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Seven Ways To Reduce Taxable Income

June 3, 2024

Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.

The Best Tax Credits That Save You More Than Deductions

April 3, 2017

Tax credits are the gold nuggets of the tax world. Here’s a look at how some of the most common ones work — maybe you’ll find some cash. CLICK ON THE HEADLINE FOR MORE

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IRS Warns On Social Media Tax Credit ScamJuly 22, 2024 - 9:05 pm
In a just issued consumer alert, the IRS said bad advice is circulating on social media regarding an non-existent self-employment tax credit that is misleading taxpayers into filing false claims. In reality, the underlying credit being referred to on social media is a much more limited and technical tax credit for sick leave and family leave.
Here’s How To Evaluate Homeowners Insurance Coverage Amid Hurricane SeasonJuly 15, 2024 - 6:13 pm
Homeowners looking to protect their homes during hurricane season should take extra steps to ensure their policies cover the total cost of the home. Many homeowners found themselves without adequate coverage over the last few years after being hit by natural disasters like hurricanes and floods.
A Tax Planning Roadmap For Four Life EventsJuly 8, 2024 - 8:53 pm
While taxes may not be on your mind while experiencing big life events such as marriage, buying a house, having children, and divorce, all four can impact tax planning by changing income, tax filing status and eligibility for various tax breaks.
Great Savers Could Face A ‘Tax Time Bomb’ In Retirement, Advisor Says — Here’s How To Avoid ItJuly 1, 2024 - 8:19 pm
Starting in 2023, Secure 2.0, a $1.7 trillion legislative package signed by President Joe Biden in December 2022, raised the age that savers must start taking required minimum distributions, or RMDs, to 73. RMDs are typically tied to pre-tax retirement accounts, which incur regular income taxes for withdrawals. Those RMDs could push some retirees into a higher tax bracket.
Five Common Errors To Fix In Your IRA Before The IRS Flags ThemJune 24, 2024 - 10:38 pm
You might receive IRS Form 5498 for the previoous year if you had reportable deposits for your IRA, such as regular IRA and rollover contributions, and Roth IRA conversions. The form provides the basis for auditing such IRA activities and helps you to identify and fix related errors before the IRS flags them.
The Biden Administration Finalized A Controversial New Retirement Rule — Here Are 5 Things You Need To Know NowJune 17, 2024 - 10:54 pm
The Biden Administration has stepped in to give investors more protection from conflicts of interest. The recently finalized Retirement Security Rule is aimed at ensuring financial professionals actually work for the clients they serve. This rule isn’t without controversy, though, as some argue it could actually make getting help harder.
Eight Types Of Personal Loans And Their Uses — Plus Five To AvoidJune 10, 2024 - 11:07 pm
There are several types of personal loans to choose from. Each has benefits and drawbacks. Before applying, understand how personal loans work and what to expect.
Seven Ways To Reduce Taxable IncomeJune 3, 2024 - 9:37 pm
Due to tiered tax brackets and a progressive tax system—the more you make, the more you might end up paying. But there are many ways to lower your taxable income—and ultimately—the amount of taxes you pay.

Tag Archive for: electric motor vechicles

Seven Ways To Reduce Taxable Income

The Best Tax Credits That Save You More Than Deductions

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