The Motley Fool

MARCH 17, 2024

But as a single person, there are plenty of opportunities for you to eke out savings on your taxes. Read more: we researched free tax software and put together a list of the best options here 1. This year, IRAs max out at $7,000 for tax filers under age 50 and $8,000 for those 50 and older.

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The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images At this point, a lot of people are starting to get serious about filing their 2023 taxes. And when doing yours, you may be eager to claim all of the tax deductions you're entitled to. But first, let's do a quick refresher on tax deductions, since they're often confused with tax credits.

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The Motley Fool

JUNE 10, 2024

Regardless of the role Social Security will play in your retirement finances, it's crucial to understand the tax implications around your benefits so you can plan accordingly. The one wrinkle to Social Security benefits is that retirees in 10 states may have their benefits taxed at the state level. Image source: Getty Images.

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The Motley Fool

FEBRUARY 26, 2024

Image source: Getty Images If you haven't started your 2023 taxes yet, you may want to get moving. Although the April 15 filing deadline is still more than a month and a half away, the sooner you get through the process, the sooner your tax refund, if applicable, can hit your bank account. Of that, up to $1,600 is refundable.

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The Motley Fool

MARCH 21, 2024

Image source: Getty Images At this point, a lot of people have already submitted their tax returns to the IRS. In fact, as of early March, the IRS had already received upward of 54 million returns. But tax returns aren't due this year until April 15. The same holds true for taxes. A smaller tax refund.

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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 31, 2024

The only thing that would make this moment better is if you didn't have to pay taxes on your CD earnings. Depending on your tax rate, that could cut out a sizable portion of your earnings. But not all CD holders will pay taxes on their interest. Like bank CDs, HSA CDs can give you a fixed interest rate for guaranteed returns.

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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

MAY 29, 2024

If given the choice, would you rather not pay taxes? No matter where you live or what level of income you're earning, you are taxed.even if it's just sales tax or property tax. In a handful of states, however, retirees' tax burden is eased simply because those states don't tax retirement income.

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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 21, 2024

These funds typically boast lower turnover rates compared to actively managed alternatives, a characteristic that substantially reduces investors' tax liabilities. With an ultra-low expense ratio of 0.03%, this ETF allows investors to retain more of their returns. This steady growth translates to significant returns over time.

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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

SEPTEMBER 26, 2023

Image source: Getty Images Many of us have seen a tax audit play out in a movie or TV show. The IRS does not have the financial resources to send teams of agents to the door of every single tax filer whose return seems a bit off. That said, most people would rather not have their taxes audited. This shift makes sense.

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The Motley Fool

NOVEMBER 26, 2024

Image source: Getty Images Paying taxes is something a lot of people only think about when they sit down in April to file a return. But it's helpful to understand the factors that can cause your tax bill to rise. That's a good thing, but the flip side is it may cause you to owe more taxes. Another option?

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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

MAY 17, 2024

It provides millions of Americans with a financial safety net, but like other forms of income, its benefits have tax implications. The good news is that most states don't have any Social Security tax rules. Kansas : You're potentially subject to taxes regardless of your filing status if your AGI is above $75,000.

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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

JANUARY 22, 2024

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." In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes.

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The Motley Fool

JULY 24, 2024

Another reason may have less to do with the current valuation and more to do with locking in gains at a favorable tax rate. When asked why he sold Apple shares at the annual shareholder meeting in May, Buffett explained that he was happy to pay taxes at the current favorable tax rate of 21%. billion in the fourth quarter.

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The Motley Fool

APRIL 20, 2024

Thanks to slower growth in operating costs, Amazon returned to profitability, earning $30 billion in net income in 2023. As its smaller businesses propel relatively rapid profit growth, the stock should continue to drive significant returns for investors. That increases the likelihood that it will return to India, a market with 1.4

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The Motley Fool

SEPTEMBER 13, 2024

At an average annual return of around 10% per year, regular investments in this fund will still eventually get you to the seven-figure mark. RSP Total Return Level data by YCharts Past performance is no guarantee of future results, of course. The 10 stocks that made the cut could produce monster returns in the coming years.

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The Motley Fool

MAY 5, 2024

To calculate your net worth , you add up all of your financial assets -- cash savings, retirement accounts, other investments, your home value, and any other property -- and subtract any liabilities -- your mortgage balance, student loans, credit card balances, and any other debt you might owe.

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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

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. There are many benefits of incorporating your business (and a few disadvantages too). But you have to deal with the complexities of actually forming a corporation.

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The Motley Fool

JANUARY 1, 2024

Other people who might not have a full 35 years of earnings might choose to return to the workforce in an effort to erase some of the zero-earnings years from their AIME. Tax accountants will often work with their clients to identify all of the possible expenses and deductions to minimize their tax bill.

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The Motley Fool

DECEMBER 16, 2023

The Vanguard dividend portfolio For this example, I'm selecting four Vanguard ETFs that have a strong track record of both paying dividends and generating positive returns over the prior 10 years. To demonstrate, let's walk through an example comparing four Vanguard-indexed ETFs to four widely held blue chip dividend stocks.

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The Motley Fool

MAY 29, 2024

While investors can buy and sell stocks in their brokerage account at any given time, the opportunity cost is paying capital gains taxes. Retirement accounts such as an IRA offer tax advantages you won't find in a traditional brokerage account. The point is that at some point, the IRS is paid some taxes.

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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. Many employers offer retirement plans like a 401(k) to help you save in a tax-advantaged way. Contributing $30,500 annually with a historical 10% return could make you a millionaire in about 15 years.

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The Motley Fool

JULY 20, 2023

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. Again, consult with your financial professionals about tax strategies.

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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

MAY 6, 2024

Over the last 20 years, Chipotle stock has put up monster returns. Posting a total return level of 7,000% since its initial public offering (IPO), the stock has crushed the S&P 500 's 459% return over that same time frame. The 10 stocks that made the cut could produce monster returns in the coming years.

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The Motley Fool

SEPTEMBER 29, 2024

However, that's still a lot of red ink compared to its $360 million in cash and equivalents and $150 million in total liabilities in its latest quarter. Its adjusted earnings before interest, taxes, depreciation, and amortization ( EBITDA ) margin also came in at negative 37% in 2023, well below its original forecast of positive 10%.

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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.

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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. Normally, you can't tap a 401(k) without penalty prior to age 59 1/2. So if you take a hardship withdrawal at age 45, you might lose 10% of the sum you remove right off the bat.

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The Motley Fool

JANUARY 23, 2024

Over the long term, there's still a good chance that Nvidia will deliver strong returns. Even as it faced macroeconomic headwinds and one-time tax liabilities over the last year, Microsoft continued to post sales growth and strong profits. Now positive performance momentum is accelerating again. Data source: Microsoft.

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The Motley Fool

DECEMBER 30, 2023

Many people are focused on investment growth, tax strategies, or even distribution tactics after they've stopped working. Make sure that you account for any tax liabilities, especially on pension income or any distributions from tax-deferred retirement accounts. and Walmart wasn't one of them!

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