Tax Planning

More in Tax Planning

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 net ...

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 ...

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

If 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 ...

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 ...

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 ...

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 ...

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 ...

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 ...

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, ...

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