Tax Planning

More in Tax Planning

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

If 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 ...

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 ...

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 ...

How to Lower Your Adjusted Gross Income on Tax Returns

Your 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 ...

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 ...

Are Pensions Taxable in Georgia?

In 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 ...

Tips for Filing Multiple-Year Tax Returns

If you haven't filed a tax return in several years, or if you filed incorrect tax returns and need to amend them, you could face significant tax problems. If the IRS owes you money, you might lose your tax refund. If you owe the IRS money, the agency might take collection action ...

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

If 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 ...

Tax Benefits of Irrevocable Trust

When 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, ...

Zacks Investment Research

is an A+ Rated BBB

Accredited Business.