article thumbnail

53% of Americans Say Taxes Are Too Complicated. Here's How to File Taxes Fast (and for Free)

The Motley Fool

Image source: The Motley Fool/Upsplash Last year, I spent hours filing taxes on two platforms, TurboTax and Taxslayer. I drowned in tax forms, then the tax software helped me breathe long enough to fill them out. I filed with TurboTax anyway because taxes are too complicated. The experience was similar. government.

Taxes 242
article thumbnail

It's True: These 13 States Don't Tax Retirement Income

The Motley Fool

Are you looking to minimize your tax bill? Taxes can never be entirely avoided, of course. See, although you'll always be subject to federal income tax, there are 13 states that don't tax retirement income -- at all. States that don't tax retirement income Don't get too excited just yet. Most people are.

Taxes 246
Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

Trending Sources

article thumbnail

3 Little-Known Ways to Avoid Taxes on CDs

The Motley Fool

The only thing that would make this moment better is if you didn't have to pay taxes on your CD earnings. Depending on your tax rate, that could cut out a sizable portion of your earnings. But not all CD holders will pay taxes on their interest. But if it's not used for a qualified medical expense, you'll pay a penalty tax.

Taxes 237
article thumbnail

It's True: These 37 States Do Tax Some Retirement Income

The Motley Fool

Here's some very good news for those approaching or in retirement: Fully 41 states don't tax Social Security benefits -- and that number has been growing in recent years. There are actually plenty of states that tax some retirement income, in one form or another. Here's a look at which states tax which kinds of retirement income.

Taxes 246
article thumbnail

Here Are the Workers Who Are Exempt From Paying Social Security Payroll Taxes

The Motley Fool

It's a byproduct of millions of people paying Social Security payroll taxes throughout their careers. Not everyone has to pay these taxes, however; some workers are exempt. How Social Security taxes work Social Security payroll taxes are collected under the Federal Insurance Contributions Act ( FICA ).

Taxes 244
article thumbnail

These States Don't Tax Social Security Benefits

The Motley Fool

It's smart to find out how much of your Social Security benefits are likely to be taxed by the state you live in and by the federal government, as that information can help in your retirement planning. Here's a look at which states do -- and don't -- tax Social Security. It actually may tax up to 85% of your benefits.

Taxes 246
article thumbnail

41 States That Don't Tax Social Security Benefits

The Motley Fool

Although Social Security was never intended to be an individual's sole source of retirement funding, at least this part of your future cash flow isn't taxed in most states. State taxation of Social Security retirement benefits As of the latest look, 41 states don't tax Social Security retirement benefits. Don't sweat it.

Taxes 246