The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash It's widely recommended to invest with retirement accounts because of their tax benefits. With traditional 401(k)s and individual retirement accounts (IRAs) , your contributions are tax-deductible in the year you make them. That's certainly a good reason to use these accounts.

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The Motley Fool

MARCH 17, 2024

Image source: Getty Images Ah, New York, the Empire State: home to the Big Apple, cascading waterfalls, and, not so proudly, some of the highest taxes in the nation. Whether you're a city slicker dodging taxis or a country dweller enjoying the serene landscapes, one thing unites all New Yorkers: the quest to lower that pesky tax bill.

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The Motley Fool

JANUARY 2, 2024

Image source: Getty Images Tax season is fast approaching. It's important to make sure you're ready to submit your tax returns on time so you don't get into trouble with the IRS. For many people, free software options can help you do your taxes. There are also paid options available for those with more complicated returns.

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The Motley Fool

APRIL 19, 2024

Image source: Getty Images So you submitted your tax return and heaved a big sigh of relief at having one unpleasant task in your life done with. It's merely a notice from the IRS indicating that the information you entered on your tax return doesn't match the agency's records. If you agree, you fill out the notice and send it back.

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The Motley Fool

MARCH 14, 2024

Image source: The Motley Fool/Upsplash Many people who file taxes wind up getting money back from the IRS. But a tax refund isn't a given. And you may end up owing money on your taxes instead of being due money back. In that case, you really don't want to ignore your tax debt. Having to pay the IRS can be a bummer.

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The Motley Fool

MARCH 28, 2024

There are good, lawful, legitimate purposes for the dark web, but its anonymity can also be used by cybercriminals and hackers -- and some of these dark web hackers want to steal your tax refund. Let's see how these dark web tax scams might affect your taxes -- and how you can stay safe. Criminals looking to buy access to U.S.

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The Motley Fool

DECEMBER 16, 2023

Image source: Getty Images Filing taxes isn't always a smooth process. But if you struggled with your tax return in 2023, Mark Steber, Chief Tax Information Officer at Jackson Hewitt , warns, "The upcoming tax-filing season will be yet another complex year." One thing you can do if you haven't already is max out your IRA.

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The Motley Fool

APRIL 5, 2024

A Roth IRA's biggest appeal is the tax-free withdrawals it promises in retirement. It could save you a fortune compared to deferring taxes if you expect your income to remain roughly the same or rise after leaving the workforce. But some don't realize that tax-free withdrawals aren't a guarantee. Image source: Getty Images.

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The Motley Fool

MARCH 21, 2024

Image source: The Motley Fool/Upsplash Many people wait until the very last minute to file their taxes. But there's a big benefit to getting your tax return done early -- having your refund hit your bank account sooner. But what if you submitted your taxes weeks ago and haven't seen that money hit yet?

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The Motley Fool

JANUARY 30, 2024

Image source: Getty Images Millions of tax filers received a tax refund from the IRS in 2023. If you typically get a refund when you file your taxes , you may be anticipating a repeat situation this season. Before the Fed's rate hikes, banks were generally paying minimal interest on savings accounts and CDs.

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The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Paying taxes is a part of life for all of us. And unfortunately, mismanaging your tax situation could result in a hit to your personal finances. So could falling victim to certain blunders on your tax return. Don't just put "$3,000" on your taxes and assume that's good enough. Accuracy matters.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash If you invest your money in a taxable brokerage account , you'll get complete flexibility with it. You can contribute as much to your account as you want each year, and you can cash out investments whenever you choose without risking a penalty. So there's that benefit. But the option does exist.

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The Motley Fool

JANUARY 16, 2024

Image source: Getty Images Like it or not, we're getting to the point of the year when it's time to start thinking about taxes. Although the filing deadline is April 15, the IRS will begin accepting tax returns on Jan. And filing your taxes early could mean getting your refund sooner, if you're entitled to one.

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The Motley Fool

MARCH 27, 2024

By opening these accounts for your kids early on, you're not just saving for their financial future , but potentially unlocking the door to millionaire status. So, let's dive into the types of accounts that can make a huge difference. The beauty of a Roth IRA lies in its tax structure.

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The Motley Fool

JUNE 21, 2023

One of your biggest expenses in retirement could be your tax bill, but using these three accounts will help ensure that you can keep more of your savings for yourself. When you contribute to an HSA, Roth IRA, or Roth 401(k), you're setting yourself up to take tax-free withdrawals in the future.

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The Motley Fool

JANUARY 12, 2024

Image source: Getty Images Now that 2024 is in full swing, it's time to focus on a task you (like others) might dread: filing taxes. Tax returns for 2023 are due this year on April 15. You may not be in a position to get your tax return done by late January, since that's only a couple of weeks away. Here's why. Here's why.

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The Motley Fool

MARCH 3, 2024

Image source: Getty Images Now that March has arrived, it's time to get serious about filing your taxes. And while you won't be penalized for a late return if you're due a refund, you'll be penalizing yourself by delaying that money from hitting your bank account. All told, you need the right tax forms to file an accurate tax return.

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The Motley Fool

MARCH 13, 2024

Image source: Getty Images At this point, many people have filed their taxes and are waiting for their refunds to hit their bank accounts. As such, savings account and CD rates are up right now. In that case, your money belongs in a savings account. In some cases, opening a CD with your tax refund is a really savvy move.

