Fintoo

FEBRUARY 14, 2023

Following the Budget 2023, there has been some confusion regarding the tax benefits of the National Pension System (NPS) under both the new tax regime and the old tax regime. This is largely due to the government’s emphasis on promoting the new tax regime over the old one.

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FinSMEs

SEPTEMBER 19, 2023

a New York-based global provider of corporate compliance and transactional legal support services, acquired Tax Guard, LLC, a Colorado-based tax risk due diligence and monitoring services provider, from Falfurrias Capital Partners. Cogency Global Inc., Terms of the transaction were not disclosed.

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XY Planning Network

JULY 7, 2023

Get a sneak peek at content reserved for XYPN members with XY Tax Solutions Office Hours program! Available exclusively to XYPN members, each month one of XYTS's tax experts hosts an office hours session where tax-specific topics are discussed and attendees can ask any top-of-mind questions. Enjoy the recording!

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The Motley Fool

AUGUST 20, 2023

For many retirees, Social Security benefits -- or at least some of them -- are subject to federal income tax. Depending on your income after retirement, you may have to pay federal income tax on as much as 85% of your Social Security income. But what about state taxes? Some states tax Social Security income, and others don't.

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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

AUGUST 8, 2023

Image source: Getty Images Have you ever heard that multi-billionaire Warren Buffett pays a lower federal income tax rate than his secretary? Many ultra-wealthy American households pay surprisingly low effective federal income tax rates, and in some cases, no taxes at all. No tax breaks are designed to only benefit billionaires.

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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

AUGUST 3, 2023

Image source: Getty Images The American tax code traditionally focuses on how much you earn, not how much you have. The so-called Billionaire Minimum Income Tax aims to set a floor on the amount of taxes that some of the wealthiest Americans will pay. Additionally, the bill would introduce a measure to tax unrealized gains.

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The Motley Fool

JULY 30, 2023

When you plan your retirement budget, taxes are an essential part of the equation. You'll pay ordinary income taxes on withdrawals from non-Roth retirement accounts. But your tax bill could creep even higher depending on the state you choose to live in during retirement. How bad are state taxes on Social Security?

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The Motley Fool

SEPTEMBER 10, 2023

One aspect people don't always understand is the way Social Security benefits are taxed. Unfortunately, not knowing won't excuse your tax bill, but being aware can help you strategically approach it. Below, you'll find three ways you can potentially reduce your Social Security tax burden.

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Entrepreneur - VC

SEPTEMBER 11, 2023

The IRS is using artificial intelligence to crack down on tax evasion, focusing on pursuing millionaires with significant unpaid taxes.

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Taxes 137

Private Equity Insights

AUGUST 16, 2023

Private equity firm Silver Lake is preparing to explore a sale of Global Blue Group Holdings Ltd, a company that enables retailers to offer tax-free shopping after receiving expressions of interest from potential acquirers, people familiar with the matter said on Tuesday. It serves more than 400,000 merchant stores in over 50 countries.

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The Motley Fool

SEPTEMBER 23, 2023

Image source: Getty Images Paying taxes is something all of us have to do. The good news is that there are plenty of steps you can take to legally lower your taxes and reserve more of your hard-earned money for yourself. If you manage to sock away $5,000, hey, that's $5,000 of earnings that won't be subject to taxes.

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Entrepreneur - VC

SEPTEMBER 19, 2023

If you filed for a six-month extension on your taxes, that deadline is approaching fast.

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Taxes 137

XY Planning Network

JULY 7, 2023

Get a sneak peek at content reserved for XYPN members with XY Tax Solutions Office Hours program! Available exclusively to XYPN members, each month one of XYTS's tax experts hosts an office hours session where tax-specific topics are discussed and attendees can ask any top-of-mind questions. Enjoy the recording!

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Fintoo

APRIL 27, 2023

As per the data, more than 2 crore taxpayers in the age group of 18 to 35 years filed their Income Tax Returns (ITRs) in FY 2022-23. 7 lakhs would be tax-free under the New Tax Regime. This is along […] The post Decoding Major Deductions Under Old Tax Regime appeared first on Fintoo Blog.

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The Motley Fool

JULY 26, 2023

Treasury has enlisted the help of employees, attorneys, bookkeepers, family members and more to collect some of the estimated $1 trillion in unpaid taxes every year. Without accompanying proof, the chances of the IRS recovering unpaid taxes, and the chances of you receiving an award, are slim. For over 150 years, the U.S.

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The Motley Fool

JULY 28, 2023

Will you owe taxes on the gains? You may owe capital gains taxes on the profits from a home sale Whether your home was a place you lived or an investment, you can still potentially owe taxes when you sell it for a profit. The profits from the sale (minus certain expenses that you incurred) can be subject to capital gains taxes.

