Tax Planning

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How to Calculate Adjusted Gross Income With an Hourly Wage

ur adjusted gross income plays a large role when factoring your income taxes. Generally, your AGI includes your gross income, including wages, dividends, pensions, unemployment compensation and self-employment income, minus any adjustments. Adjustments reduce your income and ...

Tax Liability for Selling Acreage

e sale of acreage is a taxable event, regardless of whether a structure such as a house is attached to the land. If you profit from the sale, you may or may not be taxed on your profit. If your profits are taxable, you might be taxed at either ordinary income tax rates or at ...

Long-term vs. Short-term Gains on Sales of Stocks

u may have to pay capital gains tax when you realize a profit from the sale of investment assets, including corporate stock. Although capital gains tax rates are typically lower than ordinary income tax rates, these rates do not apply to short-term capital gains. Short-term and ...

Taxes on Inherited Trusts

trust is a legal entity created to hold assets separate from the person that actually buys them. Trusts that are set up as living or revocable trusts have no tax-planning benefits -- they're typically just used as tools to facilitate easier asset transfers. Irrevocable trusts, ...

Tax Benefits of Irrevocable Trust

en you establish an irrevocable trust, the assets that you place in it no longer legally belong to you. An irrevocable trust typically cannot be revoked or amended without a court order or the consent of all beneficiaries. In exchange for giving up control over trust assets, the ...

How Will Having Less Taxes Taken Out of My Paychecks Affect My Income Taxes?

you're like most people, you've probably looked at your pay stub and noticed that the difference between your pre-tax earnings and take-home pay is significant. While it’s tempting to meddle with your income tax withholding to make the gap between earned income and your ...

How Much State & Federal Tax Is Owed on Sweepstakes Winnings?

you win a sweepstakes or contest prize, you will owe income taxes to Uncle Sam and perhaps your state. Prizes are considered taxable income regardless of whether the prize is in the form of cash, trips or merchandise. If you win a prize valued over $600, the sweepstakes or ...

1099 Vs. W 2 Taxes

you report your wages on a 1099 form, your taxes will be very different than if you used a W-2 form. Independent contractors who provide services for a fee must fill out a 1099. Company employees who work regular hours and earn a regular paycheck must fill out a W-2. There are ...

Why Is Married Withholding Better?

en employers figure out how much to deduct from your paycheck, they use two rates -- one for married employees and one for single employees. Since married taxpayers owe fewer taxes on the same income compared with single filers, the married withholding rate is lower. This can ...

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