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The Motley Fool

MARCH 17, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS in 2024 came to $3,213. But what if you're not due a refund on this year's taxes ? There are different reasons why you may end up with a tax bill on your hands this year. What if you owe the IRS money instead?

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Because tax returns are typically due on April 15, it shouldn't really come as a surprise that this year, the same holds true. You might think it's no big deal to file your tax return a week late. It equals 5% of your unpaid tax bill per month or partial month your return is late, up to 25%.

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The Motley Fool

APRIL 30, 2024

Image source: Getty Images Savings account rates have gone up quite a bit over the last two years. Some of the top high-yield savings accounts are currently offering APYs of over 5%, and there's no risk involved. Believe it or not, it's possible to keep too much money in a savings account. That won't last forever, though.

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The Motley Fool

DECEMBER 11, 2023

states still impose taxes on them even though they're necessary personal care items. If you get a period and live in a state that charges this tax, you can expect to pay more at checkout. But some relief is here thanks to the Tampon Tax Back Coalition. You can get your tampon tax money returned after filing a claim online.

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The Motley Fool

MAY 18, 2024

When it comes to building a seven-figure nest egg, one account type stands out above all the rest: A Roth 401(k). Indeed, a Roth 401(k) has so much going for it that it is my favorite account for building a millionaire retirement. Note that often, those employer matches will be made into traditional-style retirement accounts.

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The Motley Fool

MARCH 18, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS this filing season was $3,213. But no matter what refund you get on your taxes , it's important to make the most of that money. Rather than risk that scenario, add your refund to your savings account.

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The Motley Fool

MAY 16, 2024

Part of thriving is mastering small business accounting, and these tips can help. Keeping detailed financial records can either be accomplished by hand or by using one of the great accounting software programs available. The first paperwork a tax professional will ask you to provide is receipts.

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The Motley Fool

MARCH 10, 2024

Image source: The Motley Fool/Unsplash Ah, tax time -- it's such fun to sit down with an accountant or tax-filing software and see if you underpaid or overpaid the government (which already knows your tax liability). Paying down low-interest debt So you've decided to pay off some debt with your tax refund.

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The Motley Fool

DECEMBER 17, 2023

But you may find yourself raiding your savings account every few months to cover a medical bill. Read more: we researched free tax software and put together a list of the best options here It pays to contribute to a tax-advantaged account like an HSA (health savings account) if you can.

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The Motley Fool

MAY 19, 2024

Taxes are a part of life throughout your life. Worse yet, taxes have the potential to be even more stressful later in life once you're on a fixed income. That's why it pays to do what you can to minimize your retirement tax bill. And that could boil down to choosing the right accounts and the right investments.

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The Motley Fool

MARCH 6, 2024

Everything from property taxes to home maintenance can bite into your budget. On the plus side, many of those homeowner expenses also happen to have some associated tax perks. Read more: we researched free tax software and put together a list of the best options here 1. Tax credits reduce how much tax you owe.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Do you have big dreams for your tax refund? According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050. But many Americans don't think of their tax refund as a "nice-to-have" -- it's "must-have" money. Tax refunds are a financial lifeline for many U.S.

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The Motley Fool

MAY 19, 2024

I've been investing my retirement funds into Roth accounts for over a decade. While traditional retirement accounts are a great choice for many, there's one reason why I love Roth accounts. Hint: It's not just the tax savings. That means you invest money into these accounts that you've already paid taxes on.

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The Motley Fool

MARCH 8, 2024

Image source: Getty Images Doing your taxes is unpleasant enough, but it can turn into a nightmare if you wind up with an unexpected bill. If you're lucky, you can cover what you owe out of your bank account and mail in a check along with your return. of the tax owed every month it remains unpaid. Don't panic, though.

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The Motley Fool

JANUARY 1, 2024

One of the first things you'll need to do is decide which retirement account(s) you want to use. This is free money your employer gives you for contributing to your retirement account. for every dollar you put into your retirement account, up to a certain percentage of your income. Save up for this in a savings account instead.

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The Motley Fool

MARCH 9, 2024

Image source: The Motley Fool/Upsplash When you earn money, whether it's from a job, a savings account , or investments, you have to pay the IRS a portion of your income. But that doesn't mean you're doomed to an exorbitant tax bill. Read more: we researched free tax software and put together a list of the best options here 1.

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The Motley Fool

MARCH 30, 2024

Your savings might not grow quickly due to high fees, or you could forget about the account altogether. It might seem simplest to cash out the account and deposit it elsewhere, but there's a major problem with this approach. When you cash out your old 401(k), the plan administrator automatically withholds 20% of your balance for taxes.

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The Motley Fool

DECEMBER 31, 2023

It's a big myth that taxes are something retirees don't have to worry about. Quite the contrary -- taxes can be a huge burden for seniors, especially since retirees are often limited to a fixed income that forces them to spend very mindfully. Doing so could help you avoid paying taxes on those earnings.

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The Motley Fool

APRIL 16, 2024

Image source: Getty Images Taxes are due every year on April 15. But if the tax-filing deadline has come and gone and you're still sitting on an unfinished return, you may be wondering just how much worse you might make the situation by letting it sit a bit longer. Instead, get moving on that tax return ASAP.

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