tax strategies

  • 10 Ways You're Filing Your Taxes Wrong

    Here are the top ten tax mistakes people make when filing their tax returns. 

  • Are You Ready to Be a Landlord?

    There are a lot of things to consider before deciding to become a landlord.

  • 9 Ways the Rich Maximize Their Tax Breaks (Some You Can Use, Too)

    More than 90 percent of taxpayers earning at least $200,000 a year itemized their deductions in 2013, according to the most recent tax data available from the IRS. Here are nine techniques affluent taxpayers use during tax time, some of which everyday Americans can employ, too. Here’s a strategy that the affluent and regular folks can both benefit from: maxing out retirement account contributions, says Kevin Reardon, owner of Shakespeare Wealth Management in Pewaukee, Wisconsin.

  • What's the Difference Between a Tax Credit & a Tax Deduction?

    The U.S. Tax Code provides tax relief under various conditions in the form of tax deductions and tax credits. Additionally, there are business tax deductions which are not covered here. In order to understand how tax deductions and credits operate, it is necessary to provide some basic taxation definitions.

  • There Are Just 2 Things Student Borrowers Need to Know Before They Pay Their Taxes

    Paying taxes and student loan debt are quite possibly among the most loathed practices in Americans' financial lives.

  • 7 Tax Tips for Military Members

    "If you're new to the military, your tax return will be substantially different," says Mark Steber, chief tax officer for Jackson Hewitt. Over the years, the government has instituted a number of provisions and perks intended to make life for military members less taxing. Pick the right tax preparer.

  • Can I Pay My Taxes Late?

    A worker asks if there's any advantage to putting off paying taxes or filing for an extension.

  • 6 Key Reasons Why Investing in a Taxable Account Is Underrated

    Currently low tax rates are one of the key reasons that taxable accounts should be part of most investors' tool kits.

  • Avoid These 10 Traps With Your Taxable Account

    Taxable accounts can be useful investing receptacles, but understand the ins and outs for best results.

  • 6 Ways to Reduce Your Taxable Income in 2016

    As the new year kicks into gear, it's time to get a jump start on maximizing your savings by taking advantage of ways to reduce your taxable income in months ahead. By implementing the money-saving tips below where applicable, it's possible to shave tens of thousands of dollars off of your taxable income in 2016. With charitable contributions, you can tag team your efforts by reducing your taxable income and making the world a better place.

  • Are You Missing Out on This Tax Break?

    Many Americans are unaware of a tax credit tied to their retirement savings.

  • Why You Shouldn't Pay Taxes With a Credit Card

    Applying for a credit card with a big sign-up bonus is maybe the best example, but is hardly the only way. Take, for example, paying your taxes with a credit card. What a great idea! I have enough money to pay for my taxes, but why not just pay for it on my credit card and pocket the extra miles?

  • 3 Tax Breaks You Can Get For Taking Care of Aging Parents

    Here are some of the tax breaks you can get for taking care of your aging parents.

  • Paying Off Back Taxes Can Be Good for Investors

    The days of buying severely discounted brick-and-mortar real estate are gone. The number of foreclosure filings for the third quarter of 2015 were the lowest they've been since the same quarter of 2005, ...

  • Everything You Need to Know About Deducting Mileage on Your Taxes

    If you haven't been tracking your mileage for work, MileIQ CEO Chuck Dietrich can give you 6,500 reasons to start. "Our average user is returning $6,500 in deductions or reimbursements each year," says Dietrich, whose company offers an app to track mileage. While there are several scenarios in which mileage can be deducted from income taxes, self-employed people have access to the highest deduction rate and fewest restrictions.

  • How to Avoid Taxes on IRA Withdrawals

    Retirees typically need to pay income tax on withdrawals from traditional retirement accounts. Retirees ages 70 ½ or older who directly transfer their IRA withdrawals of up to $100,000 to a qualified charity will not owe income tax on the distribution. A charitable distribution from your IRA can be used to satisfy your minimum distribution requirement.

  • 5 Tax Mistakes Newlyweds Make

    Putting off a conversation with your new spouse about taxes could cause you some additional stress in April. Don't make these common newlywed tax mistakes.

  • The Simple Way to Keep Your Tax Refund Safe

    Tax refund fraud is on the rise, thanks to all the data breaches. Here's what you can do to keep from becoming a victim.