Tax Planning

More in Tax Planning

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

You 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 ...

How to Calculate Adjusted Gross Income With an Hourly Wage

Your 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 ...

Why Is Married Withholding Better?

When 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 ...

Tax Tips for High Income Earners

Since 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 ...

1099 Vs. W 2 Taxes

If 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 ...

Taxes on Inherited Trusts

A 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, ...

Do Lottery Winners Pay Social Security Tax?

In the spring of 2012, the jackpot for the U.S. Mega Millions lottery reached a record-breaking $640 million. If the lucky winner of this prize opted to take a lump-sum payment, he'd immediately find his winnings slashed to $462 million. Subtract another 25 percent for federal ...

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

Trying 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 Liability for Selling Acreage

The 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 ...

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