The Motley Fool

AUGUST 8, 2023

Image source: Getty Images Have you ever heard that multi-billionaire Warren Buffett pays a lower federal income tax rate than his secretary? Many ultra-wealthy American households pay surprisingly low effective federal income tax rates, and in some cases, no taxes at all. No tax breaks are designed to only benefit billionaires.

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The Motley Fool

DECEMBER 8, 2023

Image source: Getty Images Although the new year has yet to arrive, the IRS has been busy making decisions about 2024 taxes. Each year, we're met with tax changes, and 2024 is no different. Tax brackets are changing The IRS has announced that there will be a 5.4% bump in income thresholds to reach each new tax bracket.

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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

MARCH 31, 2024

income taxes. Although in most cases, a refund simply represents a repayment of previously overpaid taxes, it still feels nice to get that cash back. Read on to find out why and decide for yourself whether one or more of them may be worth investing your tax refund in. Image source: Getty Images. Do note that U.S.

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The Motley Fool

DECEMBER 6, 2023

After all, you can't simply drive your old car to your favorite charitable organization, hand your keys over to a staff member, and take a tax deduction. You don't legally have to do this, but until someone else is listed on the title, the vehicle is your responsibility. We'll go through the latter in a bit. Should you donate your car?

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The Motley Fool

SEPTEMBER 23, 2023

Image source: Getty Images Paying taxes is something all of us have to do. The good news is that there are plenty of steps you can take to legally lower your taxes and reserve more of your hard-earned money for yourself. If you manage to sock away $5,000, hey, that's $5,000 of earnings that won't be subject to taxes.

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The Motley Fool

MARCH 30, 2024

Rising income inequality , with a greater percentage of earned income escaping the payroll tax. A more-than-halving in net legal migration into the United States. are usually younger and will spend decades in the workforce contributing to Social Security via the payroll tax. payroll tax. Migrants entering the U.S.

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The Motley Fool

NOVEMBER 24, 2024

Over time, a greater percentage of earned income -- wages and salary, but not investment income -- has escaped the payroll tax. Legal immigration into the U.S. A majority of the legal immigrants that enter the U.S. payroll tax on earned income. The payroll tax accounted for 91.3% Legal net migration into the U.S.

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The Motley Fool

SEPTEMBER 14, 2024

But to me, maybe no decision you can make when starting a new venture is more important than what legal form the business will take. You essentially have four choices for how you will legally form your business. The legal issues and potential liability are the same, so no, we don't like this option much either.

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The Motley Fool

OCTOBER 31, 2024

Image source: Getty Images If you're starting a small business, generally the first step is setting up the legal structure of your business. Tax flexibility: By default, LLCs are considered "pass-through entities," which means profits and losses are reported on your personal income tax form. Still not sure?

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The Motley Fool

AUGUST 25, 2024

payroll tax that primarily funds Social Security. One of the key factors in Social Security's long-term financial success is that it requires a steady stream of legal migrants entering the United States. In 2023, the net migration rate of 2.748 per 1,000 people equates to roughly 920,300 migrants legally entering the U.S.

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The Motley Fool

FEBRUARY 8, 2024

Supreme Court ruled against the ban in May 2018, giving states the power to decide if they want to legalize and regulate sports betting in their respective jurisdictions. have legalized sports betting to some degree. Some states' plans for legalizing sports betting seem well underway, while a few have made little progress.

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The Motley Fool

JANUARY 22, 2024

Image source: Getty Images Small business owners have to deal with a few different types of legal compliance and document filing requirements throughout the year. But along with forming an LLC, filing annual reports for a corporation, or filing business tax returns, now there's a new one called "BOI."

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The Motley Fool

OCTOBER 16, 2023

You can get more flexibility in how you are taxed on your income as a corporation, protect yourself against liability, and more easily transfer ownership. You are not required to hire a lawyer There is no requirement that you hire legal help to assist you with the incorporation process. Here's what you need to know.

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The Motley Fool

AUGUST 29, 2023

This article is intended for educational purposes only and is not legal advice. It's a legal arrangement that designates a trustee to manage the assets for beneficiaries, which can include you, by the way. Keep it among yourselves Living trusts are legal documents, but they are not public information. Don't want that?

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The Motley Fool

APRIL 18, 2024

Anyone who owns a small business with a legal entity, like a limited liability corporation (LLC) should pay attention to this new rule. Just like filing taxes, if you don't do it, the consequences are severe. Treasury Department wants to prevent suspicious LLCs and other legal business entities from being used for financial crimes.

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The Motley Fool

JUNE 16, 2024

Financial and legal considerations Moving overseas can have significant financial and legal implications. 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. and your new country to avoid double taxation.

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The Motley Fool

JULY 8, 2024

Making a big deposit like this triggers some extra requirements and, in some cases, if you do it the wrong way, you could find yourself facing legal trouble. If large transactions are reported, it is harder to get away with crimes like tax evasion or money laundering. This is true even if you got the money perfectly legally.

