Do you live in a state that imposes an income, sales, real estate or personal property tax? If you make payments for any of these taxes, you should know that the IRS may let you deduct them on your federal tax return. Deductions for these state taxes are available if you pre...
The best CD rates are often found through online banks or credit unions. The key is to shop around and find the right CD to match your needs and timeline. Investing in CDs won’t provide the long-term returns that you’ll get from a diversified investment portfolio, and taxes, inflation...
However, there are some exceptions. If you believe you'll make less than $1,000 in a given year through your self-employment, you don't have to pay quarterly estimated taxes. "There can be another strategy for not paying estimated taxes, which may work if you’re keepin...
Did you profit from selling a house, some investments, or even a car this year? If so, you’ll likely need to report the sale on your income tax return due to the long-term capital gains tax. Fortunately, if your sale qualifies as a long-term capital gain, the taxes are less than...
make sure your financial house is in good order. Make a list of your assets and liabilities to figure out yourdebt-to-income ratio. Pay down any large outstanding debt, check your credit report for errors, and don’t finance any large purchases like a car while you are sorting this out...
April is typically the month when people realize they are paying too much in taxes and want to learn tax reduction strategies, said Alyssa Zagrobski, director of retirement plan services at Denver-based Shelton Capital Management, in an email. "If you work for an employer who offers a retirem...
Are CDs taxable? Before you invest in a CD, you’ll want to consider the tax burden. The interest you earn on a CD is consideredwhich is typically subject to federal, state, and local taxes. Interest income is taxed at the same rate as ordinary income and is taxed the year you receiv...
Car and truck expenses Employee benefit programs Insurance Interest Mortgage Office expenses Pensions and profit-sharing plans Rent or lease Repairs and maintenance Taxes and licenses Travel and meals Utilities Wages 3. Add Itemized Expenses Add each expense on a new line, being sure to fill out as...
Because cryptocurrencies are viewed as assets by the IRS, they trigger tax events when used as payment or cashed in. When you realize a gain—that is, sell, exchange, or use crypto that has increased in value—you owe taxes on that gain. For example, if you bought 1 BTC at $6,000 ...
Some out-of-pocket expenses can be deducted from your income taxes. However, those expenses must add up to a substantial percentage of income if they are to exceed the currentstandard deduction.2 Understanding Out-of-Pocket Expenses Employees often spend their own money on business-related expense...