Taxes

What To Know About Taxes and Retirement

Retirement. No more workday grind. No more being a slave to the clock. No more having to worry so much about taxes. Just a second. What was that about taxes? Sorry, but it’s not true. A lot of people go into retirement thinking keeping track of taxes practically disappears. The reality is dealing with taxes may actually get more complicated. In fact, taxes can be a retiree’s biggest budget item. How could taxes possibly get more complicated? Situations vary, but let’s take a simple example. In your working life, odds are you’ve got income from essentially one source—your job. Taxes…

Filing Taxes as a Remote Employee

Thanks to the rise of the gig economy and technological advances that allow for true globalization of corporations of all types, more and more workers have the ability to work where they please. The office can now be in a home, the coffee shop down the road or even a beach chair. By and large, employees love the flexibility afforded by remote work. They can do their jobs where they feel most productive and comfortable, break up the monotony of a day in a cubicle, avoid the time drain of a commute and more easily tackle personal errands on their…

Last-Minute Tips to Help You Be Prepared for Tax Day

Did you wait to file taxes this year? You’re in good company. The IRS estimated approximately one-fifth of filers waited until April to file their tax returns in 2016. That’s nearly 30 million people. When Ben Franklin listed two things in life that are certain—death and taxes—he apparently also should have added procrastination to that list. Since there’s no denying the inevitability of taxes, try these last-minute tax tips to get you through. Get Organized Before you begin your taxes, spend time gathering all of the necessary documents. While the exact documentation and information each filer needs depend on your…

Should You Pay Off Your Mortgage Early?

Have you ever compared the purchase price of your home with the amount you’ll actually end up spending to pay it off over the life of the mortgage? If you have, you’ll know the sobering realization that comes with seeing just how much your home will cost you, and the inevitable question that follows – should I pay off the mortgage now, so I don’t have to fork over all that interest? It’s an exhilarating thought, freeing up so much extra cash. But when it comes down to it, whether you should actually pay off your mortgage early is dependent…

10 Tips on How to Survive Tax Season

As April 17 approaches one thing is certain – it’s that taxing time of year again. It’s normal to feel some angst as you plunge into calculating your taxes. Or maybe you don’t plunge – you procrastinate. After all, it’s stressful to even think about it. You still have to do the work, but the annual task we all face is a little easier to manage when you avoid common filing mistakes. When you do it right, you’ll get your refund faster or you’ll avoid having to pay a penalty because you’re late paying your taxes. Take a deep breath…

New Tax Law May Mean More Cash in Your Pocket

If you normally start thinking about taxes in early April, you may want to accelerate your thinking this year. The tax law approved by Congress in late December will change withholdings for about 90 percent of American employees, meaning more take-home pay. You should see a boost this month, if you haven’t already. Congress set Feb. 15 as the date for employers to comply with the guidelines. Before you start madcap spending, however, exercise a little caution. The new tax withholding tables factor in your annual income, paycheck frequency, your tax-filing status, your tax bracket and the number of dependents…

To Share or to Save? That Is the Gifting Question

Let’s assume you have or make enough money that you can afford to give it away. Talk about a good problem to have, right? In any case, what are the tax implications of that gift? Your tax benefits or consequences depend on who receives your gift, how much it is, and when it’s given. Here’s a simple way to think about it: If you want to reduce your tax burden this year, give that money to a qualifying charity. If the goal is reducing the size of your estate – and, thus, the amount that can be taxed after you…

Personal Finance Quiz: 9 Questions to Ask Yourself

How well do you know your money? Odds are you are more familiar with your finances than anyone else in the world. If that isn’t the case, it’s time to make a change. Find out if you know enough about your money with this quick personal finance quiz. Are You Saving Enough for Retirement? How much do you need save for retirement? Are you on track to reach that target? Many Americans never calculate how much they need for retirement. The average baby boomer is destined to see a dramatic lifestyle change after paychecks stop in retirement. Even with social security…

6 Big Tax Insights Independent Contractors Need to Know

There are countless benefits for those who freelance or operate as an independent contractor. You control your own time, can be your own boss and have the ability to say yes or no to work based on your overall interest and availability. In addition, the Internet age makes being an independent contractor easier and in more demand than ever. What are we getting at? Many independent contractors fear tax time as it can be complicated. It doesn’t have to be though. Here are six tips for making tax season as painless and stress-free as possible when you’re an independent contractor.…

4 Solar Incentives for Homeowners

Now more than ever, electricity is at the center of human activity – from heat and light to security, social life and entertainment. But nothing is free in this world. From our monthly power bill to the effects of our energy dependency on global politics and the environment, we are increasingly aware of the cost of our high-powered lifestyle. But how can we be part of the solution while saving our money and our planet at the same time? Questions like this are driving more people to consider solar power for their homes.  Here are four solar incentives for homeowners: There…

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