Tax Planning

More in Tax Planning

Do You Pay Taxes on Pensions From the State You Retired In or the State You're Living In?

ying to file your taxes can be tough enough without the added worry of whether you're filing in the correct state. For many years, retirees faced confusion over whether to pay taxes on pension income in the state where the money was earned or their current state of residence. ...

Tax Tips for High Income Earners

nce the U.S. income tax system is progressive, a higher income typically means a higher tax rate. Fortunately, the Internal Revenue Code contains several incentives that you can take advantage of if you happen to be in a high tax bracket. Intelligent tax planning can help you ...

How to Lower Your Adjusted Gross Income on Tax Returns

ur total income minus any allowable additions or deductions equals your adjusted gross income. This number affects many of your allowable itemized deductions on your Form 1040, Schedule A, such as medical and dental expenses, miscellaneous expenses and employee business ...

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 ...

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 ...

Are Pensions Taxable in Georgia?

addition to a moderate climate and year-round warm weather, the state of Georgia offers tax breaks for seniors, including generous exclusions on retirement income. Although Georgia maintains a state income tax, you may be able to exclude a large portion of your pension if you ...

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, ...

How Much Should I Save From Each Paycheck for Taxes When Working for a 1099?

you are self-employed or work as a non-employee contractor, your earnings are not subject to federal or state withholding requirements. Since the U.S. tax system is a pay-as-you-go system, the Internal Revenue Service expects you to make quarterly estimated tax payments ...

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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