Tax season is in full swing, with Tax Day 2018 coming up on Tuesday, April 17. Nobody likes to pay taxes, but there are several surprising ways that you may be able to ease the burden for yourself via legal tax deductions. Known as tax loopholes, these legal tax deductions exist for varying levels of income. As you file your paperwork this spring, consider these legal and legitimate tax loopholes that can save you money.Continue reading » Save Money with These 7 Tax Loopholes
If you could pay less money on your taxes this tax season, wouldn’t you do what is necessary to make that happen? According to TurboTax, the most recent numbers illustrate that more than 45 million Americans claimed $1.2 trillion in deductions on their taxes. However, every year, millions of Americans also miss out on tax deductions that could ensure they are not paying more on their taxes than they should. From IRA contributions to student loan payments, these are tax deductions that can put more of your hard-earned money back into your pocket. Pay attention to these five overlooked tax deductions to make sure you are maximizing the amount you get back on your taxes.Continue reading » Pay Attention to These 5 Overlooked Tax Deductions
When choosing a place to live during retirement, most people check the obvious items off the list: recreation, weather, social opportunities, arts and culture and others. However, another factor that comes into play for many retirees is how far their dollar will stretch in a particular locale. Taxes can play a significant role in a retiree’s financial situation, and the taxes dictated by a particular location can therefore make it a desirable or undesirable place to live in retirement. Financial website Kiplinger.com’s annual list of the most tax-friendly states for retirees in the U.S. reveals those places where retirees may enjoy a tax break—and therefore where they will be able to make their retirement income last longer.Continue reading » The 10 Most Tax-Friendly States for Retirees in the U.S.