The Motley Fool

FEBRUARY 18, 2024

tax code is complex. While I can't debunk every tax myth, here are three of the biggest misunderstandings you should know the truth about as tax season gets underway. If you file an extension, you'll get an extra six months to file, making your tax return due on Oct. Image source: Getty Images The U.S.

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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.

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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

APRIL 9, 2024

Image source: The Motley Fool/Upsplash Unless you're a giant corporation who can loop every hole, your business is going to need to pay taxes. Indeed, you're going to need to pay them multiple times a year thanks to quarterly estimated tax requirements. When it's time to pay those taxes, consider how you'll pay.

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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

FEBRUARY 17, 2024

Image source: Getty Images If you itemize deductions on your tax return, one of the best ways to save money and do a lot of good at the same time is to donate to charitable organizations. While it's a well-known fact that charitable contributions are usually tax-deductible, there are some strategies you can use to maximize the value of yours.

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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. Read more: we researched free tax software and put together a list of the best options here 2.

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The Motley Fool

FEBRUARY 12, 2024

Image source: Getty Images You may want to begin organizing your tax documents soon. But if you need assistance preparing your tax return, there is still time to get help. One such resource available to eligible taxpayers is the AARP Foundation Tax-Aide program. The AARP Foundation Tax-Aide is available from Feb.

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The Motley Fool

APRIL 1, 2024

Image source: The Motley Fool/Upsplash As we edge closer to Tax Day , there's a whirlwind of changes and updates to keep on your radar. Thankfully, Karla Dennis, a tax expert and founder of KDA, Inc. , is here to help us sift through the noise and highlight the most impactful shifts in this year's tax landscape.

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The Motley Fool

APRIL 25, 2024

Image source: The Motley Fool/Upsplash Most people don't love filing taxes, but lots of people love getting a tax refund! The average IRS tax refund for 2024 is $3,011 (as of April 15 data). For many Americans, a tax refund feels like a happy surprise -- "free money" from the government.

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The Motley Fool

MARCH 6, 2024

But in exchange, New Yorkers pay some of the highest income taxes in the nation. New York is ranked third for income taxes , according to TurboTax -- the highest state tax bracket (of nine) is 10.9% for tax year 2023. Plus, you'll pay additional local taxes if you live in New York City or Yonkers.

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The Motley Fool

MARCH 22, 2024

Image source: Getty Images Filing your taxes can feel like navigating a maze blindfolded. Given the complexity of tax laws, it's easy to stumble into pitfalls. Below, we'll explore five common mistakes to avoid when filing your New York State taxes to keep your tax journey smooth. One wrong turn (or typo!)

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The Motley Fool

MAY 12, 2024

Ultimately, though, I took a deep breath and decided to try it out -- after using my part-time freelance income to put my personal finances into solid shape first. I'm never not thinking about income taxes No one really enjoys paying taxes , but they're the price of living in a civilized society.

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The Motley Fool

MARCH 24, 2024

Image source: Getty Images The funny thing about taxes is that, technically, the best result is no one owes anyone anything -- when, in reality, many of us are happy to get that check every spring. Read more: we researched free tax software and put together a list of the best options here 1. For amended returns, call at: 518-457-5149.

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The Motley Fool

MARCH 21, 2024

Image source: Upsplash/The Motley Fool It's the most wonderful time of the year: tax season! But even though no one loves to pay taxes, filing your tax return can give you a sense of completion and clarity. Knowing how much tax you owe -- or how big of a refund you'll get -- is like an annual check-in for your personal finances.

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The Motley Fool

MARCH 25, 2024

Image source: Getty Images In 2023, the average tax refund was $2,903 according to The Motley Fool Ascent's tax research. In fact, here are three great things you may want to do if your tax software shows a refund is coming your way. 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 22, 2024

Image source: Getty Images The average tax refund for 2023 is $3,182, according to the latest IRS data. It's surprisingly easy to turn your tax refund into a small fortune, even if you don't have any investment experience. Should you be getting a tax refund? We'll walk you through exactly what to do to watch your money grow.

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The Motley Fool

MARCH 13, 2024

Image source: Getty Images If you don't file your taxes and owe the IRS money, serious consequences can ensue. You could face very costly penalties for failing to file a tax return when you owe money from that tax year. If you want a tax refund, you need to file a tax return to get it.

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The Motley Fool

SEPTEMBER 24, 2023

Taxes in retirement can become complicated fast with income coming from several sources. A Roth IRA can help simplify your taxes while offering incredible savings. Opening up an account sooner rather than later can help you position your finances to keep your tax bill low in retirement. First is when you pay taxes.

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The Motley Fool

APRIL 18, 2024

Data from Zillow finds that renting a home alone results in a "singles tax" of $7,110 per year on average. But still, it's not easy having to bear the singles tax as a renter. When you don't have someone to split the bills with, covering your costs can be tough. So it pays to do what you can to save yourself some money.

