A major component of your overall expenses are the various taxes that you must pay. Paying taxes is a fact of life; however, it does not mean you should not be looking for way to reduce your taxes. Articles in this section will help you better understand various taxes and things that you could do to minimize your tax burden. Additionally, check out these related sections: budgeting, smart spending, and insurance and risk management.
Taxes is a subsection of expense management.
Filing an unfiled tax return or even multiple years of unfiled tax returns isn’t as big of a deal as you may believe. Even if you cannot pay the taxes that are owed with the return […]
If you pay estimated taxes, you may find yourself facing a tax debt when you come to fill in your tax return. As estimated tax payments are predominantly based on your income for the previous tax […]
Understanding the many tax deductions can be nothing short of a minefield, and many taxpayers are unaware of the many deductions that can be used to legally reduce your tax bill. This article highlights just a […]
We’ve briefly touched on the topic of paying income taxes on eBay sales in the past, but a lot of people are unsure as to whether additional income in general needs to be reported to the […]
Up until about 10 years ago, there was one type of IRA, the traditional IRA which was deducted from your taxable income, grows tax deferred, and upon withdrawal, is taxed at whatever rate you find yourself. […]
We hear a lot about diversifying across asset classes — owning stocks, bonds, real estate, etc. We also hear a lot about diversifying within asset classes — owning mutual funds of hundreds of stocks rather than […]
Converting to a Roth IRA is not new, so what with all the buzz about about this Roth IRA Conversion event in 2010? What makes it such a big deal is that up until then, most […]
If you’re self employed, you’re responsible for keeping track of your own taxes, as well as making payments on time. This also involves being on top of your paperwork, filing your tax return on time and […]
It’s a great feeling to be your own boss and make money at it. At least, until you discover that you are now responsible for paying self-employment tax and may be required to make estimated tax […]
All inheritances are not taxable to the recipients; it’s the estate that must pay taxes, if any are due. In 2009, the amount excluded from any tax due is $3.5 million, and next year, the estate […]