May 30, 2023

You’ve saved for retirement using an individual pension account and 401(k). You know you’ll receive additional income through Social Security or a pension. What does all this mean for your tax bill after you leave the workplace? …

The earnings on contributions grow tax-deferred or free of taxes for Roth IRAs and Individual Retirement Accounts (IRAs). The payments on your contributions will grow in a tax-deferred manner or tax-free if you have Roth IRAs. Roth-401(k)s. Takeaways from …

What is a tax credit? Tax credits are different from tax deductions, which lower the amount of an individual’s taxable income. Tax deductions decrease an individual’s taxable earnings. The amount of a credit is determined …

What are Itemized deductions? An itemized tax deduction can reduce your adjusted Gross Income and the amount you owe in taxes. The IRS allows taxpayers to itemize mortgage interest and charitable donation deductions. They can also choose the standard deductible, a fixed dollar …

What is Standard Deduction? The standard deduction is the amount of income that is not taxed and can be used as a tax reduction. You can take the standard deduction when you don’t itemize deductions …

Itemized Tax Deductions allow many American wage earners to keep more of their income rather than giving it to the government. Many deductions are available to you that you may need to learn about. Keep good records …

Earned income is taxed on a federal, state, and local level. Social Security, Medicare, and other levies are also added. There are many ways to reduce taxes. Here are six strategies to help you protect …

You have a lot of decisions to make as a small business owner regarding employee benefits. Offering the right perks can encourage experienced candidates to apply for a job while encouraging existing employees to stay longer with your …

One of the issues small-business owners have to contend with is staying current with the many obligations for local, state, and federal taxes. While most business owners hire an accountant or a tax professional to deal with …

The Tax Cuts and Jobs Act, also known as former President Trump’s Tax Plan, was signed into law by the president on December 22, 2017. The plan focused on simplifying individual income taxes and reducing the …