The Motley Fool

MARCH 6, 2024

Image source: The Motley Fool/Upsplash Tax refunds are the prize at the end of the tedious tax-filing process, and you're not alone in wanting the largest refund possible. The average refund this tax season stands at $1,741 as of Feb. Here's what you need to know to shrink your tax refund for next year.

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The Motley Fool

APRIL 20, 2024

Image source: The Motley Fool/Upsplash As of late March, the IRS had processed more than 90 million tax returns and issued almost 70 million refunds. But what if you didn't get a refund when you filed your taxes this year? But still, you may hate not getting money back when you file your tax return.

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The Motley Fool

MARCH 15, 2024

Image source: Getty Images When filing your taxes , your goal may be to eke out the most savings possible. One is to claim different tax credits, which reduce your tax liability on a dollar-for-dollar basis. Another option is to claim tax deductions you're entitled to. And that makes plenty of sense.

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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

SEPTEMBER 21, 2023

Image source: Getty Images If you asked for a tax extension in 2023, you're certainly not alone. While it might not feel like nearly six months have already passed since Tax Day, that is indeed the case. In most years, the regular tax filing deadline is April 15, which makes the extended deadline Oct. However, in 2023, Oct.

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The Motley Fool

MARCH 2, 2024

Image source: The Motley Fool/Upsplash According to the most recent data, the average tax refund is $3,207 per taxpayer as of Feb. Millions of Americans look forward to getting their tax refunds every year, and with an average amount like this, it's no surprise. 16, which is 2% more than the average refund at the same point in 2023.

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The Motley Fool

JANUARY 19, 2024

In a recent Bank of America survey , 91% of respondents say they view their home more as a valuable investment than as a financial liability. On top of your mortgage and the interest you're paying on it, you're also covering the cost of expenses like property taxes, insurance, maintenance, and repairs over time.

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The Motley Fool

FEBRUARY 25, 2024

Image source: Getty Images I think we can all agree that we hate filing taxes, but most of us at least try to do them correctly. Roughly 10% of Americans think it's OK to cheat a little here and there on income taxes, according to the IRS. In addition to the extra taxes, you'll also owe penalties for late tax filing.

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The Motley Fool

DECEMBER 2, 2023

As the year comes to an end, it's time to think about which stocks to sell for tax-loss harvesting. in 2023, making it a prime candidate for tax-loss harvesting. The silver lining is that I can use its shares to reduce my tax liability for the year, which is a net positive. That's fine. It happens sometimes.

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The Motley Fool

APRIL 26, 2024

When you put money into a tax-deferred retirement account like a traditional IRA or 401(k) , the government subtracts your contribution from your taxable income for that year. If you earn $50,000 this year from your job but put $5,000 into your 401(k), you'd only pay taxes on the remaining $45,000 next spring.

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Integrity Financial Planning

JUNE 12, 2023

As you plan for retirement, it’s important to consider tax optimization strategies to minimize your tax liabilities. Here are three key ways to optimize taxes in retirement, based on information from sources published between 2022 and 2023.

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Integrity Financial Planning

JULY 17, 2023

How you handle taxes and when you are taxed are two of the most important factors when it comes to retirement planning. There are also Roth 401(k)s that have a similar tax treatment but are subject to some different rules.

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The Motley Fool

JULY 20, 2023

Image source: Getty Images It's likely that you were ready to wave tax season goodbye a few months ago. Rounding up forms and trying to get in touch with your accountant (or going through the tax-filing process on your own) isn't really anyone's idea of fun. What are your qualifications?

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The Motley Fool

APRIL 10, 2024

These accounts offer unique tax advantages you won't find with most other retirement accounts. No taxes on withdrawals The biggest benefit of Roth IRAs is the tax-free withdrawals they offer you in retirement. Theoretically, you could avoid taxes entirely in retirement if you had all Roth savings.

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The Motley Fool

FEBRUARY 5, 2024

Image source: Getty Images The IRS is officially accepting 2023 tax returns, and in the next couple of months, we'll all have to explain to the government what we did with our money last year. You probably expect to pay taxes on the income from your job or retirement account withdrawals if you've already left the workforce.

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The Motley Fool

MAY 5, 2024

Image source: The Motley Fool/Upsplash The end of tax season is a good time to reflect on the value of professional tax help, especially for small business owners. I don't know why any small business owner would want to go through the hassle and stress of doing your own taxes.

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The Motley Fool

MAY 5, 2024

To calculate your net worth , you add up all of your financial assets -- cash savings, retirement accounts, other investments, your home value, and any other property -- and subtract any liabilities -- your mortgage balance, student loans, credit card balances, and any other debt you might owe.

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The Motley Fool

JANUARY 1, 2024

Tax accountants will often work with their clients to identify all of the possible expenses and deductions to minimize their tax bill. In some rare cases, it might make sense to defer deductions or schedule certain expenses to maximize AIME if it doesn't meaningfully change your tax bill over the course of a few years.

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The Motley Fool

MAY 2, 2024

Image source: Getty Images Managing expenses, paying taxes, staying on top of payroll, and the overall money management required to run many small businesses will likely take more time and effort than many business owners want. It's crucial to keep your personal accounts separate from your business accounts for taxes, expenses, and income.

