Taxes

Capture The New Tax Breaks On Home Improvements

Know how to navigate the IRS regs to capture the tax credits under the Inflation Reduction Act....

Beware The Tax Traps Sprung On Those Who Move In Retirement

High-tax states try to tax residents who moved to lower-tax states....

How to Claim Tax Treaty Benefits to Avoid Double Taxation

“We’re going to need to see a Japanese tax return.” “You want a what?!?” I sputtered. There are lots of things FIRECracker and I pictured when we started down the path of...

Looking for high-yield CDs? Consider an Option “Box Spread” as a tax-advantaged alternative!

April 17, 2024 – People sometimes ask me for a good and safe place to “park” their money for a short period. CDs, high-yield savings, and money market accounts would be the obvious a...

Retirees Face Significant Tax Bills Due to Fraud

A new report sheds light on how older adult scam victims end up with big tax bills and lost retirement savings....

Three Ways to Give to Your Kids Tax-Free While You’re Still Alive

Parents can see the positive impact of their giving through tax arbitrage, giving cash (within limits) or directly paying for school or medical expenses....

Your Kids' Tax Brackets Could Lead to Unequal Inheritances

Sometimes, divvying things up equally means one child might end up with less because of tax implications. Here’s how to avoid that....

Can’t Pay Your Taxes This Year? Here’s What to Do

Home » Tax Relief Companies Updated: If you’re having trouble paying your taxes this year, relief is available. Tax filing requirements and paperwork are stressful enough, but if you owe t...

The Rich Pay More Than Their Fair Share Of Income Taxes

The rich are frequently criticized for not contributing their fair portion of taxes. However, when examining income taxes, it becomes evident that the wealthy actually contribute more than their fair ...

How to Cut Your Taxes as Short-Term Interest Rates Come Down

Using after-tax savings to buy an immediate annuity could shift your taxes on income to later years, when you might have expenses that can offset higher taxes....

Four Ways to Give Money Tax-Free to Your Kids When You Die

If you’d prefer that your estate not pay more taxes than necessary, then these strategies are for you....

Best Credit Card to Pay Taxes: Is It Worth It?

Nobody likes paying taxes. But being rewarded for your tax payments can certainly ease the bitterness. While many avoid paying ... Read more...

Avoid Surprises: Don’t Procrastinate on Your Taxes

You really should start thinking about next year’s taxes immediately after filing this year’s. Better tax efficiency could save you some serious dough....

How Retirees Can Minimize the Net Investment Income Tax

One strategy is to consider your filing status, which can affect the net investment income tax (NIIT) that successful retirees pay on certain investment income....

Get Help From Property Tax-Aide

AARP program has helped homeowners get nearly $10 million in property tax relief...

How To Cut Your Taxes By Putting The Right Assets In Your IRA

Optimum location for assets: IRA, Roth IRA, taxable account...

Tax troubles coming for IRAs and 401Ks over $200,000

“If you have more than $200,000 in a traditional IRA or 401K, your family could have a big problem coming in retirement,” warns financial advisor Ryan Thacker. “The problem is taxes ...

Use Pascal’s Wager When You’re Not Sure About Tax Rules

17th-century French mathematician and philosopher Blaise Pascal put forward this reasoning on whether one should believe in God (paraphrasing): You’re not sure whether God exists. If you believe...

How to Set Up a Tax-Efficient Investment Waterfall

As a busy physician, you don’t have a lot of time to spend on carefully optimizing the tax efficiency of ... Read more...

Know How To Make A Tax-Free Rollover From 529 Plan To A Roth IRA

A recent law allows tax-free rollovers from 529 plans to Roth IRAs, but there are hurdles to be cleared....

Taxes on Box Spread Trades in TurboTax, H&R Block, FreeTaxUSA

A long box spread trade earns a little more than buying Treasuries or CDs. A short box spread trade gives you a loan at a good rate. If you trade box spreads, whether long or short, you’ll have ...

Killing 401(k) Tax Benefits Could Help Save Social Security, New Research Shows

Workers would lose a key retirement planning benefit as a tradeoff for funding Social Security....

Should Congress End Retirement Tax Breaks To Support Social Security?

The public program is a critical source of income for low- and moderate-earners, who get only modest benefits from IRAs or employer-based retirement plans....

Is there a tax “time bomb” hiding in your IRA & 401K?

The U.S. government has made it easy for you to save for retirement in a traditional IRA or 401K. But there’s a hidden risk that most people don’t see until it’s too late. Putting mo...

4 Simple Strategies on How to Reduce Taxes and Maximize Retirement Income

Tax-savvy withdrawals in retirement are often overlooked or ignored by investors. That’s bad news when the Required Minimum Distribution (RMD) comes along and OUCH! As individuals approach retir...