When it comes to how to save for retirement, there are enough options to make anyone's head spin. While each approach has its benefits, when it comes to taxes, not all retirement savings vehicles are created equal.
The IRS prohibits any deduction for the cost of personal advice, counseling and legal action in a divorce. For example, there's no write-off for what a husband spends to resist his wife's demands for more alimony or to set aside a pre¬nuptial property agreement.
Start diversifying your savings today while tax rates are still low. The good news is there still time to take advantage of 2012 tax rates, which may turn out to be the lowest we see in some time. Here are three strategies to help diversify before the end of the year.
Individuals who reduce their income taxes with itemized deductions are aware that they can claim contributions to schools, religious organizations and other favorite causes. But many of them are unaware of other opportunities.
Unless Washington acts in the lame-duck session after the November elections, top rates for capital gains from most sales of assets owned more than 12 months are scheduled to increase. They will go from 15 percent for 2012 to at least 20 percent for 2013.
Income taxes are such a pervasive and everyday part of our financial lives -- and such a central issue in presidential campaigns -- that they seem to have been around forever. They have not. Their debut is relatively recent.
Contrary to what many self-employed individuals believe, long-standing regulations usually prohibit most of them from claiming bad-debt deductions on their federal and state returns when they are unable to recover amounts due from clients and customers.
Fact is, whether Brad, Angelina, Jennifer, Bristol, Levi, Snooki, or anyone else is hooking up, breaking up, or something in between, the odds and ends of their relationships are grist for the Internal Revenue Service mill.
The majority of taxpayers file their federal income tax on a calendar year basis, which means that the opportunity for tax planning ends on December 31. After this date it is too late to make any decisions that could possibly reduce your taxes.