The IRS currently does not have an official motto. A fitting motto might be “The IRS – we have what it takes to take all you have!” And this isn’t just cynical hyperbole. In 2017, the IRS audited more than 771,000 tax returns of individual Americans and businesses. Those audits resulted in over $17.3 billion […]
No one can escape from paying taxes. But you may be able to get away with paying less. In 2018, over $1.5 trillion in taxes were collected via individual tax returns. Would you like to pay a little less? Here are six ways to pay less in taxes. Contribute to a 401(k) or IRA The […]
Lack of retirement tax planning is costly: Most retirees are unprepared or not prepared at all for the cost of taxes in retirement. While many Americans will get Social Security tax-free, anyone with investment income or a pension could be taxed on their monthly check. The key to better retirement tax planning is learning the […]
Nine states do not levy an income tax but other taxes and fees can be higher to compensate. It’s important to understand the positives and negatives of a new tax home before moving. Economists argue, but the jury is out on whether lower taxes means higher growth. “The only things that are certain in life […]
