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Taxes

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.

4 Ways to Invest Your Tax Refund Instead of Spending It

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?

Keep More of Your Money With Tax-Efficient Investing

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.

Self-Employed? Use Deductions and Other Strategies to Save Thousands at Tax Time

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.

Do You Have to Pay the Alternative Minimum Tax?

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.