Tax Planning

More in Tax Planning

Are Inherited Annuities Exempt From Federal & State Taxes?

Annuities offer long-range savings for the security-minded investor. While one of the most powerful opportunities that an annuity offers is the option to convert it into a steady income stream, many people pass away without exercising that option. When that happens, the ...

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 ...

The Taxes on the Transfer of the Ownership of a Stock Certificate

The Internal Revenue Service considers profit derived from the transfer of ownership of corporate stock to be taxable income that is subject to certain deductions. How much tax you pay, if any, depends on the circumstances of the transfer, including the amount of your profit and ...

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, ...

How to Write Down My Gas Expense for My Income Tax

Expenses related to use of your vehicle for business or other purposes, including gas, can be significant during the course of a year. The business-use portion of your driving, however, may provide you a substantial tax write off. Accurate record keeping is essential to validate ...

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 ...

Can a Tax Return Be Rescinded?

Once you notice a problem with your tax return, your first inclination is usually to rescind the whole thing to make it go away. Unfortunately, the IRS doesn’t work like that. Although there is a process that allows for making changes to your tax return, you can’t just void it ...

Is the Interest on Sallie Mae Educational Loans Tax Deductible?

If you have taken out a student loan to pay for college, the IRS may allow you to deduct the interest payments. There are rules, of course -- the IRS sets down conditions for "qualified" loans and limits on the amount you can deduct. But with student loans placing a heavy burden ...

Tax Benefits of a U.S. Contractor Working Overseas

When you work abroad as a contractor, you are generally subject to the tax jurisdiction of the foreign country in which you work, even if your paycheck comes from a U.S. client. In principle, you are also subject to U.S. tax jurisdiction if you are a U.S. citizen or lawful ...

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