Tax Planning Strategies and How to Avoid Overpaying

Dollar Sign Under Umbrella by digitalart

Over your entire lifetime a considerable amount of your income will be consumed by income tax. Depending on how much you make, you will contribute a higher or lower percentage of everything you earn to the state in accordance with the taxation laws that govern these payments.  If you don't take at least a few minutes to find one of the many tax planning strategies that exist, you could end up with far less of your money than you could otherwise.The taxation system is incredibly complex and it is all too easy to end up paying more tax than you actually have to. Here we take a look at a few ways you can ensure that you are paying the right amount of tax. … [Read more...]

The Now or Later Tax Refund

Income taxes, tax return, exemptions, savings, 401k

Yea! I got my income taxes done. Any day now I should be expecting both my Federal and State return to direct deposit into my bank account. I’m not getting back as much this year as I had hoped, but it will still be quite a handsome amount.Just like back-to-school signs and Christmas decorations, you can almost pin-point the time from December on when a swarm of tax-filing hysteria starts to show up in our lives. But among the tax software and lists of documents we’re told to dig out of our file cabinets, financial advisors also like to argue one age-old debate: • Should you wait to get your big tax refund check or take it throughout the year? … [Read more...]