Taxes - Reducing

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Getting a Tax Perspective by Finding Your Effective Tax Rate

Your AGI is your adjusted gross income — a number you need to know if you’re planning on pursuing deductions. The quickest way for you to determine your AGI is to refer back to your last tax return. You [more…]

Deciding whether to Itemize Your Tax Deductions

What can you safely deduct on your taxes? You’re entitled to the larger of the standard deduction or your itemized deduction. If you don’t own a home or aren’t making large charitable contributions, you [more…]

Figuring the Fair Market Value of Charitable Contributions

If you itemize your tax deductions, you can claim charitable contributions you make. Knowing how to claim charitable contributions can get a bit sticky, but don’t worry. The process is easier than you [more…]

Should You Itemize or Take the Standard Deduction?

The rule for itemizing deductions on your income tax return is simple: You should itemize your deductions if your total deductions are more than the standard deduction. For each dollar that exceeds the [more…]

Top Tax Reduction Tips for Canadians

Just about every Canadian wants to pay less in taxes. This article spells out the best ways to reduce what you owe the Canada Revenue Agency (CRA), from Registered Retirement Savings Plan [more…]

Tax-Free Savings Accounts: TFSA Tips for Canadians

Canada Revenue Agency gave us all a little gift recently. As of January 2009, you can shelter up to $5,000 a year in investments in a Tax-Free Savings Account [more…]

Tax Implications of Capital Losses from Stock Investments

Ever think that having the value of your stock investments fall could be a good thing? