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

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

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 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. Read more: we researched free tax software and put together a list of the best options here 1. 1 of next year. 1 of next year.

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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). Now it's being returned to you, without interest. Now it's being returned to you, without interest.

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The Motley Fool

AUGUST 14, 2024

So far, these seven high-return, low-risk investments make the most sense to me. While we can't count on CD rates to remain elevated, they're currently a great way to guarantee yourself a decent return for a term ranging anywhere from three months to five years (and sometimes more).

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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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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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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

NOVEMBER 10, 2024

And many of the biggest companies in the industry are happy to return that cash to shareholders. But one of its biggest competitors has returned even more cash to shareholders. T-Mobile (NASDAQ: TMUS) returned a total of $11.8 Share repurchases, on the other hand, are an indirect way to return cash to shareholders.

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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 23, 2025

Learn more *Stock Advisor returns as of January 21, 2025 Please refer to our presentation for complete information. We refined our plans and prioritized our investments to drive impactful results and returned to differentiated and sustainable volume-led growth, the kind of growth that investors expect from McCormick.

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The Motley Fool

APRIL 11, 2025

Learn More Ares Capital fills a hole left by banks Ares Capital Corporation is a business development corporation (BDC) that provides financing to middle-market companies -- those with earnings before interest, taxes, depreciation, and amortization ( EBITDA ) ranging from $10 million to $250 million.

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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

FEBRUARY 14, 2025

Their state governments tax Social Security benefits based on their income, cutting their benefits by almost 10% in some cases. How are Social Security benefits taxed? Colorado : Taxpayers 65 or older or those with adjusted gross incomes below $75,000 for individuals or $95,000 for joint filers are exempt from taxes on Social Security.

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The Motley Fool

FEBRUARY 10, 2024

Image source: Getty Images Now that we're into tax season, you're likely starting to gather all your tax documents. Tax software can guide you through tax preparation so it's less overwhelming. To avoid paying high preparation and filing fees, check to see if you qualify for free tax preparation services.

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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

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

OCTOBER 29, 2024

The 10 stocks that made the cut could produce monster returns in the coming years. The Stock Advisor service has more than quadrupled the return of S&P 500 since 2002*. See the 10 stocks » *Stock Advisor returns as of October 28, 2024 It is now my pleasure to introduce Mark Widmar, chief executive officer.

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The Motley Fool

MAY 12, 2024

Each year, the Social Security Trustees release a report that reviews the state of the program's finances. The bad news: Benefit cuts may be coming Social Security gets most of its funding from taxing wages. Moving FRA back could help the program's finances, but it would also force a lot of people to work longer than they want to.

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The Motley Fool

JULY 2, 2024

It's easier to save and invest when your finances are in order. Here are a few things you can do to get your finances on track: Create a budget : Keep tabs on your income and expenses to make sure you're not living above your means. However, it's important to note that returns could potentially go south as well.

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The Motley Fool

SEPTEMBER 23, 2024

A recent survey from Origin, a personal finance platform, found that when people work with financial planners, they tend to get much richer. Financial planners can help drive big results in your personal finances. Origin's survey found that when people work with a financial planner, they often see gains in net worth of 50% or more.

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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.

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The Motley Fool

AUGUST 26, 2024

What the numbers say The Federal Reserve releases a Survey of Consumer Finances every few years that provides a detailed view of Americans' finances. And to that end, it pays to do a few key things: Live below your means Follow a detailed budget Invest in a tax-advantaged retirement account Let's break each action item down.

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The Motley Fool

NOVEMBER 24, 2024

There are two benefits to taking a close look at your finances. Assuming an average annual return of 8%, your portfolio might be worth over $300,000 by the time you reach 67. The other benefit of reviewing your finances is that it will give you an idea of how much life will cost in retirement. Try not to get disheartened.

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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

FEBRUARY 16, 2024

So if you have money that you can part with for several months to a year (or longer), then you'll be able to lock in the high APYs we're seeing right now, guaranteeing those returns even if rates fall during the course of your CD. Instead, that lets you take out that money tax free in retirement. Managing your finances can be tricky.

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The Motley Fool

MAY 18, 2024

Earnings beyond $168,600 aren't taxed for Social Security Social Security's primary revenue source is payroll-tax collections. But if you earn a lot of money, you may not be paying Social Security taxes on all of your wages. So if you earn a $200,000 salary, you're not paying Social Security taxes on $31,400 of income.

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The Motley Fool

JULY 7, 2024

You might also choose the wrong account in which to save for retirement and forgo tax savings in the process. Traditional IRAs and 401(k) plans give you tax-free contributions and tax-deferred gains. Roth IRAs and 401(k)s give you tax-free gains and withdrawals. Image source: Getty Images. That's more than 4.5

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The Motley Fool

DECEMBER 11, 2023

Add in the cost of financing and auto insurance , and an electric vehicle can feel completely out of reach. Federal tax credits The federal government is offering a tax credit of up to $7,500 for those who purchase new, qualifying electric vehicles. In 2023, you have to wait until you file your tax return to get this credit.

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The Motley Fool

DECEMBER 15, 2024

So, finding a way to outperform these finance whizzes might seem impossible. The strategy will produce after-tax returns better than about 98% of actively managed mutual funds over the long run. But it's a lot harder to maneuver in the market and generate high returns when you have a lot of capital to invest.

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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

OCTOBER 28, 2024

To stay on top of your finances, aim to only spend what you can pay off at the end of the month whenever possible. Let's assume your 401(k) earns an average annual return of 7%. To keep your finances on track, aim to have three to six months' worth of expenses set aside in a rainy day fund. thanks to compound interest.

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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

MAY 16, 2024

But personal finances aren't a one-size-fits-all concept -- and CDs aren't the right investment for everyone. T-bills have almost identical rates -- but with an added tax benefit Treasury bills (T-bills) are issued by the U.S. Over the last 50 years, the stock market has averaged a 10% annual return. government up to any amount.

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The Motley Fool

MAY 4, 2024

Many people fear that the program's financial woes will affect their future finances for the worse. The program gets the bulk of its funding from payroll tax revenue. But in the coming years, Social Security is expected to collect less payroll tax revenue as baby boomers exit the workforce in droves. Image source: Getty Images.

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