Taxes - Private Equity Central

41 States That Don't Tax Social Security Benefits

The Motley Fool

NOVEMBER 8, 2024

Like wages throughout your career, Social Security benefits could be taxed depending on your total income and what state you live in. It's a good idea to understand your tax burden to better budget for your expenses whether you use Social Security as primary or supplemental income. However, this tax will be eliminated next year.

Taxes

Taxes Capital

53% of Americans Say Taxes Are Too Complicated. Here's How to File Taxes Fast (and for Free)

The Motley Fool

SEPTEMBER 3, 2024

Image source: The Motley Fool/Upsplash Last year, I spent hours filing taxes on two platforms, TurboTax and Taxslayer. I drowned in tax forms, then the tax software helped me breathe long enough to fill them out. I filed with TurboTax anyway because taxes are too complicated. The experience was similar. government.

Taxes

Taxes Banks Returns Companies

5 of the Biggest Tax Breaks for Retirees

The Motley Fool

SEPTEMBER 24, 2024

Learning the ins and outs of everything from Social Security to Medicare is like learning a new language -- and part of what you need to know is how big a role income taxes will play in your monthly budget. One of the most important things you can learn is where the sweetest tax breaks can be found. Here, we'll show you. While 7.5%

Taxes

Taxes Funds Accounting Investing

This Important Tax Deadline Arrives in October. Don't Be Late

The Motley Fool

OCTOBER 8, 2024

Image source: The Motley Fool/Upsplash It's not exactly a secret that tax returns are due every year on April 15. The good news is that the IRS allows filers who can't submit their taxes on time in April to request an extension. Extensions are granted automatically as long as they're requested by the April tax-filing deadline.

Taxes

Taxes Financial Services Accounting Returns

41 States That Don't Tax Social Security Benefits

The Motley Fool

OCTOBER 5, 2024

By living in a state where you won't have to pay taxes on your Social Security benefits. Colorado only taxes Social Security benefits for individuals under age 65. Kansas recently eliminated state taxes on Social Security benefits. The states still must raise money to fund operations in other ways, since they don't tax income.

Taxes

Taxes Capital Funds

13 States That Won't Tax Your Social Security, 401(k), IRA, or Pension Income

The Motley Fool

NOVEMBER 10, 2024

Benjamin Franklin once wrote, "[I]n this world, nothing can be said to be certain, except death and taxes." If you're retired, you may or may not have to pay state taxes on your retirement income. Here are 13 states that won't tax your Social Security, 401(k) , individual retirement account (IRA) , or pension income.

Taxes

Taxes Accounting Capital

41 States That Don't Tax Social Security Benefits

The Motley Fool

SEPTEMBER 8, 2024

Some things in life are just unavoidable: traffic jams during rush hour, losing socks in the laundry, and taxes. Taxes, in particular, follow you throughout all your working years and well into retirement for many people, including your Social Security payments. has taxes on the local, state, and federal levels.

Taxes

Taxes Financing Finance

Retired? Don't Overlook These Sweet Tax Breaks

The Motley Fool

JULY 14, 2024

Fortunately, there are tax breaks that can help you maximize every dollar. So whether you're already enjoying your retirement years or just dreaming of the day, be sure to take advantage of every potential tax break available to you. For the tax year 2024, the standard deduction for a single taxpayer under the age of 65 is $14,600.

Taxes

Taxes Funds Accounting

It's True: These 13 States Don't Tax Retirement Income

The Motley Fool

SEPTEMBER 6, 2024

Are you looking to minimize your tax bill? Taxes can never be entirely avoided, of course. See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. States that don't tax retirement income Don't get too excited just yet. Most people are.

Taxes

Taxes Liabilities Accounting Investing

3 Tax Tips for LGBTQ Americans

The Motley Fool

MARCH 19, 2024

Image source: Getty Images In a perfect world, tax season wouldn't be stressful at all -- state and federal governments would tell us what we owe (or how much we overpaid) directly, and issue a tax refund or a bill, depending on your status. Read more: we researched free tax software and put together a list of the best options here 1.

Taxes

Taxes Liabilities Accounting Prospects

More Retirees Will Owe Taxes on Social Security Benefits in 2025. Here's Why.

The Motley Fool

OCTOBER 23, 2024

There's a simple reason why more seniors are going to be taxed on Social Security Taxes are going to become an issue for more retirees because of the rules that determine when benefits become taxable. Once provisional income goes above this limit, retirees could owe taxes on up to 50% of benefits.