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The Motley Fool

JANUARY 22, 2024

But along with forming an LLC, filing annual reports for a corporation, or filing business tax returns, now there's a new one called "BOI." In most states, with just some simple paperwork and a small fee, you can set up a small business that has its own separate identity for banking , taxes, and liability purposes.

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Fortune Financial

JULY 28, 2022

When you transfer most assets to a taxable account, there will be income tax, but with company stock, you can take advantage of net unrealized appreciation (NUA). . However, the tax deferral benefit comes at a cost tradeoff. Almost every dollar distributed from a pretax retirement account will be taxed at ordinary income tax rates.

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The Motley Fool

APRIL 18, 2024

Anyone who owns a small business with a legal entity, like a limited liability corporation (LLC) should pay attention to this new rule. Just like filing taxes, if you don't do it, the consequences are severe. This is much easier than filing taxes ! You cannot afford to miss this deadline. Fortunately, it's fast and easy.

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The Motley Fool

MARCH 16, 2024

Image source: Upsplash/The Motley Fool At this point, many people are deep in the throes of doing their taxes. To that end, it pays to claim any tax credits you're entitled to, as they'll reduce your IRS liability on a dollar-for-dollar basis. And your goal may be to try to eke out the most savings on your return as you can.

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Hedgestone

JULY 11, 2023

As a business owner, you may be wondering if you can sell your business if you owe taxes. The answer is yes, but it is essential to understand the implications of selling a business that owes taxes. Taxes can be a significant factor in determining the value of your business, and they can also complicate the sales process.

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The Motley Fool

MAY 15, 2024

It's important to note that Berkshire was a net seller of Apple stock last quarter, but Buffett has suggested that the sale was partially due to tax considerations. Higher taxes are quite likely, and if the government wants to take a greater share of your income or mine or Berkshire's, they can do it.

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The Motley Fool

MAY 15, 2024

Not having the correct tax withholdings In my first salaried job, I worried about getting my tax withholdings right. Knowing how much to withhold and what might affect your tax liabilities can be challenging, and I didn't know where to start. How to avoid it: The IRS has a convenient tax withholding estimator.

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The Motley Fool

MAY 7, 2024

Your CD may earn even less interest than you think Another factor to keep in mind is taxes. Like with other savings accounts , you have to pay federal taxes on CD interest that totals $10 or more. What's more, you have to report CD interest for the tax year in which it was earned, even if the CD has multiple years.

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The Motley Fool

OCTOBER 16, 2023

You can get more flexibility in how you are taxed on your income as a corporation, protect yourself against liability, and more easily transfer ownership. There are many benefits of incorporating your business (and a few disadvantages too). But you have to deal with the complexities of actually forming a corporation.

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Ballast Advisors

MARCH 17, 2023

The concept of your domicile is very different from that of your residency Domicile is an important concept in determining one’s residency status for tax purposes. Taxes Matter For tax purposes, an individual’s domicile is often considered to be their state of residency for tax purposes. Residing in Florida?

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Walkner Condon Financial Advisors

MARCH 16, 2023

As we are now within 30 days of the April 18 tax filing deadline (April 15 falls on a weekend and April 17 is a federal holiday), it is important to begin organizing your documents and creating a plan to file your taxes, if you have not done so already. Filing Late One of the most common mistakes is filing your tax return late.

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The Motley Fool

APRIL 11, 2024

For example, limited liability companies (LLCs) and S-corporations both provide protection from liability, and an S-corp gives you more flexibility with your taxes. Even if you're running a business by yourself, you'll need a separate account if you structure the company as anything except a sole proprietorship.

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The Motley Fool

OCTOBER 28, 2023

But another reason to do this is to save time and minimize stress during the upcoming tax season. If you intend to make business purchases soon, you may want to do so before the tax year ends. Don't forget to keep track of your business expenses so you don't miss out on valuable small business tax deductions. As we approach Dec.

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The Motley Fool

DECEMBER 18, 2023

For most 401(k) plans, you have until the end of 2023 to contribute up to the limit, while IRA investors have until tax day of 2024 (April 15) to hit theirs. This is called tax loss harvesting , and it could potentially reduce your tax liability and eliminate some lemons in your portfolio.

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The Motley Fool

APRIL 20, 2024

You get a tax break on the money you put in You might earn $5,000 a month and decide to put $300 of that into a savings account. But making those contributions won't exempt your $300 a month from taxes. As long as you don't exceed the annual limit set by the IRS, HSA contributions will help reduce your tax burden.

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The Motley Fool

FEBRUARY 23, 2024

The company's reported profit was also impacted by a one-time tax liability. On a reported basis, net profit was flat due to the tax liability charge, but adjusted operating income improved by 78% to $572 million. As a result, the stock was trading down 12.9% as of 10:31 a.m. Image source: Getty Images.

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The Motley Fool

OCTOBER 8, 2023

Every business should have liability insurance in case it is sued. Companies also may have complex tax rules to comply with, including tax rules related to sales tax and employee taxes. Here's what they are. Insurance Insurance provides vital protection against potentially devastating financial losses.

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The Motley Fool

SEPTEMBER 9, 2023

That means the business itself does not pay taxes. C-corporations, on the other hand, do pay business taxes and owners pay taxes when profits are distributed so you risk double taxes (but you do get more flexibility in terms of who can own the company). You have tax flexibility. Taxes can be higher.

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