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22 Most Overlooked Tax Deductions

22 Most Overlooked Tax Deductions

Often, mistakes and errors made while filing tax returns are associated with missed deductions. The Internal Revenue Service (IRS) concedes that people generally overpay their taxes and it is important to get the write-offs you deserve. Here are 22 of the most-often overlooked tax deductions. State sales taxes: Everyone can avail of this write-off but it is especially useful to those who live in the states that do not impose state income taxes.
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6 Things That May Happen If You Don’t Pay Your Taxes

6 Things That May Happen If You Don’t Pay Your Taxes

While most people regularly meet their tax obligations, there are always a few who may discreetly evade their taxes. Non-payment of taxes falls under tax non-compliance; activities such as tax avoidance, tax reduction through legal means, and tax evasion (also called as the criminal non-payment of tax liabilities) come under tax non-compliance.
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6 Useful Tax Strategies For Your Retirement Income

6 Useful Tax Strategies For Your Retirement Income

Often regarded as the golden years of one’s life, retirement provides seniors with a much-needed respite from life’s hustles. But retiring comes with its own set of challenges, including financial ones. Fortunately, planning ahead of time and understanding various retirement plans and financial strategies can help one prepare for the years to come.
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Corporate Tax Reforms And Their Implications

Corporate Tax Reforms And Their Implications

The latest corporate tax reforms is a meticulously curated idea to ensure that the money that many stash away across the globe comes back home. There has been a drastic tax deduction of the corporate-tax rate; it has fallen from 35% to 21%. Not only does this move bring corporate tax below the rich-country average but also ensures that the money earned by the country’s corporate remain in the country.
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Don’t Think Of Kiddie Tax As A Small Matter

Don’t Think Of Kiddie Tax As A Small Matter

Kiddie tax was first heard of when it was a part of the massive 1986 Tax Reform Act. It basically suggested that for the next 20 years, any income that was not earned by the child above a certain limit and who is below the age of 14, would be taxed at the same rate as his or her parents.
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Here Are 7 Least Tax-Friendly States In The US For Retirees

Here Are 7 Least Tax-Friendly States In The US For Retirees

Retirement can be a little hard on your bank accounts considering the excessive tax rates prevalent in most states. Hence, when looking for a place to reside after retirement, it is necessary for retirees to find states that don’t charge any taxes on social security. Not just low taxes on social security, but there should be low income, sales, and property taxes too.
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