Moving 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 MoreSmartAsset Study: How Does ‘Marriage or Mortgage’ Work in Different Metro Areas? Even if your wedding was all about eternal love, companionship and mason jars wrapped in twine, don’t fool yourself: at the end of the day, your marriage is essentially a tax arrangement in the eyes of the state. When two people become one […]
Read MoreIn 2021, the enhanced Child Tax Credit gave millions of families some financial cushion through monthly payments. In 2022, the same tax credit might take away from the size of many income tax refunds — or even give some unanticipated tax bills — according to tax professionals who are bracing for agitated clients. “There’s going […]
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 MoreCapital gains taxes are owed only after an asset, like stock, is sold Buying and selling stocks involves paying capital gains taxes. How much you’ll owe depends on the amount of your earnings and how long you hold the stocks. While high-earners can pay as much as 37% on stocks they sell within a year […]
Read More1. Sales taxes You have the option of deducting sales taxes or state income taxes from your federal income tax. In a state that doesn’t have its own income tax, this can be a big money saver. Even if you paid state taxes, the sales tax break might be a better deal if you made […]
Read More(Bloomberg) — An exceptional year for wealthy Americans, at least in terms of their financial health, just got better. If West Virginia Senator Joe Manchin votes against President Joe Biden’s signature economic package, as he said he would on Sunday, rich Americans will escape any tax hikes, saving the top 0.1% hundreds of billions of […]
Read MoreThe latest version of the Build Back Better Act, which the House could vote on a soon as this week, includes a controversial tax break that would overwhelmingly benefit high-income households, though whether it will survive revisions in the Senate is still an open question. Pushed by lawmakers from high-tax states, House Democrats are proposing […]
Read MoreThe IRS has raised the thresholds for federal tax brackets for income taxes and capital gains for 2022. That means many taxpayers with the same or even slighter higher income in 2022 vs. 2021 will still be in a lower bracket. They’ll be subject to lower tax bills. Will you fall into a higher federal […]
Read MoreHouse Speaker Nancy Pelosi of Calif., arrives for a meeting with House Democrats on Capitol Hill in Washington, Tuesday, Oct. 26, 2021. (AP Photo/Andrew Harnik) Congressional Democrats need a KISS—as in keep it simple, stupid. Because the tax plan they’re producing after 8 months of interparty bickering is beginning to look like an overcomplicated, indefensible […]
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