Responsible retirement planning begins early in a career. As time goes by, money placed in an IRA or a 401(k) will grow, allowing for a comfortable retirement. But post-retirement, the money saved over decades undergoes a fundamental change. Most retirement accounts allow money to be invested before taxes, such as when a company places pre-tax income into a [...]
The goal of every taxpayer is to make sure the IRS gets as little as possible. For that to happen, you need to take every tax deduction, credit or other income adjustment you can. Here are 10 tax breaks — some for itemizers only, others that any filer can claim — that often get overlooked [...]
There’s not much the Internal Revenue Service doesn’t consider taxable income. Of course, there are the standbys: salaries, wages, tips, commissions, interest and dividends, rent on property you lease, and all the money you make from that photography business on the side. Bartering your services won’t help, either. The value of noncash items must be [...]
Small business owners across the country are getting back to focusing on their companies now that they’ve filed their income tax returns. But many of those owners may still have some tax work to do. Those who had to rush to compile their returns should find ways to avoid the last-minute angst next year. That’s [...]
Saving in a 401(k) or IRA and taking the tax break is good for our personal finances. But shielding your money from income tax is not necessarily good for the country’s deficit. Workers can defer paying income tax on up to $16,500 in a 401(k) and $5,000 in an IRA in 2011. For those age [...]
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