Some tax deductions offered by the IRS encourage taxpayers to help society. Whether it’s encouraging donations to charity or caring for elderly relatives, there are several ways to reduce your own tax burden and feel good about how you did it. Here are
“I will say that the spouse’s increased withholdings could be dicey if the couple splits up or decided to file separately.” Failing to make quarterly estimated payments can result in a penalty for underpayment when you file your tax return. In addition, if you don’t make ...
Donating your car to charity can result in significant tax savings if you include it in your charitable contribution deduction. The Internal Revenue Service (IRS) requires you to calculate your tax deduction in one of two ways, depending on how the charity uses your donation: Ded...
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Will I pay additional taxes because of capital gains? Before you stress about paying taxes on that house sale or profitable stock trade, you need to determine how much yourtax billwill increase — if at all. How to estimate your capital gains tax ...
Trade in your used car:Trade in your used carto lower your new car's final price and tax obligations. Buy through a private seller:Buying through a private seller can help you avoid some fees. Negotiate for extras:Even if the dealer is unwilling to negotiate doc fees, they might be willi...
When it comes to buying a new car, many individuals consider trading in their existing vehicle as a way to reduce the cost of their purchase. However, what some people may not realize is that trading in a car can also have tax advantages. This is due to the potential tax savings that ...
Using a credit card to pay for large but predictable expenses — like groceries, travel and appliances — can help you earn rewards and access additional benefits. It’s also possible to pay for big expenses with alternative options like a savings fund, personal loan or BNPL (buy now, pay...
Debt-to-income ratio: A debt-to-income ratio is the amount of monthly bills on the buyer’s credit bureau divided by gross monthly income before tax. If an applicant can’t pay his monthly bills in addition to the proposed car loan, underwriters aren’t going to approve the loan.If you...
Options When You Choose to Donate a Car for Tax Deduction PurposesAlex Padaco