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Posts Tagged ‘tax breaks’

Tax Deductions Most Americans Can Use

May 03, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Tax breaks such as home office deductions, gifts and charitable deductions can only be used if you itemize on your tax return. Taxpayers that take the standard deduction miss out on these deductions. However, there are certain deductions that all Americans can make use of whether they itemize or not. The Motley Fool shares what you need to know about these deductions, and which ones are not being used by nearly enough people. “Adjustments to ...

Top Tax Breaks That Every Investor Can Use

April 05, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , ,  

Most people invest with the intention of securing their financial future, while saving on taxes. Contributing to a retirement account is one of the most common investment vehicles for this purpose. According to the Investment Company Institute, 401(k) plans held an estimated $4.4 trillion in assets and represented nearly 18 percent of the $24.0 trillion in U.S. retirement assets, as of June 30, 2014. Which investments are the most beneficial to reduce taxes?

What are Tax Inversions?

“Tax inversion” is the term used when a business incorporates or re-incorporates itself in a country with a lower tax rate. “The company reorganizes its structure so that the ‘parent’ element of the group is a foreign corporation rather than a corporation chartered in the United States,” a CRS report explains. Corporate entities use tax inversions to drastically lower their tax liabilities. High Corporate Tax Rate Companies often ...

Tax Breaks When You’re Out of Work

March 15, 2016  |   Tax Advice,Tax Tips   |   Tags: , , , , ,  

There are advantages and disadvantages to taxes when you’re unemployed. You do not earn an income on which you must pay taxes, but your unemployment compensation is very much taxable. If you receive income from other sources such as rent, dividends, interest, etc. then you’ll need to figure out if your total income is above your filing threshold. On the bright side, there are ...

Tax Breaks You Might be Missing

Popular tax breaks such as deductions on home office, charitable contributions, and IRAs are used by thousands of taxpayers. There are also certain lesser-known tax deductions that can lower your liability. To pay less in taxes and get a bigger refund this filing season, you may review these often overlooked tax deductions as shared by Las Vegan Review Journal: “1. Alimony “Breaking up is hard ...

3 Tax Breaks for Families with Children

Parents can save a significant amount in taxes by using tax breaks geared towards families. The Child Tax Credit, Earned Income Tax Credit, Adoption Credit, Child and Dependent Care Credit, and Education Tax Credits are all essential tax credits worth exploring. Parents may claim their children as dependents on their tax return to earn the deduction of $4,000 for each dependent claimed. The Motley Fool discusses ...

Benefits for Taxpayers from the New Tax Extenders Bill

Businesses and individuals have been waiting for the extension of tax breaks that expired for 2015. Businesses, in particular, have been asking the government to provide them with clarification concerning tax breaks. Many of the tax breaks expire each year and are extended further for a year. This will change with the new tax extenders bill. If the bill is passed, many of the tax breaks will become permanent, including the tax break for research ...