As a small business owner, optimizing your tax efficiency can significantly reduce your tax bill. Unfortunately, most business owners focus more on running their businesses than on tax-saving strategies. But with the correct information, it's possible to take advantage of popular small business tax deductions and save more. Here are six tax-saving strategies that small [...]
Business improvements, expansions, and maintenance all stem from financial success and discipline. It is crucial to ensure that your cash flow remains positive and your budget remains flexible. This will allow you to responsibly and safely grow your business, support your employees, and secure your business's future. Whether you need to become more financially disciplined [...]
If you're sitting on a huge pile of student debt and think your loan interest deduction will save you loads on taxes, think again. That because borrowers are permitted to deduct only a portion of the interest they've paid on educational debt. And it phases out if you make too much. As long as you've [...]
Pundits spend a good deal of time advising Americans about the best age to claim Social Security – at age 62, at full retirement age, at age 70 and the like. But they hardly ever discuss the nuts and bolts of applying for Social Security benefits. They should. You see, the seemingly simple act of [...]
Most United States citizens see taxes as a fact of life, something that can't be avoided, or controlled. In many cases, according to a new study from Pew Research, they also view them as being unfair, a system rigged against the little guy in favor of big business and wealthy people. "Among the public overall, [...]
Tax season is a great time to make sure your Social Security benefits statement accurately reflects your earnings history. You will have all the documents you need at your fingertips to correct any mistake. The annual statement details how much you earned each year to estimate monthly benefits, which are based on an average of your [...]
The April 18 tax-filing deadline is looming, and many corporate executives, attorneys and other professionals earning high salaries are seeking to save more money and cut their taxes. There is a great strategy that they could be overlooking that may save significant taxes in retirement: setting up a Roth Individual Retirement Account. Roth IRAs are [...]
To paraphrase one of the great musings of the American businessman and investor Charlie Munger, you don’t have to touch an electric fence to learn not to do it. In other words, it’s better to learn through observation and the mistakes of others than through making the mistakes yourself. For this reason, Millennials should take [...]
The April 18 deadline for filing federal income tax returns is less than three weeks away. Taxpayers who think that they will not complete their returns on time may want to consider filing extensions. A quirk of the calendar is giving taxpayers more time to file their returns this year. (The traditional filing day, April [...]
Marriage proposals and weddings are joyous events, but for many couples the thrill of putting a ring on it also means saying “I do” to a higher tax bill. The reason is what the tax industry refers to as “the marriage penalty” — a discrepancy that causes some married couples to pay more combined income [...]
