taxes
Taxes. Even the most organized of individuals feel shivers when they hear the word. However, if you have the proper knowledge and guidance, you can navigate the complexities of tax planning smoothly and effectively. This blog post reviews the top 15 books on tax planning to help you optimize your tax situation, minimize your tax burden, and achieve your financial goals. There’s a book for everyone on this list, whether you’re an expert in tax planning or just getting started. 1. “Tax-Free Wealth” by Tom WheelwrightAn expert in tax law and tax planning, Wheelwright provides a comprehensive guid...
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Across all ages and backgrounds, obesity is one of the most serious public health issues. In fact, approximately 70% of adults in the United States are overweight. Among them, about one-third are obese. What makes obesity such a risk factor? Many chronic diseases exist, including heart disease, stroke, type 2 diabetes, and certain forms of cancer. Among the solutions proposed for the obesity epidemic is a fat tax. Fat Tax 101In general, a fat tax is a tax on unhealthy foods and drinks, such as sugary drinks, fast food, and processed foods. By imposing a fat tax, people will be discouraged from...
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There are nearly 50 million consumers in the U.S. without a firm credit score, leaving them financially fragile. Those same people are impacted by a massive IRS backlog of paper 1040s, leading to delayed tax returns. However, a few initiatives could help turn those circumstances around. Even if you generally feel well-to-do, it’s a tough market for buying a home. Or renting an apartment. Or financing a car. To make it even tougher, in order to do those things, you don’t just need capital. You need a good credit score. Lenders need to be able to look at your credit history and remain confident....
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How are you saving for retirement? Like most people, you’re probably contributing to a 401k or IRA. There’s nothing wrong with that. After all, there were about 600,000 401(k) plans in 2020, with 60 million active participants and millions of retired and former employees. And, in the same year, nearly 29 percent of US households owned traditional IRAs. There are, however, other retirement plans with exploring. Case in point annuities, which are tax-friendly. Also, annuities offer a number of advantages that make them an attractive investment for retirement. Primarily, this is having a guarante...
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As part of the Biden administration’s fiscal year 2023 budget proposal, aka the Green Book, for the Treasury Department, Janet Yellen testified before the Senate Finance Committee and the House Ways and Means Committee in early June 2022. Her first stop was the Senate Finance Committee, where she testified on Tuesday, June 7, at a hearing on “The President’s Fiscal Year 2023 Budget.” That hearing was about inflation, food and energy prices, international tax agreements, and rewriting tax law to better support low- and middle-income families. For the full transcript of th...
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Taxes can be a major burden for retirees and people saving for retirement, so choosing the right investment vehicle is essential. However, once you retire, one of the most important things to consider is how you will receive your income. Many people choose to annuitize their retirement savings, which can be a great way to let their savings grow tax-deferred and guarantee a steady income stream during retirement. However, there are a few things you need to know about annuities and taxes before making your decision. This post will explain how annuities are taxed and offer some tips on avoiding p...
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At one point or another, you get stung with an unexpected expense. Like you take your car to the mechanic for what you assume is a simple brake pad replacement. But, you become flabbergasted when the mechanic informs you that the entire brake line needs to be replaced. Of course, having an emergency fund in place would alleviate some of this pressure. But, what if you could be like Nostradamus and predict these types of expenses? Now, I’m not talking about recurring expenses that you at least have a ballpark figure on. These would be your mortgage, rent, car insurance, and utilities. Rather, t...
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Tax nuances are a complex part of any financial tool you rely on for retirement. Take a 401(k) plan as an example. These types of retirement plans are tax-deferred. This means that until you withdraw funds from the account, you will not pay taxes on the money you contributed, as well as the gains, interest, or dividends the plan has generated. As such, a 401(k) plan isn’t just a solid way to save for retirement, it can help reduce your tax bill down the road. It’s worth pointing out, though, that how your various investments accounts will be taxed is based on a number of factors. As well as th...
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When it comes to your retirement, the financial products you rely on have complex tax rules — to say the least. If you contribute to a 401(k) plan, Roth account, or non-qualified investment account, your money will be taxed eventually down the road. However, how and when this happens will vary depending on a number of factors, such as what type of account you have, how long you’ve had that account, and your income. But, if you have a diversified retirement plan, then you also probably need to take into account annuities. For those unfamiliar, annuities can provide a guaranteed lifetime income....
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When it comes to saving money on your business taxes, it’s easy to feel overwhelmed by the sheer volume of information about what you can deduct and what you can’t. However, for small business owners, especially, it’s important to write off as much as you can in order to retain the most profit for your business possible. 8 Ways to Save Money on Business TaxesAs we move forward after the pandemic that hurt so many business operations during 2020, it’s more important now than ever to know how you can save money on your taxes. Don’t wait until taxes come due to start tracking your deductions. Kno...
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