Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
Have you explored all your options when it comes to managing your taxable income?
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Knowing your tax bracket can make a large difference in your tax preparations. Check out this handy reference of updated ranges from the IRS in case your designated bracket has changed.
Five overlooked tax deductions to help manage your tax bill.
Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.
1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.
The federal government requires deceased individuals to file a final income tax return.
The chances of an IRS audit aren't that high. And being audited does not necessarily imply that the IRS suspects wrongdoing.
Use this calculator to estimate your income tax liability along with average and marginal tax rates.
Estimate how much of your Social Security benefit may be considered taxable.
Use this calculator to estimate your capital gains tax.
This calculator compares the net gain of a taxable investment versus a tax-favored one.
Assess how many days you'll work to pay your federal tax liability.
Use this calculator to assess the potential benefits of a home mortgage deduction.