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The Motley Fool

AUGUST 20, 2023

There's no denying it -- paying taxes just plain stinks! It's understandable that people seek to minimize their annual tax bills. Although it doesn't provide any sort of tax break right now, it does offer a huge break once you start taking money out of Roth accounts when you retire. Roth IRAs are taxed in the exact opposite way.

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The Motley Fool

AUGUST 23, 2023

Tax planning often gets less focus, but it's also important. After forking over much of your hard-earned dollars to the IRS throughout your working years, you want to minimize your tax bill in retirement. Read on to learn four key things everyone should know about taxes on Social Security -- and how you can lower your bill.

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Fintoo

MAY 22, 2023

Discovering tax-saving investment options may not be as easy as it seems, because, along with tax benefits, you also need to find an ideal investment avenue that generates good returns and aligns with your long-term wealth creation objectives.

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The Motley Fool

SEPTEMBER 3, 2023

In July, an informal poll from senior advocacy group The Senior Citizens League found that an overwhelming 94% of respondents believe Social Security benefits shouldn't be taxed. The hatred of this tax comes from the belief that taxing Social Security benefits is a form of double taxation. trillion) Net interest ($66.4

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Fintoo

JUNE 4, 2023

Filing an income tax return (ITR) accurately and on time is an essential obligation for taxpayers. Just like every person’s source is income, income structure, and tax liability are different, and the documents required for filing their ITR are also different.

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Covisum

AUGUST 5, 2022

In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction. Certain charitable gift deductions moved from 50% to 60%.

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Taxes 98

The Motley Fool

AUGUST 16, 2023

Image source: Getty Images Many people dislike the IRS for one key reason -- it's the agency that takes away some of their money in the form of taxes. But like 'em or hate 'em (and yes, you probably fall into the "hate" category), taxes are a part of life. That said, there are definitely things you can do to pay less tax.

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Taxes 96

The Motley Fool

SEPTEMBER 22, 2023

You will also have to pay property taxes as well. In some cases, you will pay extra on your monthly mortgage loan toward taxes, and the lender puts the money in escrow until it comes time to pay the tax bill. In other situations, you'll just have to pay the taxes yourself once a year.

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The Motley Fool

SEPTEMBER 4, 2023

Read more: we researched free tax software and put together a list of the best options here There's a simple reason self-employed business owners pay more When you work for a traditional company, your employer withholds Social Security and Medicare taxes from your paycheck. That's a combined 7.65% tax for the two programs collectively.

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The Motley Fool

JUNE 13, 2023

Image source: Getty Images If you're self-employed or own a small business and you expect to owe $1,000 in federal income taxes this year, then you have to pay estimated quarterly taxes. The next deadline for quarterly taxes is this Thursday, June 15. for each month or part of the month you leave those taxes unpaid.

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Integrity Financial Planning

APRIL 24, 2023

Even as tax season winds down, it’s still important that you consider tax strategy as part of your financial picture. Many couples file jointly, and while it can sometimes help save on your taxes, it isn’t always the best option in each case! Determine if you can file jointly. 1] Consider your deductions and credits.

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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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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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The Motley Fool

AUGUST 18, 2023

Read more: we researched free tax software and put together a list of the best options here Another challenge of being self-employed is not having taxes withheld from your earnings. When you're a salaried employee, the paycheck you receive represents your after-tax earnings.

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The Motley Fool

SEPTEMBER 10, 2023

government recently released new proposed tax regulations on digital assets that will likely have a significant impact on both taxpayers and brokerages. How the crypto reporting rules could impact your taxes The U.S. And as such, you could end up owing more taxes than before. Treasury Department.

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The Motley Fool

SEPTEMBER 14, 2023

Image source: Getty Images As of 2023, nine states have no state income tax at all. And this might sound excellent, especially if you currently live in a state on the higher end of the state income tax spectrum like I do (South Carolina). Of course, all other things being equal, it's better to pay less in taxes.

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Taxes 52

The Motley Fool

JUNE 19, 2023

The combination of tax-free growth throughout your life, the ability to accept rollovers from other retirement plans, and tax-free withdrawals in retirement make it a wonderful part of your arsenal. Then, any money from those distributions that you reinvest itself becomes subject to capital gains and dividend taxes. Here's why.

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The Motley Fool

JUNE 16, 2023

With all the good things that can come from living abroad, it's important to know that your tax situation could become more complex if you decide to retire abroad, mainly because you'll be dealing with U.S. tax laws and the tax laws of your new country of residence. tax laws regardless of your country of residence.

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The Motley Fool

JULY 15, 2023

Image source: Getty Images I own a home in New Jersey, which has the dubious distinction of having the highest property taxes in the nation. And while my property taxes weren't always as high, these days, my bill is around $20,000 a year. But the taxes there aren't exactly a bargain, either. Clearly, that's not ideal.

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