Tax preparation can be difficult for business owners, who must constantly strive to strike a balance between claiming as many deductions as possible and avoiding an IRS audit. The fear of the dreaded visit from a tax auditor can even drive some entrepreneurs to dismiss some deductions, including home office space, which has traditionally been…
How COVID-19 has Impacted Retirement
I’ll be the first to admit it. I’m exhausted by COVID-19—just as I’m sure that you are. But, that doesn’t mean you should completely ignore it. If you do, you may not only be putting your physical health in jeopardy but also your financial future. The pandemic has caused job loss or a reduction in hours. In…
The Eight Most Overlooked Tax Deductions for Homeowners
Paying taxes is not something anyone likely enjoys, but finding new ways to legally save more money on taxes by claiming new or overlooked tax deductions can make it at least interesting. Owning a home can give you several ways to save on taxes—and there may be some you are not yet claiming—but could. You…
13 States Might Tax Forgiven Student Loans; See If Yours Is Among Them
President Joe Biden’s student loan forgiveness program has sparked a flurry of questions, including its impact on inflation and whether it’s fair to saddle some taxpayers with the burden of paying off others’ debts. Now the Tax Foundation has raised another—will it trigger tax liabilities for beneficiaries of the scheme? Taxpayers will absorb up to…
Ask Kip: How to Donate to Charity and Get Income in Return
August 19, 2022
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By David Rodeck From Kiplinger’s Money Power Q: I’ve been thinking of making a sizable donation to charity, but I’m a bit worried about giving away money I might need in retirement. I’ve heard that a Charitable Gift Annuity could be the answer. How does that work? A: A Charitable Gift Annuity can generate retirement…
The Savings Game: Roth Advantages Reviewed
By Elliot Raphaelson Based on reader inquiries, many readers do not understand when funds are available after a Roth conversion. When you make a Roth IRA contribution, it is understood, by most, that after you pay the income tax in the year of the contribution, there is no tax or penalty associated with the withdrawal…
5 Uses for Your Bank Account Routing and Account Numbers
August 9, 2022
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Your bank account routing and account numbers might not seem very significant, but they act as an important gateway for the cash going into and out of your bank account. Freelancers and other small business owners may find keeping your routing and account numbers handy is a good idea, as you’ll need them somewhat frequently when looking to move…
Truss Promises Immediate Tax Cuts While Sunak Vows to ‘Go Further’ With Support Package
The two candidates vying to become the UK’s next prime minister continued to clash on economic policies on Saturday. Liz Truss promised an emergency budget to immediately cut taxes, while Rishi Sunak said he will “go further” with payments to help households with increasing energy bills. It comes after energy consultancy Auxilione released a forecast on…
Truss Promises Immediate Tax Cuts; Sunak Vows to ‘Go Further’ With Support Package
The two candidates vying to become the UK’s next prime minister continued to clash on economic policies on Saturday. Liz Truss promised an emergency budget to immediately cut taxes, while Rishi Sunak said he will “go further” with payments to help households with increasing energy bills. It comes after energy consultancy Auxilione released a forecast on…
How Do the Very Rich Pay Less In Taxes?
Have you ever wondered how the rich can earn so much money and pay so little in taxes? It may seem unfair. Warren Buffett, for instance, has openly said that he pays a lower tax rate than his secretary. The rich have quietly kept the secret to themselves. The secret is out now, and here…
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