Tax Planning Tips You Need To Know
There is nothing smarter and more beneficial than knowing how to budget and successfully plan around your taxes. That is why we have compiled some of the best tax need-to-know tips to make sure you are getting the most return on your taxes and investments. Invest In Non-Taxable Income: Did you know there are several options you have when it comes to non-taxable investments? If you have yet to invest in a Roth IRA or public/municipal bonds, you are missing out on a great opportunity to multiply your non-taxable income. Roth IRA accounts allow you to invest money into an …
How to File Taxes While Getting a Divorce
While your marriage is dissolving, filing taxes is probably the last thing on your mind, but ignoring these state and federal requirements may lead to a different kind of heartache down the road. This guide is not meant for married couples that are in love limbo; this is for pairs who are intent on parting ways. If your divorce is not finalized by December 31st, you need to decide how you want to file. Here are the three most common filings for still married and legally separated couples to find the best option for you. Joint Return Before the ink …
How a Living Trust Can Save Your Loved Ones Thousands in Property Taxes
Passing your home down to your loved ones after you pass away might be a dream of yours but this generous act could end up being a taxation nightmare for them. Luckily, you can help your beneficiaries avoid financial heartache by protecting this asset in a living trust. Here’s how to save your loved one thousands of dollars in taxes when they inherit your home and the mistakes you must avoid. Step-Up Basis Rule The value of a home typically increases with time but so does the amount of tax you must pay on the gain. However, there is a …
Three Things Your Business Must Do Before Submitting Taxes
The Olympics may still be months away, but the race to get your taxes in on time is rounding the final lap. While your personal tax returns might feel like your top priority, it’s just as important to make sure your business’ paperwork is in order. Here are three things you must do before submitting your business taxes this year. Get Organized Before you fill out a single line on your IRS tax form, collect every receipt that can be considered a business earning or expense. This can entail everything from bistro bills where you took a client (expense) to …
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