You might be surprised to hear this, but the truth is you should retain tax records much longer than the IRS suggests. As you’ll see in a minute, your tax returns serve many purposes. And those documents can come in handy long after the tax man has gone his merry way. What The IRS Says […]
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.
If you can make a tax deductible IRA contribution, it can be one of the best financial moves available. Not only do you get an immediate tax savings, you also take advantage of tax deferred investment growth for years to come. What’s not to like? The question is – are you eligible to make deductible […]
Even if you really know your way around a 1040 tax form, chances are you are leaving money on the table every year. The good news is there are multiple tax deductions that you can find by looking at your family expenses, home expenses and the money that you spend every year for your job […]
Take extra precautions when you prepare your tax return this year. That’s because more and more schemers are out there trying to steal your money and/or private information (so they can steal even more of your money). According to the IRS here are the top 4 tricks thieves use to rip off nice people like […]
It’s smart to take advantage of tax-deferred growth through retirement accounts. But for most people, once you hit age 70 ½ the party ends and you have to take required minimum distributions. If you don’t, you’ll get socked with a whopping 50% penalty. According the Investors Business Daily, over 15,000 taxpayers didn’t comply with the […]
The tax treatment of mutual funds is confusing. It’s very possible to make a ton of money on your funds and pay no tax. But it’s just as easy to watch your account values drop and still face a painful tax liability at the end of the year. It has nothing to do with whether […]