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. Where's your revenue coming from?

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The Motley Fool

OCTOBER 18, 2024

Many families see 529 plans as the go-to college savings accounts because of their tax benefits. Your contributions might reduce your state income tax liability, depending on your plan, and interest grows tax deferred. If you use the money for qualifying educational expenses, you won't owe any taxes on withdrawals.

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The Motley Fool

JULY 24, 2023

An emergency fund is one of those financial aspects of adulting that nobody particularly wants to put in place, but everyone appreciates it when it's needed. On top of that, since most of us only rarely need to tap our emergency funds, managing the money once it's in one is something people rarely think about.

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The Motley Fool

OCTOBER 21, 2024

Enter Vanguard exchange-traded funds (ETFs), the brainchild of investing legend John Bogle. These funds typically boast lower turnover rates compared to actively managed alternatives, a characteristic that substantially reduces investors' tax liabilities. stock market in a single fund.

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The Motley Fool

JULY 14, 2024

Contributions to traditional IRAs (often called contributory IRAs) are typically tax-deductible for the year in which they're made -- you'll simply owe taxes on this money as it's withdrawn from these accounts. Of course, both kinds of accounts are allowed to grow without incurring any tax liabilities as they do.

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The Motley Fool

MAY 23, 2024

Read more: unlock best-in-class perks with one of these brokerage accounts You may be aware that a primary benefit of saving for retirement in a Roth IRA is getting tax-free investment gains in your account, as well as tax-free withdrawals. It's only the gains portion where you risk paying taxes on your withdrawals prior to 59 1/2.

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The Motley Fool

APRIL 26, 2024

When you put money into a tax-deferred retirement account like a traditional IRA or 401(k) , the government subtracts your contribution from your taxable income for that year. If you earn $50,000 this year from your job but put $5,000 into your 401(k), you'd only pay taxes on the remaining $45,000 next spring.

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The Motley Fool

SEPTEMBER 14, 2024

Social Security benefit taxes are costing more seniors every year Social Security has three sources of funding. The most important is the payroll taxes workers pay on their annual incomes. There's also interest earned on money in Social Security's trust funds. Image source: Getty Images.

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The Motley Fool

AUGUST 2, 2024

The tax deduction you receive upfront can help you save more today and build a big nest egg quickly. But eventually, the government wants its tax revenue. Seniors must start withdrawing funds from their IRAs, 401(k)s, and other qualified accounts by April the year after they turn 73. At that point, tax rates could move higher.

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The Motley Fool

FEBRUARY 5, 2024

Image source: Getty Images The IRS is officially accepting 2023 tax returns, and in the next couple of months, we'll all have to explain to the government what we did with our money last year. You probably expect to pay taxes on the income from your job or retirement account withdrawals if you've already left the workforce.

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The Motley Fool

APRIL 29, 2024

The money you contribute, up to the allowable limits set by the IRS, can serve the very important purpose of exempting some of your income from taxes, all the while giving you access to funds you can use later in life. Well, you just created a $10,000 tax liability for yourself -- meaning, the IRS gets to tax that $10,000 as income.

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The Motley Fool

JULY 19, 2024

Protect yourself from market volatility Ideally, retirement investments move from higher-risk investments like stocks to lower-risk investments like bonds and mutual funds as you get close to retirement. Relying on a business's cash flow can help you weather the market's ups and downs by not pulling out funds when the market falls.

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The Motley Fool

APRIL 10, 2024

These accounts offer unique tax advantages you won't find with most other retirement accounts. No taxes on withdrawals The biggest benefit of Roth IRAs is the tax-free withdrawals they offer you in retirement. Theoretically, you could avoid taxes entirely in retirement if you had all Roth savings.

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The Motley Fool

NOVEMBER 7, 2024

life insurance companies reported an estimated pre-tax loss of $18 million, driven by unfavorable mortality and higher new claims, as well as lower benefit from legal settlements. Our third strategic priority is to drive future growth through CareScout with innovative, consumer-focused agent care services and funding solutions.

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The Motley Fool

FEBRUARY 19, 2025

We had a total estimated pre-tax statutory loss for our U.S. For the full year, we generated strong statutory pre-tax income of $378 million. Now to our third strategic priority, driving future growth with CareScout with innovative, consumer-focused aging care services and funding solutions. billion in 2024.

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The Motley Fool

SEPTEMBER 13, 2024

If you're a fan of exchange-traded funds, then you're also likely a fan of index investing. Indeed, the world's most-owned exchange-traded fund is the SPDR S&P 500 ETF Trust meant to mirror the world's best-known market barometer. of the fund's total assets. What if, however, you're indexing wrong? of the index.

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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

OCTOBER 21, 2024

To this end, here's a rundown of four simple strategies for minimizing the tax bills created by required minimum distributions -- or RMDs -- from your IRA accounts once you can no longer postpone them. This won't sidestep a tax bill. What's a required minimum distribution? Most people end up outliving at least some of their savings.

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The Motley Fool

JULY 13, 2024

They build an emergency fund Another thing that most wealthy people have in common (even before they become wealthy) is the value they put on having an emergency savings account. As soon as funds have been spent, they quickly work to rebuild their account balance so it's there for the next emergency.

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The Motley Fool

MAY 29, 2024

Although some exposure to these stocks is OK, I'd encourage passive investors to opt for index funds that focus on broader growth markets such as cybersecurity, cloud computing, or artificial intelligence (AI). These are offered by employers and allow workers to allocate a portion of their paycheck each month to fund retirement.