Taxes

Taxes Accounting

41 States That Don't Tax Social Security Benefits

The Motley Fool

AUGUST 5, 2024

If there are 41 states that don't tax your Social Security benefits, that means there are nine that do. The fact that the vast majority don't tax it is good news, and there's more good news -- that majority is growing. When I wrote about this topic just two years ago , only 38 states didn't tax Social Security.

Taxes

Taxes Companies

New Tax Brackets: All the 2024 Tax Changes the IRS Just Announced

The Motley Fool

NOVEMBER 9, 2023

Image source: Getty Images A lot of us don't really think about taxes until the time comes to file a return. But it's important to have a pulse on your tax situation at all times. And part of that means knowing what tax bracket you fall into. That puts you in the 22% tax bracket for 2024.

Taxes

Taxes Accounting Financing Finance

It's True: These 13 States Don't Tax Retirement Income

The Motley Fool

OCTOBER 28, 2024

However, where you choose to live in retirement specifically can have a significant impact on your finances in your golden years, and taxes are a big reason why. states that don't tax retirement income. Nine states don't tax any income Why don't some states tax retirement income? There are 13 U.S. 31, 2024.

Taxes

Taxes Financing Finance Accounting

It's True: These 37 States Do Tax Some Retirement Income

The Motley Fool

SEPTEMBER 16, 2024

That's living in a state that doesn't tax the daylights out of its retired residents. Indeed, some investors are surprised to learn that while several states allow their retirees to live a relatively income-tax-free life, others don't. A lower cost of living could offset a greater tax burden. Start with the lowest-hanging fruit.

Taxes

Taxes Accounting Investors Funds

3 Little-Known Ways to Avoid Taxes on CDs

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. But if it's not used for a qualified medical expense, you'll pay a penalty tax.

Taxes

Taxes Mutual Funds Education Banks

These States Don't Tax Social Security Benefits

The Motley Fool

JUNE 24, 2024

It's smart to find out how much of your Social Security benefits are likely to be taxed by the state you live in and by the federal government, as that information can help in your retirement planning. Here's a look at which states do -- and don't -- tax Social Security. It actually may tax up to 85% of your benefits.

Taxes

Taxes Returns

It's True: These 37 States Do Tax Some Retirement Income

The Motley Fool

AUGUST 26, 2024

Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits -- and that number has been growing in recent years. There are actually plenty of states that tax some retirement income, in one form or another. Here's a look at which states tax which kinds of retirement income.

Taxes

Taxes Accounting Banks

Living in One of These 41 States? Here's Good and Bad News About Social Security Taxes

The Motley Fool

OCTOBER 27, 2024

Unfortunately, like other forms of income, Social Security benefits are subject to tax rules. Most retirees can avoid Social Security state taxes The good news about Social Security taxes is that most states do not tax Social Security benefits. The IRS uses your "combined income" to calculate your tax bill.

Taxes

Taxes Financing Finance

41 States That Don't Tax Social Security Benefits

The Motley Fool

JULY 8, 2024

Although Social Security was never intended to be an individual's sole source of retirement funding, at least this part of your future cash flow isn't taxed in most states. State taxation of Social Security retirement benefits As of the latest look, 41 states don't tax Social Security retirement benefits. Don't sweat it.

Taxes

Taxes Liabilities Funds

It's True: These 13 States Don't Tax Retirement Income

The Motley Fool

JULY 28, 2024

Taxes help pay for a lot of the daily services and infrastructure we get to enjoy. From public schools to road maintenance to healthcare, taxes ensure our communities have access to essential services. That said, it's fair to say that most people don't like paying taxes although they're a necessity today.

Taxes

Taxes Financing Finance

10 States With the Highest Gas Tax

The Motley Fool

JUNE 7, 2024

The price you pay per gallon doesn't just cover the cost of the fuel itself; a significant portion of it goes toward taxes. And depending on where you live, that tax can make a big difference in what you pay to fill up your tank. Some states have much higher gas taxes than others, which can impact your personal finances.

Taxes

Taxes Funds Financing Finance

2024 Tax Brackets Are Out -- Here's Why Your Tax Bill Could Actually Go Down

The Motley Fool

NOVEMBER 10, 2023

tax brackets to make sure the rates are applying to the same amount of spending power. The 2024 figures were just announced, and because inflation remained at a historically high level throughout 2023, the income ranges that correspond to each marginal tax rate are increasing substantially for the 2024 tax year.

Taxes

Taxes Returns

4 Ways Retirees Pay Too Much in Taxes

The Motley Fool

APRIL 2, 2024

And if you plan for all retirement-related expenses -- including taxes -- count yourself among the brilliant. Every day, some retirees pay too much in taxes. For example, municipal bonds are never taxed at the federal level (which can save you big bucks in retirement). Here are four ways they allow it to happen.

