The deadline for filing your taxes is looming… and if you’re like many fellow Americans, you’ve put off this tedious chore to the last minute. In fact, the IRS estimates that as many as 25% of taxpayers wait until April to file. But that doesn’t mean you need to do a haphazard job.
Paying taxes is still something many investors overlook when making plans for their retirement portfolios. Without the right tax planning, your real returns could take a bigger hit than you originally planned.
It’s that time of year again. Millions of Americans have begun receiving their tax refund checks. And these refunds seem to be burning holes in everyone’s pockets. Vacations are being booked… large-screen TVs are being bought… and a tattoo artist I know is working around the clock. But this year, instead of taking a cruise or getting some new ink, why don’t you invest your refund toward your future?
As is the case every year, a New Year brings changes for retirement plan contributions and limits. Retirement plans, such as employer-sponsored plans and self-employed plans, can be affected. Some years bring more changes than others. So what’s new for 2018?
It’s that time of year again… No sooner do you finish nursing off your New Year’s hangover than it’s time to start thinking about filing your taxes.
It’s often been said that the only inevitabilities in life are death and taxes. And frankly, both are nothing any sane person likes to spend time even thinking about. However, although you can’t cheat the Grim Reaper, luckily, there are some things you can do to keep more of your assets in your wallet when the Tax Man comes to call.
Working for yourself is the American dream, right? There’s no demanding supervisor hovering over you, you can set your own hours, and — if you choose to work from home — you never have to contend with a grueling commute or even putting your shoes on some days. However, despite the very American ideal of having the independence to be your own boss, there’s also the necessity of paying your dues to Uncle Sam. And for many people who decide to become self-employed, the issue of taxes can be a bit scary.
Tax season is over and you’ve filed either your return or your extension. But before you put away \ those documents, take some time to look at it as a financial planning tool. There’s a wealth of information there that can be very useful to you… if only you know where to look.
It’s that time again… like a bad penny, Tax Day keeps turning up, year after year. But while for many of us investors the tax filing deadline is enough to induce a headache, it doesn’t have to be that way. Especially since there is plenty of tax software to make this annual chore a whole lot easier.
In 1969, it came to the attention of the federal government and the public that there were 155 tax return filers with incomes of $200,000 — equivalent to an annual income of more than $1.3 million in today’s dollars — who paid no federal income tax. While their $0 tax liability was legal within the tax code at the time — they were using federally allowed income deductions and tax breaks appropriately — the government was embarrassed and moved quickly to legislate a solution. From this the AMT, or Alternative Minimum Tax, was created, with the aim of making the tax system fairer.
It’s that time of year — if you collect any kind of income at all, you need to be ready to file your income tax return. This puts a special burden on investors, which is why we’ve provided a simple checklist for organizing your investments for income tax preparation.