Things don't always go as planned when it comes to filing your tax returns and paying your taxes on time. Even if you have the best intentions, you might face an IRS tax penalty for underestimating your quarterly payments, missing a tax filing deadline, or bouncing a check...
Gamblers who win big will need to pay taxes on their winnings, but there is a way to reduce the amount owed. “They forget they can write off losses," Hoffman says. Keep records and use your losses to offset your gains at tax time. 22. Don't Forget State and Local Tax Breaks Sta...
"So many people were shocked by their cash interest earned" and taxes owed, said Boston-based certified financial planner Catherine Valega, founder of Green Bee Advisory. She is also an IRS enrolled agent. Interest from savings accounts or certificates of deposits incurs regular or "ordinary incom...
Reduce Federal Income Taxes: I built a tax planning spreadsheet to assist with planning federal income taxes. My tax planning spreadsheet allows the user to compare multiple tax scenarios side by side. It will calculate out federal taxes owed, social security and medicare taxes, and will even ca...
How Much Can A Cash Balance Plan Save Business Owners On Their Taxes? Update: IRS Scam Alert Tax Season is coming and we’ve got a new batch of IRS scams aimed at stealing your tax refund before you even know you are owed one. In just the past few days, the number of potential tax...
If you have struggled to reduce yourtaxesasa high income salaried employee, Deferred Compensation Plan can be the solution. Deferred Compensation plan is especially suited for theFinancially Independent Retire Early(FIRE) crowd. But, there are certain aspects one needs to consider. ...
Are Taxes Owed on Forgiven Debts? The IRS treats forgiven debt as income, so you typically owe taxes on settled balances. However, in some cases, the IRS may exempt forgiven debt from taxation. Consult a tax advisor to determine the extent of your liability. ...
If you offer credit to customers, you might deal with bad debt at your small business. Find out how to write off bad debt, reduce it, and claim it on taxes.
Tax credits, which reduce your total taxes owed on a dollar-for-dollar basis, can save families money. Examples include the Earned Income Tax Credit (EITC) and the child and dependent care credit. 1. Choose Your Filing Status Your filing status is a pivotal component of your tax return, ...
the cash or investments available and don't want to sell their investments to pay for the down payment. Selling the investments might trigger tax obligations to the IRS. The sale may push the borrower's annual income to a higher tax bracket resulting in an increase in their taxes owed. ...