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The Motley Fool

SEPTEMBER 3, 2024

You'll get even less if you have money withheld due to Social Security benefit taxes. The latest Social Security Trustees Report predicts that Social Security's trust funds will run out in 2035. The government will likely find a way to shore up this funding issue before then, but we don't know what this might look like.

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The Motley Fool

AUGUST 24, 2024

The federal government encourages retirement savings by offering a tax break for anyone who contributes to certain retirement accounts like a 401(k) or IRA. If you save money in a traditional tax-deferred retirement account, you can deduct the amount you put in on your tax return this year.

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The Motley Fool

AUGUST 3, 2024

You'll face taxes on withdrawals in retirement Unless you keep your money in a Roth IRA , your retirement plan withdrawals will be subject to taxes during your senior years. To then have to lose some of that income to taxes might be a blow. So you may decide to make an IRA your go-to retirement savings plan.

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The Motley Fool

DECEMBER 16, 2023

This problem also plagues most income-oriented exchange-traded funds (ETFs). Those ETFs are the Vanguard 500 Index Fund (NYSEMKT: VOO) , Vanguard High Dividend Yield Index Fund (NYSEMKT: VYM) , Vanguard International High Dividend Yield Fund (NASDAQ: VYMI) , and Vanguard Dividend Appreciation Index Fund (NYSEMKT: VIG).

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The Motley Fool

DECEMBER 18, 2023

For most 401(k) plans, you have until the end of 2023 to contribute up to the limit, while IRA investors have until tax day of 2024 (April 15) to hit theirs. This is called tax loss harvesting , and it could potentially reduce your tax liability and eliminate some lemons in your portfolio.

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The Motley Fool

JANUARY 1, 2024

Tax accountants will often work with their clients to identify all of the possible expenses and deductions to minimize their tax bill. In some rare cases, it might make sense to defer deductions or schedule certain expenses to maximize AIME if it doesn't meaningfully change your tax bill over the course of a few years.

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The Motley Fool

JUNE 22, 2024

The phrase "trust fund" might conjure images of a spoiled teenager, but trusts are powerful legal documents that many people should consider when estate planning. Minimizing taxes Trusts can help people avoid or reduce taxation in some instances, while still ensuring that assets will transfer to desired beneficiaries.

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The Motley Fool

JULY 20, 2023

Even if you make mistakes with your money, you'll have more funds coming in. Plan for the tax bill Whether you take the $516.8 million lump sum or you annuitize the $1 billion, expect to pay a lot in taxes. Lottery agencies are required to withhold 24% of prizes above $5,000 for federal taxes.

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The Motley Fool

JULY 24, 2023

You get tax-free distributions in retirement, which is a pretty sweet perk, even though you don't get to deduct your contributions on your taxes. You'll also avoid taxes and penalties if you withdraw your contributions (but not the investment earnings) at any time. Which option yields the better tax savings?

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The Motley Fool

OCTOBER 31, 2024

On the institutional side, our continued leadership in pension risk transfer was reinforced through a second transaction with IBM, this time to reinsure $6 billion of pension liabilities. We also maintain a well-diversified, high-quality portfolio and disciplined approach to asset liability management. billion or $3.48

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The Motley Fool

JUNE 7, 2024

Then subtract all your liabilities, such as credit card debt and personal loans, from your assets to find out your net worth. Beef up your emergency fund : In BlackRock CEO Larry Fink's annual letter to investors, he mentioned that people with emergency savings are 70% more likely to save for retirement.

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The Motley Fool

MAY 23, 2024

To this day, he still gets a portion of her tax refund, though most payments don't amount to much. Usually, your coverage limits for this are tied to your bodily injury liability coverage limits. Build an emergency fund If you have to file a collision claim with your insurance, you'll need to pay for your deductible out of pocket.

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Private Equity Insights

OCTOBER 11, 2023

Bain said in January it would explore re-listing Virgin, which it bought for $2.45bn including liabilities in 2020 after it was placed in voluntary administration, the closest Australian equivalent to Chapter 11 bankruptcy. Source: Reuters Can’t stop reading? announced that they have reached.

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The Motley Fool

AUGUST 31, 2023

You might also create a tax liability for yourself since traditional 401(k) withdrawals are subject to taxes. If you have an emergency fund in a savings account, that should be the first place you look. Normally, you can't tap a 401(k) without penalty prior to age 59 1/2.

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The Motley Fool

OCTOBER 12, 2024

payroll tax on earned income (wages and salary, but not investment income). and $168,600 was subject to the payroll tax , with earnings above this level exempt. In 2025, all earned income up to $176,100 will be applicable to the payroll tax. In 2023, roughly 91% of the income collected by Social Security came from the 12.4%

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The Motley Fool

OCTOBER 29, 2024

Rather than tackling the challenge of selecting individual dividend stocks, investors can turn to dividend-focused exchange-traded funds (ETFs) with low-expense ratios and high-quality holdings. The fund tracks the Morningstar U.S. The fund's largest positions demonstrate its focus on established market leaders.

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The Motley Fool

JANUARY 17, 2024

The end of the crypto winter came in large part because of anticipation that the Securities and Exchange Commission (SEC) might finally grant approval to exchange-traded funds (ETFs) seeking to own Bitcoin directly. As a consequence, shares of Grayscale Bitcoin Trust plunged far below the value of the underlying Bitcoin that the fund owned.

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