Reducing your taxable income is one of the most effective ways to lower your taxes, with some moves doing double duty as both deductions themselves and as a means to slide under income thresholds at which other taxes would kick in.
Taxable income is your federal tax liability. Fortunately, there are good ways to lower that number.
Find examples of how you can rearrange your investments to reduce your taxable income—a process known as asset location.
Taxes are a huge expense for many households. Learn how the average American can reduce taxable income and pay no taxes with these four examples.
‘Tis the season of giving and, as the end of the year approaches, it is time to make year-end tax savings moves. We discuss 5 charitable giving tips to help you reduce your taxable income.
It’s harvest time. You might be looking out your window at the slush and snow and thinking “what is he talking about?” You’d be right to wonder, if “harvest time” brings to mind rolling fields and tractors. However, I’m not talking about amber waves of grain, but rather saving you some green, through tax-loss harvesting. …
Whichever way you choose to receive the proceeds from a reverse mortgage, you don’t have to pay any income tax on the money you receive.
Are scholarships taxable income? It depends on how you receive scholarship money, and how you use it. Here are 4 times when scholarships are taxable.
Most people get money from various sources: wages from a job, investment returns, income from a business, Social Security benefits, and more. Some of that income is taxable, and some isn’t, which makes calculating your taxable income—and estimating how much tax you’ll owe—challenging.<br>However, es
Just joining us? Go back to part one, where I answer a fascinating query from Patrick on whether there is a right time to
Heading off to college to broaden your horizons is exciting, but funding your education via scholarships? That's even better. Scholarships often provide a path to education that might not be feasible otherwise, which is why the Internal Revenue Service (IRS) can be generous in minimizing students' tax obligations. But sometimes scholarship money does count as income, and it’s better to find out now if your scholarship…
The way you earn credit card rewards helps determine whether you need to pay Uncle Sam.
Being unemployed, having had an accident that’s kept you from earning income, incurring a net operating loss (NOL) from a business, having an NOL carryover from a prior year, suffering a casualty loss or other incidents that result in abnormally low taxable income for the year can actually give rise to some interesting tax planning strategies.
If you’re planning to retire in the near future, or if you already have, you know that minimizing taxes is an important part of creating a successful retirement plan.
Most people who are expecting tax refunds this year — or who already got one — plan to use the money to improve their personal finances. About a third (34%) say
Income taxes and social security contributions take a big bite out of your salary. This chart shows how much the average worker pays in 18 different countries, based on data from the Organisation for Economic Co-operation and Development.
How to do what you want, but do it in a tax-smart way.
Do you need help filing your taxes? BBB offers tips to help you when filing your taxes this year.
Tax season is upon us and if you have a pending or recent home sale, you'll surely want to know: what income taxes will you have to pay on the sale? The amount of taxes you'll be responsible for depen...
Kiplinger's tax experts reveal the deductions you don't want to miss.
The tradeoff is that most passive income sources require an upfront investment of time or money to begin paying off.