Tax Planning

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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 ...

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, ...

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 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, ...

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 ...

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 ...

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 ...

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. ...

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