For business tax planning articles, our tax resources provides valuable insights into how you can reduce your tax liability now, and in the future.
Uncle Sam wants you to save for retirement so much that he gives you a tax break for it. The retirement savings contribution credit, also known as the "saver's credit," is a tax credit of up to $1,000 ($2,000 if married filing jointly) for taxpayers with middle and low incomes who contribute to a retirement account. Continue reading to learn more.
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Buying a new car is a big expense. More than likely, you intend to use your new vehicle for both personal and business purposes. On the bright side, the IRS took this into account when developing the rules for deducting work-related vehicle purchases. We'll go over how to save money on your tax bill when you buy a new car in this article.
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Tax loss harvesting is a rare profitable investing strategy. Who wouldn't want a tax break from selling bad investments? Although most experts advise harvesting losses at the end of the year, it can be done at any time. Which approach is best? It all depends on your situation and the market. Keep reading to learn more.
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The Internal Revenue Service (IRS) is all about giving people a break to start their own businesses, so the tax code is packed with deductions and credits that can help entrepreneurs keep more of their hard-earned cash. The qualified business income deduction is a common one, but it's easy to overlook. If you want to know more, keep reading!
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If you have student loans, you need to take them into account when you do your taxes. Student loans can affect your federal income tax return in many different ways, depending on your specific situation. Let's look at three ways that your student loans affect how much you pay in taxes. What you need to know is listed below!
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Tax filing deadlines can sneak up on you, and nothing is more aggravating than having to pay a fine that could have been avoided. Save each relevant filing date to your calendar to stay one step ahead of the IRS.
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Welcome to your resource for mileage reimbursement and deductions in the United States. Here you'll find information on everything from reimbursing employees for business-related car expenses to deducting mileage as self-employed. There's also information on keeping mileage records and the current IRS mileage rates.
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You can take advantage of legitimate tax breaks without risking a run-in with the IRS if you have a clear understanding of the ins and outs of wash sales and the wash-sale rule. Continue reading to find out how the wash sale rule can benefit you.
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Most business travel expenses are tax-deductible. If the trip is mostly for work, you can add vacation days and write it off on your taxes. Is this deduction to be exploited? No, but we want you to use it to save money on taxes and relax. We want to help you increase your income, maintain your financial status, and build wealth! Keep on reading to learn more.
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Have you ever had a job that provided excellent benefits? Employers can deduct the cost of providing benefits, compensation, and perks to their employees as long as they are "reasonable" and "necessary." Keep reading to learn more!
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The Internal Revenue Service (IRS) has announced that the 401(k) and individual retirement account (IRA) contribution limits will be increased beginning in 📅 2023. For more information, keep reading!
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How much tax you have to pay in April could depend a lot on how you handle your money between now and the end of the year. This is especially true if you have investments outside of a retirement account, if you itemize your deductions, or if you are saving for retirement. Time is running out, though. After we ring in the new year, most of the advice we've compiled below won't be able to reduce your tax burden. So it’s time to get to work!
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It's no secret that 2022 has been a rough year, but the door to success is far from closed. As we near the end of the year, what are some steps investors can take to maximize their returns? (Hint: It's not checking your bank balance more often!) Read on to learn more.
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As your small business expands, so can its tax bill. State, federal, and self-employment taxes can add up quickly. Profitable businesses need tax planning. Learn how to decrease your small company taxes this year.
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It's possible that you qualify for a tax credit or deduction from the list of twelve below! Prepare yourself now for the upcoming 2023 tax year by reading more below.
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Take advantage of the remaining time in 2022 to maximize your tax refund! Whether you've had a good year, are recovering from recent losses, or are just getting started, you may be able to save a ton of money on your taxes by taking the right steps before the end of the year.
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Airbnb and other vacation rental companies are becoming more popular, causing homeowners to face new tax issues. If you use Airbnb, HomeAway, VRBO, FlipKey, or other short-term rental services, you can reduce or eliminate your income taxes by following these tips.
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The word "audit" comes from the Latin word "to hear." It's a "hearing" of your business finances by the IRS. Once you understand how audits work, they're less frightening. We'll cover that first, then discuss how to avoid being audited and make the process easier if it does happen.
