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

SEPTEMBER 18, 2023

This article is intended for educational purposes only and is not legal advice. But those riches can come at a cost, especially if you're not hip to the tax laws you're beholden to, both here and in your new chosen land. tax return every year. tax return every year. Below are three broad considerations to keep in mind.

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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

JANUARY 18, 2024

Good news: The IRS gives parents a nice tax break each year called the Child Tax Credit. For most families, this results in a $2,000-per-child reduction in taxes. A family with two children would get $4,000 subtracted from their tax bill when they file their tax return. Watch out -- your tax bill is about to go up.

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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

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

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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Ballast Advisors

JUNE 18, 2024

Join us as we delve into the tax strategy, legal documentation, and insurance coverage considerations needed to successfully balance the ownership of multiple residences for snowbirds. When it comes to tax considerations for snowbirds, there are several factors to keep in mind.

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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

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

MARCH 18, 2024

Image source: Getty Images Doing your taxes isn't fun even in the best-case scenario, but for most people, they're at least not too painful. You spend a couple of hours entering data into your tax software, file your return, and get a refund check a few weeks later. You do this through the IRS Free File system, not your tax software.

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The Motley Fool

MARCH 10, 2024

Image source: Getty Images If you want to keep more of your money in your pocket instead of sending it to Uncle Sam, you need to maximize your tax credits. Unlike tax deductions, which reduce the amount of income that's considered taxable, tax credits offer a dollar-for-dollar reduction in what you owe.

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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 8, 2024

Image source: The Motley Fool/Upsplash Do you find yourself worrying about being audited each and every tax season ? If so, it may ease your mind to know that the IRS audited only 0.38% of all tax returns during the fiscal year 2022. And when tax time rolls around, being generous also benefits anyone who itemizes their tax returns.

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The Motley Fool

MARCH 1, 2024

Image source: Getty Images The only thing most people like about tax season is getting a refund check they can put toward debt repayment, saving for a long-term goal, or just spending it on something fun. Below, we'll look at which states had the largest tax refunds last year and what you can do to boost yours. Alaska $1,565.92

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The Motley Fool

MARCH 14, 2024

Image source: The Motley Fool/Upsplash Just as it's sometimes possible to drop the ball on filing your federal taxes , so too might you inevitably drop the ball on your state taxes. So if you're sitting on an old tax return you know you need to submit, don't just ignore the problem. But you may be looking at costly penalties.

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The Motley Fool

MARCH 16, 2024

Image source: Getty Images You know you're an adult when you file your first tax return. Do not jump the gun I cannot overemphasize this enough: Do not rush to get your tax return filed. Read more: we researched free tax software and put together a list of the best options here It's not as though you'll mean to do anything wrong.

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The Motley Fool

MARCH 28, 2024

Supreme Court's decision to give states the autonomy to legalize and regulate sports betting on their own. When the Supreme Court made its decision, five states had legalized sports betting. have embraced legalized sports betting in some form. Much of sports betting's recent surge in popularity can be credited to the U.S.

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The Motley Fool

FEBRUARY 28, 2024

But come tax time, they can also bring you some huge savings. Several tax breaks are specifically geared at children and families that can help you reduce your taxable income for the year or even reduce your tax bill directly. Read more: we researched free tax software and put together a list of the best options here 1.

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The Motley Fool

FEBRUARY 23, 2024

Image source: Getty Images Claiming as many tax breaks as you can (legally, of course) is key to paying the IRS as little as possible. They provide a dollar-for-dollar reduction of your tax bill. Each tax credit has its own rules outlining who qualifies and how much the credit is worth.

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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

MARCH 23, 2024

tax code makes different credits available to filers is a good thing. That's because claiming tax credits can result in a world of savings. A tax credit is a dollar-for-dollar reduction of your tax liability. It's different from a tax deduction, which only exempts some of your income from taxes.

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The Motley Fool

OCTOBER 18, 2024

He legally isn't required to tell Wall Street or investors anything else about his company's BofA position until then. What we won't know is if Buffett undertakes any additional selling of Bank of America's stock from Oct. 11 through Dec. Berkshire Hathaway won't file the 13F detailing fourth-quarter trading activity until Feb.

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The Motley Fool

FEBRUARY 10, 2024

You get to make someone happy to receive your support, and you get a thank-you from Uncle Sam in the form of a tax deduction. Tax deductions can lower your taxable income so you can legally pay less in taxes. Read more: we researched free tax software and put together a list of the best options here Misconception No.

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The Motley Fool

DECEMBER 16, 2023

However, not all gambling winnings are legally required to be reported to the IRS. The IRS would have no idea and you'd have an $80 tax-free profit. And keep in mind, if you receive a tax document in the mail, that usually means the IRS received a copy as well and knows about it. However, this only applies to individual wins.

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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

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

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

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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FinSMEs

SEPTEMBER 19, 2023

a New York-based global provider of corporate compliance and transactional legal support services, acquired Tax Guard, LLC, a Colorado-based tax risk due diligence and monitoring services provider, from Falfurrias Capital Partners. Cogency Global Inc., Terms of the transaction were not disclosed.

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The Motley Fool

NOVEMBER 17, 2024

As various states have legalized this segment of the gambling business within their borders, DraftKings has entered these markets. Among the remainder, more states are heading toward legalization. There's simply too much tax revenue to be gained for state legislatures to shrug off. The dust began to settle. Then a few more.

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Integrity Financial Planning

NOVEMBER 7, 2022

Using a strategy called tax-loss harvesting, you can earn capital gains tax credits on your investment losses. What is Tax-Loss Harvesting? It’s crucial to know that tax-loss harvesting only defers your capital gains taxes; it does not eliminate them. When is the Right Time for Tax-Loss Harvesting?

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Taxes Exchange-Traded Funds Mutual Funds Investing 98

Ballast Advisors

SEPTEMBER 5, 2024

Navigating the complexities of estate planning can often feel like charting through uncharted waters, especially when it comes to handling assets, taxes, and ensuring one’s legacy is preserved according to their wishes. Inheritance Tax Planning Inheritance taxes, including estate and gift taxes, are pivotal in estate planning discussions.

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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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Zajac Group

OCTOBER 17, 2024

For most people, tax time can be a headache—though for earners with traditional compensation packages, it can at least be fairly predictable (W-2 wages, withheld taxes, 401(k) contribution deductions, etc.). Each taxpayer receives a copy of their K-1, which they then use to complete their own tax return.

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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

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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