Few things in life are certain, but you can always count on paying taxes. From income taxes to sales taxes to property taxes, you will pay a tax at some point in your life.
This section of tips can help you understand some of the lesser-known parts of taxes. You'll find information to help you avoid probate, deal with a tax audit, and learn how to donate stocks. There are also articles about investing, tax planning, and inheritance taxes.
Tips, Tricks, and Answers
The following articles are available for the 'Taxes' topic. Click the article''s title (shown in bold) to see the associated article.
Unlike many think, dying isn't simple, at least from a financial perspective. There is a lot of legal muck to sort through and if you can reduce that then you're in a good place. Avoiding probate is a great way to reduce what you have to pay when you die and it also leaves your successors in a much better peace of mind.
Dealing with a Tax Audit
Taxes can be intimidating and so can audits, so when you put the two together, you have quite the intimidating combination! However, tax audits don't have to be scary and if you just keep your cool and clean up your files, all should be well!
It would be nice if we could all get to the point where we have too much money and in a manner of speaking, that's what can happen with stocks. If you want to avoid paying taxes on your stock returns, consider donating your stocks and that way you can sidestep hefty taxes and benefit in multiple ways yourself.
Finding Tax Forms
The frustrating aspects of filing taxes is never alleviated by the fact that sometimes those tax forms you need are so hard to find! Luckily there are ways to find the tax forms you need so you can file a rocking tax return!
Taking Care of Back Taxes
If there is one thing that just about anyone can agree too, it is that time has a tendency to get away from us. This isn't exactly a good thing when talking about taxes. Taking care of back taxes is something that anyone can do, but that if it isn't taken care of can cause a huge problem.
Foreclosure sales are great ways to make money and if you have to money, investing in tax sales is definitely something to consider. If you can find the right properties to bid on then you could end up making a nice profit!
Who wouldn't want to not pay taxes on the investments they make? It's actually possible and not that hard to do!
What are Tax Deductions?
If there is one aspect of taxes that causes the most confusion among people then it has got to be tax deductions. Frankly, if you have ever questions about tax deductions, then you are not alone. Here is a little information that you can use to help understand this often-confusing part of the tax code.
What is a Tax Credit?
Whenever the subject of taxes comes up, most people begin to immediately think of ways that they could lower either what they pay, or what they owe. To do this, one of the first questions that most people ask is something along the lines of what is a tax credit. Well, if you have ever asked that question, here is the answer.
What is Tax Planning?
Tax planning is a great way to minimize federal income tax liability. There are several legal methods of postponing income or shifting income to family members to minimize income taxes. There are also other strategies available including deduction planning, investment tax planning and year-end planning.
What is the Inheritance Tax?
The people receiving the inheritance pay an inheritance tax. Each beneficiary is responsible for paying his or her own inheritance taxes. The U.S. federal government does not have an inheritance tax but several states do. Many other countries use inheritance taxes rather than estate or gift taxes.
When Are Taxes Due?
Taxes are a pain and especially when you end up doing them last minute. But how do you know if you're doing them last minute if you don't know the due date? This is one thing you most definitely can and should memorize.