The tax filing deadline is coming up on April 15, but it’s not too late to reduce what you owe on your 2024 federal income tax return. There’s still time to lower your tax bill, or even increase your ...

TurboTenant reports landlords can legally avoid taxes on rental income through strategies like the Augusta rule, deductions, and 1031 exchanges.

The calculation of self-employment taxes is based on the net income earned from self-employment activities. This includes any revenue generated from business activities conducted as a sole proprietor, ...

Qualified Charitable Distributions allow you to meet your annual charitable giving goals through your IRA. And here’s the “so what”: That QCD amount counts as part of your RMD, lowering your annual ...

Workers can reduce their tax bill by saving for retirement in tax-advantaged accounts. Traditional retirement accounts offer an immediate tax deduction, while Roth accounts provide tax-free income in ...

To effectively reduce your tax liability, you must understand how to navigate the labyrinthine IRS tax system. Essentially, the only way to achieve a decreased tax burden is by reducing your taxable ...

Tax credits and tax deductions both decrease what you owe the IRS, but in different ways. Here's the difference, and how you ...

The standard deduction changes each year based on inflation. How much of a deduction you're entitled to depends on your age, filing status and other factors.

If you have a retirement account, you are probably wondering, does a 401(k) reduce taxable income? The short answer is yes, contributing to a traditional 401(k) plan does indeed reduce your taxable ...

There’s a decent chance that many Social Security recipients will be paying more taxes on their benefits this year than in years past because of a confluence of events, a situation which might ...

Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. Taxes can feel overwhelming, especially when it comes to tax brackets. In this article ...