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The Motley Fool

JULY 1, 2024

This article is intended for educational purposes only and is not legal advice. A living trust is a legal agreement you can establish during your lifetime, and also, control during your lifetime. Probate is the legal process of proving that a will is legitimate. For guidance on your personal situation, please contact a lawyer.

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The Motley Fool

OCTOBER 8, 2023

Professional help for accounting or legal issues Companies can face a host of legal and accounting issues that must be addressed. Companies also may have complex tax rules to comply with, including tax rules related to sales tax and employee taxes.

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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. Essentially, an irrevocable trust allows the grantor to still use their assets, while legally making them the property of the trust.

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The Motley Fool

APRIL 21, 2024

This article is intended for educational purposes only and is not legal advice. Furthermore, once established, they may require ongoing attention, including funding the trust, updating your beneficiary designations, and ensuring legal compliance, depending on their complexity and your desire for change. Or it might not.

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The Motley Fool

JANUARY 7, 2024

Social Security is a program that's heavily reliant on people legally migrating into the U.S. payroll tax on wages and salaries (up to $168,600 in 2024). in 1998 to 2.748 in 2023, representing a nearly 58% drop in legal net immigration. More importantly, if legal net migration into the U.S. With the U.S.

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The Motley Fool

OCTOBER 10, 2024

federal legalization, burdensome tax regimes, and competition from the black market. More notably, Green Thumb achieved a GAAP net income of $21 million and adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) of $94 million. legal market demand. recreational market over the next decade.

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The Motley Fool

JUNE 25, 2024

Most cannabis stocks have lost the majority of their value over the past five years due to a litany of trials and tribulations, such as the slow pace of legalization in the U.S., burdensome tax regimes, and supply chain mismanagement by several of the major operators. market upon federal legalization. and the U.S.

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The Motley Fool

JULY 15, 2023

Gather financial accounts and legal documents First, you want to gather all your parents' financial accounts and relevant legal documents (if your parents are anything like mine, this is much easier said than done). Income like dividends could also generate a tax bill. Here are four steps to guide you.

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The Motley Fool

OCTOBER 16, 2024

This article is intended for educational purposes only and is not legal advice. The benefits of a living trust over a will A living trust is a legal arrangement that allows you to pass on assets to the beneficiaries you designate. For guidance on your personal situation, please contact a lawyer.

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The Motley Fool

SEPTEMBER 28, 2024

The interest it pays you is subject to taxes -- and not just any taxes. CD interest is taxed as ordinary income, which means it's subject to the highest marginal tax bracket you fall into based on your earnings. If so, you have options for easing your tax burden. Is it wise to invest your IRA in a CD?

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The Motley Fool

JULY 28, 2024

This article is intended for educational purposes only and is not legal advice. I value my privacy -- a lot You might think that there are special tax breaks to be enjoyed with a living trust. But I don't see any obvious tax benefit. See, the will I put together is a valid legal document. But I knew it had to be done.

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The Motley Fool

MARCH 4, 2024

A living trust -- which is sometimes referred to as a revocable trust -- is a legal document that allows a trustor (the person creating the trust) to place assets into a trust that's managed by a trustee for the chosen beneficiary. Additionally, trusts may have to deal with tax issues that you could otherwise avoid.

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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

DECEMBER 1, 2023

The slate of insider sales could be happening for personal tax reasons or portfolio positioning. Taxes on that type of compensation are triggered once that equity has vested. So it's possible, and perhaps likely, that the officers have sold shares to help cover taxes that will be owed for the current tax year.

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The Motley Fool

FEBRUARY 25, 2024

payroll tax on earned income and the taxation of Social Security benefits -- would live on in perpetuity. of the $1.222 trillion in revenue collected by Social Security came from the payroll tax, with another 4% derived from the taxation of benefits. In plainer English, a lack of legal migration into the U.S. In 2022, 90.6%

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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

JULY 22, 2023

Are you ready to deal with the tax compliance issues associated with employing someone? As an employer, you are required to comply with certain tax regulations. Do you understand the legal requirements of having an employee? Finally, you need to know the legal rules for employing a worker.

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The Motley Fool

JANUARY 23, 2024

However, 3M continues to remind investors about the many problems it is dogged with, particularly legal issues that have weighed heavily on the company's growth and prospects in recent years. 3M's adjusted earnings per share (EPS) in Q4, however, rose 11% year over year, driven by restructuring and a lower-than-expected tax rate.

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The Motley Fool

FEBRUARY 2, 2024

A living trust is a legal arrangement where a trustor (whoever creates the trust) places assets -- whether money, investments, real estate, or whatever -- in a trust to be managed by a trustee for their chosen beneficiaries. Probates are good for legal oversight, but they can be time-consuming, with many taking months or years to complete.

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