Taxes

Seven Ways to Reduce Taxes on Social Security Benefits in 2025

Minimizing taxes on Social Security is an essential consideration for many retirees....

State Exit Taxes And Other Innovative Way To Tax Former Or Departing Residents

States with net losses of residents are developing innovative and aggressive ways to capture tax revenue from their expatriates, such as the "exit tax."...

How to Avoid These Five Costly Tax Mistakes That Many Retirees Make

Making incorrect assumptions about tax brackets, tax-loss harvesting, charitable giving, estate taxes and more can cost you big-time in retirement....

Give Yourself A Gift Instead of Uncle Sam: 18 Smart Tax Tips

Taxes drain your paycheck faster than a bad investment. Most people assume there’s nothing to do but accept it, but that’s exactly how the IRS wants you to think. The tax code is complicat...

Trading Off Health Care For Unnecessary Supply Side Tax Cuts

Cuts to vital programs for many seniors like Medicaid and SNAP are in the same bill in the House of Representatives as tax extensions for the wealthiest....

Estate Tax Repeal – Could It Be Real?

Estate tax repeal may happen. What does that mean to your planning? (The answer is not to do nothing). Your will/revocable trust may not work without estate tax formulas....

This Boring Retirement Income Source Has Big Tax Benefits

Don't ignore this retirement income source, especially if you are wealthy or need portfolio diversification....

Avoid Tax Trouble: 18 Common Audit Triggers That Could Land You on the IRS Watchlist

Nobody wants a letter from the IRS. Even if your taxes are spotless, there’s always that nagging thought, did you miss something? Did a simple mistake put you on the IRS radar? The Comprehensive...

Tax season question, first year

I ended up making some pretty conservative quarterly estimated payments in 2024, and having just filed my returns, I’m getting most of them back. I had a hunch a year ago this would be the case,...

What Are Frivolous Tax Arguments?

Do you know the difference between tax avoidance and tax evasion? Here's how to avoid frivolous tax arguments that may land you in jail. The post What Are Frivolous Tax Arguments? appeared first on Th...

What the IRS Doesn’t Want You to Know About Your Taxes in Retirement

There are some things the IRS DOESN’T want you to know about your taxes in retirement. And they could needlessly cost you a fortune! Learn more in the latest episode…...

Learning the love language of taxes: It’s all in the lingo

Tax language may not be overly romantic, but mastering it could render sweet rewards. Here’s how to flip a 1040 form into a love letter....

Don’t Let the IRS Take More Than They Should: 15 Smart Tax Moves W2 Workers Can Use

If I were a high-earning W2 employee, I wouldn’t just accept a massive tax bill as the price of success. No group in America gets taxed harder, and unlike business owners or investors, W2 worker...

Hyperfocus on Taxes in Retirement

It seems like most of the seminars I go to have a heavy emphasis on taxes in retirement. I was taught 'don't let the tax tail wag the dog'. Why is this? Is it a marketing scheme to get you to use thei...

20 Basic Tax Rules Most People Get Wrong

Taxes aren’t fun. They aren’t optional either. Most people just file, hope for the best, and move on. The problem? That approach leads to overpaying, sometimes by thousands. The IRS won&rs...

Four Potential Tax Changes to Keep Your Eye On

Many taxpayers may be surprised by a larger tax bill if the TCJA isn't extended. Check out these proactive strategies to help mitigate some of the impacts....

Retire in Costa Rica With These Three Tax Benefits

Costa Rica may be a good place for retirement if you like the low cost of living and savings for your heirs....

The Future of 1031 Exchanges Under Trump Looks Bright

As a real estate investor himself, President Trump appears poised to preserve the tax-deferring power of this strategy. But you still must follow the rules....

Tax Cuts for the Middle Class and Retirees: A Win for Your Wallet

OnFebruary 6, 2025, the White House announced a series oftax cuts primarily benefitting the middle class and retirees. Here’s what’s on the table: The administration is calling this thelar...

Receiving a nice chunk of tax free money - what would you do?

Hubs and I are both retired in our 60's and 70's. We owe about $120K on our house at a 2.75% rate. No kids, thus no grandkids. We have several nieces and nephews that we are close to that have been ve...

Live Here, Save More: 21 States Offering the Best Tax Breaks

Most people don’t realize how much state taxes eat into their income until they do the math. Taxes aren’t just an annual headache, they’re the silent drain on your paycheck every sin...

24 Simple Tax Deductions That Can Save You Big Without Itemizing

Tax season isn’t exactly anyone’s idea of fun. But what’s worse than filing taxes? Overpaying them. The good news is you don’t have to spend hours sorting receipts to save mone...

Tax season snapshot: Take advantage of these new tax breaks

Keep these changes in mind when preparing returns to help maximize refunds or lower amounts owed....

States That Won't Tax Your Retirement Income in 2025

Several states don’t tax Social Security benefits, 401(k)s, IRAs, and pensions. But you may still have to pay state taxes on some incomes....

How To Save Social Security — Pay More Taxes? Cut Benefits?

These proposals to save Social Security may require big changes, but Americans want politicians to act. Are you willing to pay more taxes?...

Here's How Retirement Changes Your Taxes

How you approach taxes in your golden years and in the years before retirement can dramatically impact how much you pay....

8 Things to Know Before Filing 2024 Taxes

Tax season kicks off this week, and with it comes a handful of changes you’ll want to know about before filing your 2024 taxes. From adjustments to standard deductions and tax brackets to update...

The Tax Perks of Aging: 17 Tax Breaks You Can Claim After 50

Once you hit 50, taxes start working in your favor, if you know where to look. The government, for all its faults, actually hands out plenty of tax breaks to older adults, helping them keep more of th...

Ease the Tax Bite When You Tap Retirement Accounts

Savvy retirees tap retirement accounts with a tax plan. Each type of account may have different tax rules and rates, so know before withdrawing funds....

Downsize in Retirement With 2025 Tax Benefits: Three Key Strategies

Downsizing retirees may benefit from tax savings, lower utility bills, and freed-up income. But could a new presidency impact your home sale?...

Does anyone know of a multi-state tax calculator or estimator?

Has anyone used a calculator to estimate what their total tax burden will be in retirement by state? We are considering not staying where we currently live when we retire in a few years. Though we wil...

Should You Pay Taxes With a Credit Card?

Jim Wang is a forty-something father of four who is a frequent contributor toForbesand Vanguard’s Blog. He has also been ... Read more...

2024 tax season snapshot: Take advantage of these new tax breaks

Keep these changes in mind when preparing returns to help maximize refunds or lower amounts owed....

Tax Planning/Estimation/Visualization website or software

Is there a good US Federal Income Tax/Medicare/SS planning or estimation software that has some visualization of taxes owed and distribution? Something like this: Understanding Tax Brackets: Interacti...

Why Vanguard Was Ordered to Pay a $106 Million Fine Related to Target-Date Funds

Vanguard's fine centers on December 2020 actions related to the asset manager's target-date funds and capital gains taxes. Here's what you need to know....

Getting Divorced? Beware of Hidden Tax Traps as You Divide Assets

Dividing assets fairly in a divorce means looking beyond their current values and asking whether they'll create tax liabilities — or tax breaks — in the future....