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

MARCH 13, 2024

The silver lining, though, is that there are several steps you can take to eke out tax savings. Read more: we researched free tax software and put together a list of the best options here 1. A dependent care FSA lets you set aside pre-tax dollars for child care costs, which include daycare tuition, after-school care, and summer camp.

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The Motley Fool

SEPTEMBER 7, 2024

Image source: Getty Images In 2017, Congress passed the Tax Cuts and Job Act (TCJA), which introduced sweeping changes to the tax code, including a tax cut called the Qualified Business Income deduction. Part of that tax bill is set to expire soon, which could have a massive impact on many small businesses.

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The Motley Fool

FEBRUARY 13, 2024

Image source: Getty Images Taxes can be a burden, no matter how much money you make. tax code is that it's loaded with options designed to help filers save money. If you're gearing up to file your 2023 taxes (remember, this season, you're filing taxes for the year before), you may be eager to squeeze out all the benefits you can.

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The Motley Fool

FEBRUARY 2, 2024

Image source: Getty Images At this point of the year, a lot of people are starting to buckle down and focus on taxes. And it's definitely a good idea to start gathering your paperwork, whether it's 1099 forms from your brokerage account or tax forms from your employer. One such credit is the Child Tax Credit.

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The Motley Fool

OCTOBER 31, 2024

Image source: The Motley Fool/Upsplash For many Americans, November is much too early to start thinking about filing their tax returns. However, the IRS recently announced changes to the tax code that will affect earners throughout the new year. Higher income thresholds Let's be clear: taxes are not dropping across the board in 2025.

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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

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

JANUARY 16, 2024

Image source: Getty Images Like it or not, we're getting to the point of the year when it's time to start thinking about taxes. Although the filing deadline is April 15, the IRS will begin accepting tax returns on Jan. And filing your taxes early could mean getting your refund sooner, if you're entitled to one.

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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). Paying down low-interest debt So you've decided to pay off some debt with your tax refund.

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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. But tax returns aren't due this year until April 15. The same holds true for taxes. A smaller tax refund. Get started now At this point, there's still a good number of weeks left before 2023 taxes are due.

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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

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 16, 2024

Image source: The Motley Fool/Upsplash People who file taxes are generally advised to try to claim as many credits as they're eligible for. The nice thing about tax credits is that they serve as a dollar-for-dollar reduction of your tax liability. For the 2023 tax year, the EITC has a maximum value of $7,430.

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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 24, 2023

Taxes in retirement can become complicated fast with income coming from several sources. A Roth IRA can help simplify your taxes while offering incredible savings. Opening up an account sooner rather than later can help you position your finances to keep your tax bill low in retirement. First is when you pay taxes.

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The Motley Fool

DECEMBER 22, 2023

Taxes on Social Security can be extremely complicated, and there are some big pitfalls you could find yourself falling into if you're not careful. It's important to understand the basics of how taxes on Social Security work. So keeping your combined income as low as possible is necessary to avoid taxes on Social Security.

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The Motley Fool

MARCH 1, 2024

Image source: Getty Images Believe it or not, there are some lucky Americans who don't actually have to file a tax return this year -- and you might be one of them. It all depends on your income, tax-filing status, and a few other things. There's a huge upside to filing your taxes that you really don't want to miss out on.

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The Motley Fool

FEBRUARY 29, 2024

Image source: Getty Images One of the worst parts about doing your taxes is that there are so many ways to mess them up. Here are three of the worst mistakes you definitely want to avoid this tax season. Read more: we researched free tax software and put together a list of the best options here 1. You just cost yourself money.

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The Motley Fool

MARCH 16, 2024

The good news, though, is that as a parent, you may be entitled to certain credits when you file your taxes. And that's a very good thing, because unlike tax deductions, which simply exempt some of your income from taxes, credits reduce your tax burden on a dollar-for-dollar basis.

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The Motley Fool

MARCH 11, 2024

Image source: Getty Images If you only make one tax-reducing move this year, be sure to maximize your contributions to tax-advantaged accounts. You don't need to be a tax guru to do this. Contribute to tax-advantaged accounts Tax-advantaged accounts can be a great way to lower your tax bill.

