Year-End Tax Planning Comes with a Twist in 2021
Some of the most common strategies people use to hold their taxes down are being turned on their ears this year, thanks to possible changes in tax laws on the horizon.
tax planning
2022 Tax Brackets Are Here: Hereâs What Youâll Owe Next Year
Rising inflation means higher tax brackets and a larger standard deduction. On Wednesday, the IRS released its 2022 federal income tax rates and brackets. The IRS automatically adjusts tax rates each year to reflect inflation. The breakpoint for each tax bracket will be about 3% higher across the board in 2021. 2022 Tax Brackets There [â¦]
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Charitable Givers Dodge Draconian Parts of the Biden Tax Plan (So Far)
Still, hereâs what you need to know about charitable giving, as well as potential changes to capital gains tax rates and estate taxes, under several proposals being shopped around on Capitol Hill.
Generation-Skipping Transfer Tax Basics
If your estate is big enough, you should know how generation-skipping transfer taxes work, and how to avoid paying more than you must.
Tax Planning Opportunities You Might Not Be Aware Of
To save on taxes over all your years, not just right now, try these four different strategies.
Tax-Smart Charitable Gifting Strategies
Take advantage of the current tax rules to support the charities you care about and save on your taxes at the same time. Here are a couple of noteworthy strategies to consider.
Why Todayâs Retirees Need to Pursue Tax-Minimization Strategies
IRAs are the name of the game for todayâs retirees. While they come with helpful tax breaks for savers, pulling money out in retirement comes with major tax consequences â which could get much more serious if taxes rise in the future. But there are things you can do about that.
Rebuilding Emergency Savings in 2021: Take a Realistic Approach
Saving for a rainy day can be a tall order, especially if you have recently experienced a financial setback. Taking even small steps can help you work toward the larger goal of building up your emergency savings.
What Is a Spousal IRA – Rules, Eligibility & Benefits
Is a spousal IRA right for you? Learn about the IRA for non-working spouses, including benefits, rules, and contribution & income limits.
4 Ways to Keep Your Taxes Down If You Are Self-Employed
Whether you drive for a ride-hailing service on the side or work full-time as your own boss, these tips can help you save money when time comes to pay taxes.