Tax Freedom Day is the day when our collective income as a nation is enough to pay our collective federal and state taxes for the year. Considered in that respect, all of the income we earn after that point may be considered “tax-free.”
Tax Freedom Day is calculated in April of each year using projections
Taxes
The plunging price of oil has been one of the biggest economic stories of the past eight months or so. Falling oil prices impact many sectors of the economy, but oil production (not surprisingly) is the sector that is most directly affected.
Investors who own shares of major oil production companies like Exxon-Mobil, British Petroleum
Tax-loss harvesting is a strategy of strategically selling certain assets at a loss to neutralize capital gains and limit your tax liability. Investors often evaluate their portfolios toward the end of the year to look for opportunities to apply this strategy.
How it Works If you have more in losses than you do in capital
Taxes could easily end up comprising a large percentage of your expenses in retirement. Most states have sales taxes, income taxes, property taxes, gas taxes, estate taxes and inheritance taxes just to name a few. It makes sense to consider seriously the taxes each state imposes when deciding where you wish to live in retirement.
Very few, if any, Americans like our current tax system but there is little agreement on how to change it. The fault lines are usually along the same philosophical arguments.
Progressivity – What is the proper definition of “fair share” of taxes? Is it based more on pure percentages, where everyone pays the same percentage
It sounds like a great idea – purchase a vacation home in your favorite destination and recoup some of your costs by renting the home out when you are not using it. This can be an excellent choice, but investigate the tax issues that are associated with vacation/rental homes before you purchase.
The tax concerns
In March of 2014, the IRS made an important decision regarding Bitcoins (including all virtual currencies) and taxes. IRS Notice 2014-21 declared that Bitcoins do not have legal tender status and therefore should be treated as property instead of currency.
For those trading in Bitcoins only as investments, this ruling has fairly straightforward effects. Bitcoin
Tax discussions often focus on the largest payouts, typically the Federal Income Tax and the FICA taxes that are taken out of your paycheck to pay for Social Security and Medicaid (among other things). State and local taxes tend to be afterthoughts, but they shouldn’t be – they can absorb significant amounts of your income.
Good news: you finally got that raise. Bad news: your paycheck still isn’t as big as your thought it would be. The problem is deciphering your pay stub; where does all that money go that doesn’t go to you? Don’t worry! Pay stubs are pretty easy to read with some common sense and a little
MoneyTips Among the most attractive features of the Affordable Care Act (aka Obamacare) are the tax credits that are available to low income families to make health insurance more affordable. If you purchased your health insurance through one of the Exchanges (either Federal or state-based), you qualified for a tax credit or other subsidies if
During the financial crisis and Great Recession, thousands of Americans lost their homes to foreclosure when they were unable to pay their monthly mortgages. But now, a new type of foreclosure crisis is emerging in which people are losing their homes as a result of delinquent payment of their property taxes.
How Tax Liens Work
An investment is considered “triple-tax-free” if it is exempt from taxes at all three levels of government – federal, state and municipal. What kind of investment gives you that sort of a sweet deal? The answer is municipal bonds.
Generally, a state or a municipality offers the bonds with tax-free interest payments to promote investments
Tax-loss selling is a means of lowering your tax burden by selling off underperforming stocks or securities at a loss. The resulting loss may be used to offset capital gains (if you’ve held the stock for more than a year) or ordinary income (if you’ve held it for less than a year). In either case,
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