% your Social Security benefit can be taxed. If it passes another threshold, then up to 85% of your Social Security benefit can be taxed.

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The Motley Fool

FEBRUARY 16, 2024

1, 2024, when their states officially ended their Social Security benefit taxes. If you live in one of them, it's important to understand how your state government handles these taxes and what you could owe. It's possible you may not owe these benefit taxes even if you live in one of the states above.

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Taxes Finance Financing Returns 245

The Motley Fool

FEBRUARY 17, 2024

Image source: Getty Images If you itemize deductions on your tax return, one of the best ways to save money and do a lot of good at the same time is to donate to charitable organizations. While it's a well-known fact that charitable contributions are usually tax-deductible, there are some strategies you can use to maximize the value of yours.

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The Motley Fool

DECEMBER 12, 2023

And if you want 2024 to be your best financial year ever, here are several important personal finance moves. Contribute to an IRA Funding an IRA could not only set you up with a nice amount of retirement income down the line, but also help shield some of your near-term income from taxes.

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The Motley Fool

FEBRUARY 12, 2024

Image source: Getty Images You may want to begin organizing your tax documents soon. But if you need assistance preparing your tax return, there is still time to get help. One such resource available to eligible taxpayers is the AARP Foundation Tax-Aide program. The AARP Foundation Tax-Aide is available from Feb.

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Taxes Finance Financing Banks 239

The Motley Fool

MARCH 17, 2024

Image source: The Motley Fool/Upsplash The majority of Americans will have their annual tax return filed in a little over a month, and many are waiting for a refund. Before you book a vacation or buy a new wardrobe, though, take a look at some of the more underrated uses for tax refund dollars. You'll be more comfortable.

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The Motley Fool

DECEMBER 29, 2023

Although the sticker price of electric vehicles is typically a few thousand dollars higher than comparable gas-burning cars, recent EV tax credits are making electric vehicles more affordable. Let's look at the single best way to finance your new electric vehicle -- with a green auto loan. Offer ends Jan. APR for 72 months.

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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

MARCH 20, 2024

Now's a really good time to spring clean your personal finances as well. Come up with a filing system that works year-round If you've been spending the past few weeks digging up documents for your taxes , then you may have found yourself bemoaning your lack of organization. For you, it might mean getting into serious cleaning mode.

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The Motley Fool

APRIL 26, 2024

Read more: we researched free tax software and put together a list of the best options here You'll also need to keep track of business expenses for tax purposes. There are a ton of business-related expenses that can be deducted from your federal and state taxes. 15: Estimated tax payment for June through August Jan.

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