Suggestions for the self-employed on how to lower total taxes due.(Originated from Knight-Ridder Newspapers)Brown, Jeff
There are plenty of ways to lower your taxes, including credits, deductions and advanced investment strategies. Maryalene LaPonsieFeb. 26, 2025 Tax Deductions for the Self-Employed The general rule is that any ordinary and reasonable expense you pay while conducting a business activ...
"Make contributions to a Roth account in your early years of working when your income is lower than it will be later. This allows earnings a longer time to grow tax deferred and then be withdrawn with no taxes due," said Sallie Mullins Thompson, a certified public accountant in the Distric...
What triggers an IRS underpayment penalty? Failure to file, underpayment of estimated taxes, and dishonored checks might result in a penalty. For many taxpayers, penalties come into play when you miss the filing and payment deadline. Learn more about tax
How you fill out your W-4 determines how much is withheld from your pay for taxes. Before you adjust your W-4, consider whether you prefer to take home more money each paycheck or if you’re holding out for a bigger refund when you do your taxes. Learn h
Also, a key disclaimer –an extension of time to file is not an extension of time to pay. Any taxes due are still due on the normal filing deadline date. If you don’t pay by the deadline, you could owe interest and possibly a penalty on taxes owed. ...
Qualified dividends are subject to the same tax rates as long-term capital gains, which are lower than rates for ordinary income. Fund or ETF selection: Mutual funds and exchange-traded funds (ETFs) vary in terms of tax efficiency. In general, passive funds tend to create fewer taxes than ...
investment in R&D activities for investors (Atanassov and Liu,2020; David et al.2000), tax cuts enable enterprises to allocate resources more effectively towards new technologies or products. Thirdly, lower taxes can reduce the resources that companies allocate to tax evasion, thereby redirecting ...
How to lower property taxes on your home Many states reward homeowners for an automatic "homestead" exemption for simply living in their home and not renting it out. According to the Department of Revenue, "Generally, a homeowner is entitled to a homestead exemption on their home and land und...
Other ways to minimize taxes: Avoid short-term gains.This is a good general rule of thumb. That said, it occasionally makes sense to sell a newer position first if it means a much lower capital gain. Avoid high-turnover funds and stocks.Theygenerate commissions,transaction costs, and higher...