It's tax-free weekend in Ohio.
- Consumer Reports
The Inflation Reduction Act includes incentives for HVAC upgradesBy Liam McCabeThe Inflation Reduction Act is packed with provisions to incentivize homeowners to make energy-efficiency upgrades t...
When you inherit property, the IRS applies what is known as a stepped-up basis to that asset. Here's how capital gains are taxed on inherited property.
There have been three rounds of stimulus checks issued since the onset of the pandemic, but another round is sorely needed by many. States are rising to the occasion, however, not every state is...
- Motley Fool
Health Savings Accounts (HSAs) are the only accounts that allow you to take a tax deduction, pay no taxes on earnings, and access your money at any time without worrying about taxes or penalties, as long as it's for a qualified medical expense. Healthcare expenses are inevitable at some point, so having an HSA lets you put away money you'd be spending anyways and get a tax break while doing it.
Your Social Security is taxable if you meet specific income levels. Here are three strategies that can reduce the taxes if you're required to pay.
Social media posts and conservative politicians claim sweeping economic legislation provides for a new "army" of 87,000 Internal Revenue Service (IRS) auditors to target all US taxpayers -- creating an agency larger than the Pentagon, State Department, Border Patrol and FBI combined. This is misleading; the comparisons are overstated, only a small number of IRS agents carry weapons, and the planned additional tax enforcement measures are aimed at large companies and higher-income Americans."An I
The Florida Republican says “this will be a short-term gig” because Republicans will try to hobble the agency if they win back control of Congress.
With President Joe Biden signing the Inflation Reduction Act into law on Aug. 16, it marks one of the biggest spending packages in American history at $750 billion, per CNN. In total, $430 billion...
'It’s really the shareholder who will bear the burden' of the 1% tax on stock buybacks, says one tax expert.
The primary factors for determining your contribution limit are your filing status and modified adjusted gross income (MAGI), which is your income after considering certain allowable deductions and tax penalties. Contributions to a Roth account are made post-tax, but all earnings grow tax-free. Also, contributions to Roth IRAs are limited and can be reduced or phased out, depending on your annual income.
States vary widely in the way they tax retirement income so location is an important consideration in financially planning for retirement. Some states don't levy income states on any sort of retirement income, while others tax IRA and 401(k) distributions, … Continue reading → The post 11 States That Do Not Tax Retirement Income appeared first on SmartAsset Blog.
- Yahoo Finance
America desperately needs a better IRS that can police wealthy tax evaders who owe billions in unpaid taxes.
Before the 2020 presidential election, The New York Times released a bombshell report on Donald Trump's tax records -- claiming that he paid no federal income taxes in 11 of the past 18 years....
- Motley Fool
Image source: Getty Images If there's one thing most Americans can agree on, it's that paying taxes is a drag. And also, we'd generally prefer to pay less of them than more.Luckily, there are several steps you can take to lower your tax bill.
There are some strategies to help clients with investment losses. One is a Roth conversion. This is where you transfer assets from a retirement account—like a traditional IRA, 401(k) or 403(b)—to a Roth IRA.
The IRS can serve a "John Doe" summons on crypto prime dealer SFOX, a court ruled Monday, allowing the tax agency to ask SFOX to provide details on any customers who transacted over $20,000 between 2016 and 2021.
President Joe Biden's Inflation Reduction Act, due to be signed into law on August 16, will have a major impact on electric vehicle tax credits -- including a restructuring of credits worth up to...
- Fort Worth Star-Telegram
Rising property values will result in higher taxes even though the rate may remain the same.