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 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

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

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

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

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

JANUARY 21, 2024

Social Security is an essential part of millions of Americans' retirement finances. After years of paying Social Security taxes, retirement is a time to reap the benefits with a consistent income source after you're done working. The good news is that most states don't tax Social Security benefits. Image source: Getty Images.

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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

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

MAY 12, 2024

Each new business owner may feel as though they have about a million things to get done, but when it comes to setting up business finances, there are only 10 they need to concentrate on. Have a financial plan It's nearly impossible to run a small business without a plan outlining how you plan to handle your finances.

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The Motley Fool

OCTOBER 28, 2024

However, where you choose to live in retirement specifically can have a significant impact on your finances in your golden years, and taxes are a big reason why. states that don't tax retirement income. Nine states don't tax any income Why don't some states tax retirement income? There are 13 U.S. It rarely is.

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The Motley Fool

APRIL 18, 2024

Data from Zillow finds that renting a home alone results in a "singles tax" of $7,110 per year on average. But still, it's not easy having to bear the singles tax as a renter. When you don't have someone to split the bills with, covering your costs can be tough. So it pays to do what you can to save yourself some money.

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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

MAY 4, 2024

There seems to be something about living together as a couple, combining two incomes and other resources, and enjoying some unique tax benefits , that can make marriage a good way to build wealth. This doesn't mean that everyone should marry for the benefit of their finances. But being married can provide some indirect tax advantages.

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The Motley Fool

APRIL 15, 2024

Image source: The Motley Fool/Upsplash I'm a longtime customer of Mint, the personal finance app that was formerly part of Intuit. Mint was the perfect solution to track my business expenses and my personal finances. This felt frustrating, especially since tax season was approaching. Because, as a freelancer, I loved Mint!

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The Motley Fool

NOVEMBER 24, 2024

There are two benefits to taking a close look at your finances. The other benefit of reviewing your finances is that it will give you an idea of how much life will cost in retirement. Make the most of tax-advantaged accounts Tax-advantaged accounts can make it a little easier to save for retirement.

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The Motley Fool

MAY 5, 2024

Image source: The Motley Fool/Upsplash The end of tax season is a good time to reflect on the value of professional tax help, especially for small business owners. I don't know why any small business owner would want to go through the hassle and stress of doing your own taxes.

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The Motley Fool

JUNE 16, 2024

So, retiring overseas might sound like a dream come true -- think sunny beaches, quaint European villages, or scenic Asian cities that are better for your personal finances. 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

NOVEMBER 6, 2024

The tax-free growth and income you get to enjoy in retirement. You could withdraw that money during retirement without taxes chipping away at your portfolio. You'll just need to wait until you're 59 1/2 and meet the five-year rule to access those earnings tax-free. Its main appeal? Image source: Getty Images. The best part?

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The Motley Fool

JULY 22, 2024

Take care of your small business taxes As soon as you start earning your first side hustle money, you need to start thinking about small business taxes. Here are three tax moves you should make as a side hustler. Get a high-yield savings account to keep your extra tax money in.

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The Motley Fool

MARCH 19, 2024

Freelance life can impact your finances Before jumping into freelance work, consider how your personal finances will change. For example, your tax situation will look different if you're a U.S. That means they must save up for and make their tax payments themselves. If you need tax help, contact an accountant.

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The Motley Fool

FEBRUARY 23, 2024

If you're considering taking a cruise this year, choosing one that offers exceptional value can be a smart move for your personal finances. Gratuities, taxes, and fees are extra. Gratuities, taxes, and fees are extra. Taxes and fees are extra. Gratuities, taxes, and fees are extra.

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The Motley Fool

JUNE 25, 2024

Legislation passed in 1983 to shore up Social Security by gradually phasing in a later full retirement age to stabilize the program's finances. The maximum taxable income is increasing The last change involves the maximum Social Security taxes you'll pay. See, there's a cap on the amount of income taxed by Social Security.

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The Motley Fool

JULY 13, 2024

That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They take advantage of tax deductions Millionaires have learned that minimizing their tax liability is an overall strategy for protecting their personal finances.

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The Motley Fool

APRIL 15, 2024

It can provide a financial safety net for retirees, but like most other streams of income, there are tax implications that come along with it. If you currently receive (or will soon receive) Social Security, knowing the tax rules and how they potentially impact your benefits is important. So, let's take a look.

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The Motley Fool

JUNE 27, 2024

You may not like seeing Social Security taxes being taken from your paychecks during your career, but there's comfort in knowing you'll reap some of the benefits on the backend in retirement. Unfortunately, like other forms of income, Social Security benefits may be subject to taxes. And in Utah, everyone pays a flat 4.55% tax.

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The Motley Fool

APRIL 12, 2024

And on top of all that, you also need to manage your company's finances. Read more: we researched free tax software and put together a list of the best options here Mixing personal and business expenses When you're paying for business expenses out of your own pocket, you might be tempted to just put them on your personal credit cards.

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The Motley Fool

SEPTEMBER 28, 2024

Image source: Getty Images HSAs (health savings accounts) are the unsung hero of personal finances. These accounts allow people with qualifying high-deductible insurance plans to set aside $4,150 for single plans and $8,300 for families out of pre-tax dollars. Remember, HSA growth is tax free as long as it is used for medical expenses.

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The Motley Fool

APRIL 20, 2024

Which category your property falls into can have major implications when it comes to obtaining a mortgage, as well as when filing your tax return each year. If you plan on buying a home and using it as a long-term rental property, it is an investment property and must be treated as such for financing purposes. What is right for you?

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The Motley Fool

MAY 19, 2024

An online accounting service It seems like every finance-related site wants you to connect your accounts to its platform these days. But having a reliable accounting service that tracks not only your income and expenses, but also provides you with estimated tax payment amounts for each quarter, is a must-have.

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The Motley Fool

AUGUST 24, 2024

Make the most of tax-advantaged accounts such as IRAs or 401(k)s. HSAs are rare in that they offer a triple tax benefit. You can make tax-free contributions. Your investments then grow tax free. Finally, you don't have to pay taxes on any withdrawals as long as you use them for health expenses.

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The Motley Fool

JULY 13, 2024

Some well-known perks of contributing to a Roth IRA include tax-free growth and tax-free withdrawals during retirement. workers are unaware of a significant benefit that can help you during tax time: the Saver's Credit. For example, let's say you are a freelancer and didn't pay taxes during the year. Are 18 or older.

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The Motley Fool

SEPTEMBER 14, 2024

These plans give you a tax break on contributions, thereby lowering your IRS burden in any year you make them. Plus, unlike a regular brokerage account, you don't pay taxes on investment gains year after year in an IRA or 401(k) plan. Rather, you're taxed at the time of your withdrawals, which delays the tax burden until retirement.

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The Motley Fool

AUGUST 14, 2024

Getting your finances in order before you claim Social Security is essential if you want to get the most out of the government program. As a result, taxes on Social Security benefits are becoming harder and harder to avoid. If you're in the 22% tax bracket, you're effectively paying over $0.40 Image source: Getty Images.

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The Motley Fool

MARCH 29, 2024

Paying taxes is the worst thing to happen to anyone ever" Taxes buy civilization. I'm grateful to pay taxes. I keep voting to raise my taxes, but no politician will. My income tax bill has never been a burden, because I only owe more tax if I make more money. Money can buy time, comfort, and peace of mind.

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