Even though we’re into the second half of the year, it’s not too late to take advantage of some cool tax changes in 2015. Specifically, if you contribute to retirement plans, contributions limits have expanded across the board and more options are available. That means you can sock more money into those plans than ever […]
A big part of accumulating wealth is to make sure you don’t give it away needlessly. There are a number of provisions in the tax code to help you grow your wealth and reduce tax payments and penalties. These are not complicated. They are not hard to understand or take advantage of. But they are important.
In this category I’ll explain the most important tactics you can utilize to minimize your tax so you can put as much as possible towards building your own future.
You can actually get a full tax deduction for your 529 contributions. This is completely legal and available to almost anyone. Have I got your attention? Good…..let’s get to work. Quick Primer – What Is A 529 A 529 plan allows people to sock money away to help pay for college down the line. While […]
If you are planning of funding a Traditional or Roth IRA for last year, you have to get your check in the mail no later than April 15th. Even if you file for an extension, you still have to fund these retirement accounts by April 15th. If you don’t, you won’t be able to claim […]
In a few short days, April 15th will be here and the IRS will expect you to fork over what you owe them. If you don’t have the money to make the tax goons happy, don’t’ worry about it. File your return and set up a payment plan. It’s easy to do and can save […]
Nobody likes paying taxes. But try not paying or paying late and see how you like it. The penalties and interest you get hit with make Don Corleone look like Snow White. First let’s look at what happens if you file but don’t pay. In this case, you’ll start racking up .5% per month penalty […]
Sometimes, through no fault of your own, you are forced to file your 1040 late. That often happens because other financial institutions fail to distribute their tax reports to you in time. If that is the situation you face now, don’t sweat it. You can minimize the cost of filing your tax return late but […]