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The Motley Fool

FEBRUARY 14, 2024

In coming years, Social Security expects its primary funding source -- payroll tax revenue -- to shrink as baby boomers start to retire en masse. The program can tap its trust funds for a while to keep up with scheduled benefits in the absence of adequate payroll tax revenue. Is your IRA or 401(k) tax break at risk?

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The Motley Fool

MARCH 1, 2024

Image source: Getty Images Ah, tax season -- ready to sit down with your paperwork and spend a Saturday plugging in numbers? (Or No matter how you're approaching your taxes this year, there are a few pervasive myths about the process that just won't die. If you don't, you could face a tax audit and even be penalized.

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The Motley Fool

FEBRUARY 28, 2024

Image source: Getty Images February is almost over already, but there's still plenty of time to complete your taxes before the April 15 filing deadline. Before spending money on tax software , check to see if you qualify for free or low-cost tax-filing resources. Eight tax software companies are IRS Free File partners.

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The Motley Fool

MARCH 13, 2024

But many Americans are still feeling optimistic about their personal finances and want to buy a new car in 2024. Many new and used EVs (and some plug-in hybrids) qualify for EV tax credits that can give you a significant discount at the dealership. But many new EVs don't qualify for the full $7,500 EV tax credit.

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The Motley Fool

MARCH 8, 2024

16, the average tax refund so far is $3,207. This is a bit higher than it was at this point last year, and that amount of money could do some serious good for your finances. Pay down debt If you've got some stubborn high-interest debt , like that on a credit card, consider using your tax refund to chip away at it.

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The Motley Fool

JANUARY 23, 2024

economy was hurting in the wake of the pandemic, lawmakers provided relief with a boosted Child Tax Credit. Not only did the credit's maximum value increase, but the credit itself became fully refundable, which meant parents could receive its full value even if they had no tax liability. Could the Child Tax Credit improve?

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The Motley Fool

MARCH 1, 2024

Image source: Getty Images If you haven't begun to think about your taxes this year, it's time to get started. Now, if your tax situation is fairly straightforward -- you're reporting wages from a salaried job, bank account interest, and dividend payments in your brokerage account only -- then you may be able to file your taxes on your own.

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The Motley Fool

MARCH 24, 2024

Managing money will be just like it was back at home You might think that personal finance doesn't change much as a digital nomad. You'll have a more complicated tax situation. If you're an American, you still need to file tax returns in the United States. That means paying visa fees and maybe even hiring a lawyer.

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The Motley Fool

MARCH 12, 2024

Image source: Getty Images If you have yet to file your 2023 federal tax return, it's not too late. Before filing, check to see if you qualify for free tax-filing resources so you don't waste money. On March 8, the IRS announced that the pilot IRS Direct File is open for the 2024 tax-filing season.

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The Motley Fool

JANUARY 17, 2024

Managing your finances can be intimidating, particularly when you're first getting started. Education doesn't end with school, though, and learning personal finance as an adult can be liberating. Education doesn't end with school, though, and learning personal finance as an adult can be liberating. Only about half of U.S.

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The Motley Fool

APRIL 26, 2024

Read more: we researched free tax software and put together a list of the best options here You'll also need to keep track of business expenses for tax purposes. There are a ton of business-related expenses that can be deducted from your federal and state taxes. 15: Estimated tax payment for June through August Jan.

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The Motley Fool

DECEMBER 5, 2023

Read more: we researched free tax software and put together a list of the best options here If I want to carve out time to travel with my family, I have to work extra in the weeks leading up to a trip to compensate. But one benefit of being self-employed is that I'm able to deduct certain expenses on my tax return.

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The Motley Fool

SEPTEMBER 20, 2023

Lawmakers acted by passing the Americans Rescue Plan, which included, among other benefits, a round of $1,400 stimulus checks and a major boost to the Child Tax Credit. The Child Tax Credit currently has a maximum value of $2,000 per child. And that amount of tax savings did a world of good for struggling Americans.

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The Motley Fool

JULY 15, 2023

Sometimes, it involves taking over their finances, because they're no longer in the best position to do so. If you find yourself in a situation where you believe it's best to take over your aging parents' finances, here are some steps that could simplify the process. Income like dividends could also generate a tax bill.

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The Motley Fool

MARCH 24, 2024

Image source: Getty Images Women of all ages are taking charge of their finances. If you're a woman looking to make life-changing money moves, you may seek advice on managing your finances to live a more comfortable and secure life. Here are a few ways that successful women manage their finances.

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The Motley Fool

SEPTEMBER 12, 2023

1, menstrual and baby care products will no longer be taxed. Shoppers were previously charged a 6.25% sales tax when buying these items. But a state tax-relief bill that passed earlier this year has now made eligible purchases tax free. The tampon tax is no more in Texas Texas joins 23 other U.S. As of Sept.

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Financial Symmetry

MAY 13, 2024

Whether your tax documents are filed away or in a folder on your desktop, you may be wondering, “Just how long do I really need to keep all of this?” ” As with many tax topics, the answer is: it depends! … Continued The post How Long Should I Keep My Tax Records?

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