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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…

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.…

Keep Calm With These Tax Season Tips and Carry on Until April 15

With the April 15 filing deadline less than a month away, tax season is in full swing. If that gives you heart palpitations, take a deep breath. Here are five great ways to relieve seasonal stress and put a little zen into your tax preparation. Don’t Sweat the Small Stuff If you’re driving yourself crazy accounting for every last receipt or monthly bank statement, stop. Do your homework so you know what’s deductible and what’s not. Instead of spending your time chasing smaller deductions, focus on larger expenses that will save you the most on your taxes. Don’t Bait the…

Just for Seniors: Tax Tips for Retirees

Retirement may have its benefits, but exemption from the IRS isn’t one of them. Still, seniors actually have more options than most when it comes to making tax time less taxing. If you’re 65 or older, these six tips will help minimize your stress and maximize your deductions come April 15. Determine How Much of Your Social Security Benefits May Be Taxable The more income you have, the more likely it is that a portion of your Social Security benefits will be taxed. To find out how much, you first need to calculate your base amount. Your base amount is…

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