No-one likes paying tax - yet we willingly hand over thousands more than we need to. Jane Hall reports WHO wants to be a millionaire? We all do. From the National Lottery with its multi-million-pound prize winning permutations, to Premium Bonds and the football pools, it seems we can'...
Here’s how you can (legally) avoid paying taxes on your capital gains and what to watch out for. The not-so-secret 0 percent capital gains tax rate While it can be easy to overlook, the IRS has clearly laid out how you can qualify for a 0 percent capital gains tax rate, and it...
Tax penalties can be daunting, but they don't need to be confusing. Here's how you can minimize or avoid the most common penalties imposed by the IRS.
Apply for holdover of provisional tax It is best to pay taxes on time to avoid tax arrears or other penalties from the IRD due to late payment of taxes. But what if you encounter temporary financial difficulties? In fact, you can apply to the IRD for an extension of payment of provisiona...
The Foreign Tax Credit was implemented to reduce a double tax burden for citizens earning income outside of the United States - income taxed once by the United States and again by the foreign country from which the income is derived. This is made possible by theU.S. Tax Treatiesmade with...
season often brings the start of tax scam season. Scammers can use aggressive phone calls and phishing emails while pretending to be IRS agents or tax preparers to extract money or commit identity theft. Consequently, it’s important for you to be able to recognize and avoid scams & IRS ...
How Much Do I Need to Retire Comfortably? The end of work doesn't mean the bills stop. How much should you save for a great retirement? What Is a Retirement Annuity? Yes, it's guaranteed retirement income -- but there are several factors to consider. ...
Here are 4 legal ways to avoid paying U.S income tax via FEIE. Move Outside Of the United States Moving outside the U.S is one of the fastest ways to minimize your income tax. ThePhysical Presence Testof the Foreign Earned Income Exclusion is a commonly used tax strategy for expats. ...
The best way to avoid an underpayment penalty is to ensure that your taxes are fully paid on time. To avoid an underpayment penalty, individuals whoseadjusted gross income(AGI) is $150,000 or less must pay the lesser of 90% of the current year’s tax or 100% of last year’s tax by...
Here’s a look at the 401(k) withdrawal rules and how you can avoid the IRS 10% penalty if you withdraw money from your account early. Can I Cancel My 401(k) and Cash Out While Still Employed? No, you usually can’t close an employer-sponsored 401k while you’re still working ther...