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The IRS has made a lot of changes to individual tax brackets, deductions, and credits for 2023 to account for inflation. Inflation is currently at its highest level in four decades, so it's not surprising that it's led to some major price increases. Some taxpayers may benefit from the changes next year. Continue reading to learn more.
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Don't take this tool for granted! A Health Savings Account (HSA) is a way to save money for medical costs that is often forgotten. Find out how HSAs can help you save money on taxes as you plan for retirement.
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There are still a few things you need to be aware of about student loans and taxes, even though the federal student loan suspension has been extended and student loan cancellation for some borrowers has been announced. Continue reading to learn more...
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If you haven't been paying attention, the IRS will be hiring 87,000 auditors. If you haven't been filing your taxes for cryptocurrencies or if you run a small business, get ready for things to get tough. Let's talk about what this new law entails.
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401K and Roth 401K differ greatly. Both are employer-sponsored retirement funds, but they are taxed differently.. Continue reading to learn more...
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Tax credits and deductions both work to lower your tax liability, but they do so in different ways! How? Let’s break it down for you!
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Summer 2022 is coming to an end, and taxes may be the last thing on your mind. However, giving tax breaks a little bit of thought now could save you a lot of money when tax season comes around again! Read on for summer tax tips that could help you save money on your taxes. This will help you plan for your taxes.
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New Crypto Tax Bill! U.S. Senators are pushing for a bill that would make small cryptocurrency transactions tax-free. Read on to learn more.
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Year after year, many people wait until the last minute to file their tax returns! It's the same overwhelming feeling every year. Luckily, you don't have to follow the crowd. In addition to decreasing stress, paying your taxes early has other benefits (other than merely speeding up the processing of your tax refund). Here are 7 AWESOME benefits to filing your taxes EARLY!
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As you know, being your own boss can give you more freedom and choices about when and where you work. But it can come with a tax bill that is harder to understand and costs more. Here are some tax breaks that EVERY self-employed person MUST KNOW about.
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Although most folks have heard of passive and active income, many don't understand how they differ or how to generate passive income! Most believe that the secret to accumulating wealth and achieving financial freedom is to understand how to generate passive income. Read more on this!
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Bitcoin and other digital asset investors have been crushed recently by the longest losing streak since 2011. However, even if you suffered losses on your crypto investments this year, there's still some good news!The IRS allows investors to claim cryptocurrency loss deductions, reducing your tax bill or potentially resulting in a tax refund.
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While the kids are having fun this summer, you can get some work done while minimizing your tax liability!
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In this blog post, we'll show you how to lower your tax burden in any season of life and what steps to take in each of the three stages of your financial life: wealth accumulation, preservation, and distribution.
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Investments all have a variety of tax implications. If you manage yours right, you could save tons on taxes!
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Many investors think that they can pull a fast one on the IRS by just not reporting their crypto gains because they believe crypto is "untraceable" by the IRS. That's not the case, unfortunately.
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There are MANY rumors floating on the internet that you don't have to pay taxes on your Crypto. While misleading, there are in fact ways to not pay taxes... At least as of right now.
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The answer to this is definitely, yes! There was a period of time when the word "currency" was very confusing. People were hoping that these coins would get treated like actual currencies; you don't pay any taxes when you exchange dollars for dollars. But that is not the case when it comes to crypto. Here's how it's taxed...
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The future is here. We want to buy goods and services all over the globe at the click of a button. Crypto can empower this to happen, but how can the tax codes get in the way?
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In the Crypto space there are many transactions that sneak past people. They don't know they are actually taxable. This article goes over 5 common Crypto tax events that you may bump across.
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Are you a business owner looking to cut your tax bill? Then, you're in the right place. Here are five different tax deductions you can take advantage of to reduce your tax burden!
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Have a traditional 401k or IRA that you want to try squeeze some more tax benefits out of? Well, a Roth Conversion may be a good option for you!
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This account if used properly with aggressive savings can save millennials a boatload of cash on taxes!
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Not sure how the tax system in the US works? Check out our beginners guide below!
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