Taxes
12 articles
The stepped-up basis loophole is part of the tax code that applies to inherited assets. The rule allows you to avoid capital gains on assets you pass to your heirs, lessening the tax burden on your heirs when they inherit from you. Learn about the stepped-up basis loophole and what it means for you.
Thanks to the Tax Cuts and Jobs Act of 2017, most investment-related expenses are no longer deductible. But in certain circumstances, you may still be able to get a tax break. Learn which investment-related expenses you can still deduct and how to qualify for them.
Savvy taxpayers can slash their tax bill using a range of tax-sheltered accounts, but these can seem confusing and often sound alike. Which combination of retirement accounts, education accounts, and health savings accounts can help you save on your tax bill? Read on to learn more.
Property taxes are complicated, and sometimes tax assessors overestimate the value of a property and calculate taxes based on an inflated number. Not happy with your property tax bill this year? Use this general overview of the property tax assessment appeals process to prepare and file your appeal.
There are many occasions in which you may need to prove your income, whether you’re attempting to get a mortgage, auto loan, a new apartment, or a public welfare benefit. Read on to learn how to show proof of income from the most common income sources in a wide range of situations.
First introduced in 2009, the Making Work Pay tax credit was available for two years – 2009 and 2010. With this credit, you were able to receive a bonus of up to $400 (or $800 if you filed as married filing jointly) just for working. However, this tax credit was not renewed by Congress following
Each year, the ordeal of gathering the necessary information to complete and file your tax return seems increasingly difficult, doesn’t it? This problem may be alleviated by implementing an efficient home filing system. But completing your annual taxes isn’t the only reason to have a good filing system in place. It’s crucial to retain receipts
The U.S. could experience some rather drastic tax changes in the near future. For instance, if the so-called Buffett Rule passes, capital gains taxes would increase from 15% to 30% for those with incomes above $250,000 or those with a $1 million in hard assets. Another looming tax hike are the Bush tax cuts that
Every year, millions of Americans receive billions of dollars in tax refunds. Many blow it on dinners out, new clothes, and presents for themselves. But before you get carried away dreaming up inventive ways to spend your refund, do something to boost your future instead.
If you plan on giving large sums of money to friends and family — either in your lifetime or after you die — you owe it to yourself and them to understand the tax implications. Here’s what you need to know about how estate and inheritance taxes work — and how to keep them as low as you can.
Small companies tend not to offer 401(k) plans, given the administrative costs and headaches associated with them. Fortunately, there’s a type of employer retirement account specifically for small businesses: the Savings Incentive Match Plan for Employees (SIMPLE IRA). Learn more about it here.
Each state can set its own tax rules that apply to its residents. If you’re thinking of relocating to a new state for a new job or a change of scenery, it’s worth it to consider the total tax burden in that state before you make a major move.
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