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The Motley Fool

FEBRUARY 23, 2024

Image source: Getty Images At this point, it's probably best to start focusing on your taxes if you haven't begun to work on your 2023 return. And when doing so, it pays to get your hands on every tax credit you're eligible for so you can reap the maximum amount of savings. Others might fear that claiming it will lead to a tax audit.

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The Motley Fool

SEPTEMBER 21, 2023

Image source: Getty Images If you asked for a tax extension in 2023, you're certainly not alone. While it might not feel like nearly six months have already passed since Tax Day, that is indeed the case. In most years, the regular tax filing deadline is April 15, which makes the extended deadline Oct. However, in 2023, Oct.

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The Motley Fool

MARCH 6, 2024

Image source: The Motley Fool/Upsplash Tax refunds are the prize at the end of the tedious tax-filing process, and you're not alone in wanting the largest refund possible. The average refund this tax season stands at $1,741 as of Feb. Here's what you need to know to shrink your tax refund for next year.

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The Motley Fool

FEBRUARY 24, 2024

Read more: we researched free tax software and put together a list of the best options here Now, consider this. The good news, though, is that you may be able to enjoy some tax savings if you pay for child care. You just need to claim one specific credit when you file your taxes. In Q3 2023, median weekly earnings across U.S.

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The Motley Fool

JANUARY 23, 2024

economy was hurting in the wake of the pandemic, lawmakers provided relief with a boosted Child Tax Credit. Not only did the credit's maximum value increase, but the credit itself became fully refundable, which meant parents could receive its full value even if they had no tax liability. Could the Child Tax Credit improve?

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The Motley Fool

MARCH 22, 2024

Image source: The Motley Fool/Upsplash For many people, filing taxes is a yearly obligation. But did you know that some people actually don't have to file a tax return? Filers with low incomes can generally get out of submitting taxes without being penalized for it. Some tax credits can't do more than reduce your tax debt to $0.

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The Motley Fool

MARCH 15, 2024

Image source: Getty Images When filing your taxes , your goal may be to eke out the most savings possible. One is to claim different tax credits, which reduce your tax liability on a dollar-for-dollar basis. Another option is to claim tax deductions you're entitled to. And that makes plenty of sense.

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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. Best of all, it's a refundable tax credit.

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Taxes Legal Liabilities Returns 130

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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Taxes Legal Liabilities Returns 130

The Motley Fool

APRIL 20, 2024

Image source: The Motley Fool/Upsplash As of late March, the IRS had processed more than 90 million tax returns and issued almost 70 million refunds. But what if you didn't get a refund when you filed your taxes this year? But still, you may hate not getting money back when you file your tax return.

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The Motley Fool

FEBRUARY 17, 2024

But they may not realize the income thresholds used to determine federal tax liability are not adjusted annually, nor have they ever been adjusted. As a result, the thresholds cover more Social Security benefits each year, increasing the tax burden on beneficiaries. However, there are two different tax thresholds.

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The Motley Fool

JANUARY 19, 2024

In a recent Bank of America survey , 91% of respondents say they view their home more as a valuable investment than as a financial liability. On top of your mortgage and the interest you're paying on it, you're also covering the cost of expenses like property taxes, insurance, maintenance, and repairs over time.

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Walkner Condon Financial Advisors

MAY 31, 2024

Breathe Easier Next Tax Season with These Planning Strategies Every year, most of us smile when we see April 15th in the rearview mirror. The completion of our tax returns being filed marks the beginning of a nine month period where we don’t need to think about funny acronyms and form numbers.

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The Motley Fool

MARCH 2, 2024

Image source: The Motley Fool/Upsplash According to the most recent data, the average tax refund is $3,207 per taxpayer as of Feb. Millions of Americans look forward to getting their tax refunds every year, and with an average amount like this, it's no surprise. 16, which is 2% more than the average refund at the same point in 2023.

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The Motley Fool

MARCH 2, 2024

Image source: Getty Images We'd all love to pay the government a little bit less at tax time, and fortunately, there are things we can do to reduce our bill. One of the most important is to claim every tax break you qualify for. Here's how to know if you can claim it on your 2023 tax return. You're a U.S.

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The Motley Fool

FEBRUARY 25, 2024

Image source: Getty Images I think we can all agree that we hate filing taxes, but most of us at least try to do them correctly. Roughly 10% of Americans think it's OK to cheat a little here and there on income taxes, according to the IRS. In addition to the extra taxes, you'll also owe penalties for late tax filing.

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