Concerned about overpaying taxes on your IRA distributions? It’s a valid worry but one that you can address if you have the right information. First, you need to know what kind of contributions you made—pre- or post-tax—and to what type of account. Keeping good records is key. Key Takeaways Most contributions to an IRA are […]
Read More(Bloomberg) — Wealthy Americans, who were girding for the biggest set of tax increases in three decades just a year ago, now look mostly safe from higher levies for years to come. But there’s one big, glaring exception: investment fund managers. If Democrats succeed in passing Wednesday’s surprise fiscal deal between Senate Majority Leader Chuck […]
Read MoreMoving to a state that has little or no income tax may not be a savings panacea. That’s what financial professionals are telling clients who are fed up with high income tax rates in their home state and weighing an out-of-state move. They’re counseling clients to take an in-depth look at the possible financial and […]
Read MoreDid you collect jobless benefits in 2021? Then you’re going to need to sit back and wait to file your federal income tax return until you make sure you have all the right numbers in hand. The deadline to file a federal income tax return and most states is April 18 this year. People have […]
Read MoreThe tax year 2021 filing season is here and in the wake of the pandemic, there are different forms of tax relief and provisions that were either extended, expanded, or are new this season. Americans are also faced with a multitude of life changes that all have an impact on their 2021 taxes. For example, […]
Read More(Bloomberg) — Intuit Inc. Chief Executive Officer Sasan Goodarzi warned that Americans who invested in speculative assets like Bitcoin or nonfungible tokens, and actively traded equities on commission-free websites could be dumbfounded at this year’s tax bill. “We’re gonna see a lot of that throughout tax season, where folks just didn’t understand what they did. […]
Read MoreMake less than $73,000? File your taxes for free with an IRS program opening today The only thing worse than slogging through your taxes each year is paying for the privilege. But why pay for help if you can join the tens of millions of Americans who get their taxes done for free? Today the […]
Read MoreWhat to know about state income tax rates The vast majority of states levy some form of tax on personal income, but each state’s approach varies. In 2022, eight states levy no individual income tax of any kind, and with the addition of New Hampshire in the coming years, that number will soon grow to […]
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