Taxes

Taxes Consultants Consulting Accounting

40 States That Don't Tax Social Security Benefits

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.

Taxes

Taxes Liabilities Financing Finance

4 Ways to Lower Your California Tax Bill

The Motley Fool

MARCH 19, 2024

Image source: Getty Images If you thought federal income taxes were complicated, wait till you see California. The Golden State is known for being a high-tax state with a progressive tax structure -- which means the more you earn, the more you pay. The top California state income tax bracket for 2023 is 12.3%.

Taxes

Taxes Education Accounting Debt

The 3 Best Tax Tips for Single Americans

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.

Taxes

Taxes Liabilities Returns

5 Money-Saving Tax Tips for Married Couples

The Motley Fool

MARCH 18, 2024

Image source: Getty Images Filing your taxes can be stressful enough on your own, and filing with a spouse adds an extra layer of complexity to the process. Thankfully, there are many benefits to filing your taxes as a married couple, including deductions and credits that can be exclusive to married couples filing their taxes jointly.

Taxes

Taxes Legal Returns Accounting

5 of the Biggest Tax Breaks for Retirees

The Motley Fool

MARCH 24, 2024

Whether you're newly retired or planning for retirement, understanding how taxes can impact your finances is an important step. Fortunately, there are tax breaks that you should never miss out on -- the best tax software can help you claim these and more. That limit will be raised to $7,000 for the 2024 tax year.

Taxes

Taxes Accounting Financing Finance

3 Tax Credits That Could Save You Thousands

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.

Taxes

Taxes Liabilities Returns Investors

3 Money-Saving Tax Tips for Working Parents

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.

Taxes

Taxes Liabilities Accounting Returns

40 States Don't Tax Social Security Benefits

The Motley Fool

APRIL 25, 2024

That's from a study by the Center on Budget and Policy Priorities, and it points to why you might make a budget priority of your own out of knowing how the state you live in now, or plan to later on, will or will not tax those benefits. There are 40 states -- plus the District of Columbia -- that do not tax Social Security benefits at all.

Taxes

Taxes Consultants Consulting

Tax Expert Warns the 2024 Tax-Filing Season Could Be Complex. Here's What to Do About That Now

The Motley Fool

DECEMBER 16, 2023

Image source: Getty Images Filing taxes isn't always a smooth process. But if you struggled with your tax return in 2023, Mark Steber, Chief Tax Information Officer at Jackson Hewitt , warns, "The upcoming tax-filing season will be yet another complex year." One thing you can do if you haven't already is max out your IRA.

Taxes

Taxes Accounting Capital Returns

It's True: These 13 States Don't Tax Retirement Income

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.

Taxes

Taxes Liabilities Accounting Portfolios

Don't Ignore These 5 Essential Tax Breaks for Parents

The Motley Fool

MARCH 17, 2024

While that number may seem mind-boggling, there are a few tax credits that can provide relief for parents. A tax credit provides a dollar-for-dollar reduction in how much you owe. If the tax credit is refundable, it can help you get money back when you file your return.

Taxes

Taxes Education Consultants Consulting

Here's How Most Americans Are Filing Their Taxes in 2024

The Motley Fool

MARCH 30, 2024

Image source: The Motley Fool/Upsplash Tax season doesn't have to be stressful and time-consuming. With tax software and other affordable tax filing options, many Americans can file taxes more quickly than ever before. Let's look at a few findings from the LoopMe 2024 Consumer Snapshot: Tax Season Insights.

Taxes

Taxes Accounting Financing Finance

2025 Income Tax Brackets Were Just Released. Where Do You Fall?

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.

Taxes

Taxes Consultants Consulting Liabilities

3 Costly Tax Mistakes to Avoid in 2024

The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Paying taxes is a part of life for all of us. And unfortunately, mismanaging your tax situation could result in a hit to your personal finances. So could falling victim to certain blunders on your tax return. Don't just put "$3,000" on your taxes and assume that's good enough. Accuracy matters.

Taxes

Taxes Banks Accounting Financing

These Were the 5 Biggest Tax Scams That Snagged Small Business Owners

The Motley Fool

JULY 31, 2024

Image source: The Motley Fool/Upsplash It's never too early for small business owners to start thinking about taxes. Small business tax season goes all year round -- with quarterly estimated tax payments, payroll taxes, and other tax obligations specific to your state or industry.

