Taxes

The Costliest Mistakes You Can Make on Your Taxes

What if just a few hours — or even minutes — of effort could result in hundreds, maybe even thousands, more dollars in your bank account? You’d make the effort, right?   Well, maybe. At tax time each year, many of us take shortcuts or overlook...

Ask an Advisor: What Is the Capital Gains Tax?

What is the capital gains tax, and how can I calculate mine? — Elyse, New Jersey We all know that the IRS wants a piece of everything we earn, whether it’s our salary or investments. Generally, the capital gains tax is a percentage owed to the...

Ask an Advisor: What Is the Inheritance Tax?

What is the inheritance tax? Receiving an inheritance usually comes with paying an inheritance tax, depending on where you live or where the deceased lived. An inheritance tax is a state tax (or county tax, in one case) imposed on beneficiaries...

Ask an Advisor: What Is Self-Employment Tax?

What is self-employment tax, and how do I figure out how much I owe? The self-employment tax, aka the SE or SECA (Self-Employment Contributions Act) tax, is essentially the same as the FICA tax that is paid by employers and employees for Social...

What Is the Alternative Minimum Tax?

What is the alternative minimum tax, and how do I know if I owe it? The alternative minimum tax, or AMT, is an income tax levied by the U.S. government on certain individuals, corporations, estates and trusts and was intended to prevent wealthier...

6 Tax Tips For the Divorced

Statistically speaking, about half of marriages in the US end in divorce. This means that it's a reality that many people face. You have to deal with a lot during a divorce, not to mention more complicated paperwork during tax time. Read these...

15 Tax-Saving Steps to Take Now

With the end of the year quickly approaching, you are probably focused on finalizing travel plans and squeezing in last-minute holiday shopping. There’s a good chance that the last thing on your mind is tax planning. However, now is the time to...

What Is My Tax Bracket?

What is my tax bracket? Your tax bracket determines the rate at which your income is taxed. How much of your income is taxed depends on your state of residence and filing status, which may be as single, married filing jointly (or qualifying...

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