Taxes

Taxes Depreciation Banks Accounting

Here Are the Workers Who Are Exempt From Paying Social Security Payroll Taxes

The Motley Fool

SEPTEMBER 4, 2024

It's a byproduct of millions of people paying Social Security payroll taxes throughout their careers. Not everyone has to pay these taxes, however; some workers are exempt. How Social Security taxes work Social Security payroll taxes are collected under the Federal Insurance Contributions Act ( FICA ).

Taxes

Taxes Accounting Financing Finance

Top 7 Things That Taxpayers Misunderstand About Filing Taxes

The Motley Fool

JANUARY 28, 2024

Image source: Getty Images Tax season causes a lot of Americans to get familiar with complex vocabulary and concepts that they might only use once per year. As a result, there are a lot of misunderstandings about filing taxes. It's no surprise that people get confused about taxes. After all, the IRS tax code is complicated.

Taxes

Taxes Accounting Returns Financing

40 States That Don't Tax Social Security Benefits

The Motley Fool

MAY 19, 2024

As you approach and enter retirement, you might reasonably wonder whether your Social Security benefits will be taxed by your state. It's smart to consider taxes whenever you're thinking about or planning your financial future. Specifically, up to 85% of your benefits may be taxed federally. So read on.

Taxes

Taxes Portfolios Returns Investors

5 Ways to Lower Your New York State Tax Bill

The Motley Fool

MARCH 17, 2024

Image source: Getty Images Ah, New York, the Empire State: home to the Big Apple, cascading waterfalls, and, not so proudly, some of the highest taxes in the nation. Whether you're a city slicker dodging taxis or a country dweller enjoying the serene landscapes, one thing unites all New Yorkers: the quest to lower that pesky tax bill.

Taxes

Taxes Education Depreciation Consultants

Can I Claim the Child Tax Credit This Year?

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.

Taxes

Taxes Consultants Consulting Liabilities

41 States That Don't Tax Social Security Benefits

53% of Americans Say Taxes Are Too Complicated. Here's How to File Taxes Fast (and for Free)

Trending Sources

5 of the Biggest Tax Breaks for Retirees

This Important Tax Deadline Arrives in October. Don't Be Late

41 States That Don't Tax Social Security Benefits

13 States That Won't Tax Your Social Security, 401(k), IRA, or Pension Income

41 States That Don't Tax Social Security Benefits

Retired? Don't Overlook These Sweet Tax Breaks

It's True: These 13 States Don't Tax Retirement Income

3 Tax Tips for LGBTQ Americans

More Retirees Will Owe Taxes on Social Security Benefits in 2025. Here's Why.

41 States That Don't Tax Social Security Benefits

New Tax Brackets: All the 2024 Tax Changes the IRS Just Announced

It's True: These 13 States Don't Tax Retirement Income

It's True: These 37 States Do Tax Some Retirement Income

3 Little-Known Ways to Avoid Taxes on CDs

These States Don't Tax Social Security Benefits

It's True: These 37 States Do Tax Some Retirement Income

Living in One of These 41 States? Here's Good and Bad News About Social Security Taxes

41 States That Don't Tax Social Security Benefits

It's True: These 13 States Don't Tax Retirement Income

10 States With the Highest Gas Tax

2024 Tax Brackets Are Out -- Here's Why Your Tax Bill Could Actually Go Down

4 Ways Retirees Pay Too Much in Taxes

40 States That Don't Tax Social Security Benefits

4 Ways to Lower Your California Tax Bill

The 3 Best Tax Tips for Single Americans

5 Money-Saving Tax Tips for Married Couples

5 of the Biggest Tax Breaks for Retirees

3 Tax Credits That Could Save You Thousands

3 Money-Saving Tax Tips for Working Parents

40 States Don't Tax Social Security Benefits

Tax Expert Warns the 2024 Tax-Filing Season Could Be Complex. Here's What to Do About That Now

It's True: These 13 States Don't Tax Retirement Income

Don't Ignore These 5 Essential Tax Breaks for Parents

Here's How Most Americans Are Filing Their Taxes in 2024

2025 Income Tax Brackets Were Just Released. Where Do You Fall?

3 Costly Tax Mistakes to Avoid in 2024

These Were the 5 Biggest Tax Scams That Snagged Small Business Owners

Here Are the Workers Who Are Exempt From Paying Social Security Payroll Taxes

Top 7 Things That Taxpayers Misunderstand About Filing Taxes

40 States That Don't Tax Social Security Benefits

5 Ways to Lower Your New York State Tax Bill

Can I Claim the Child Tax Credit This Year?

Stay Connected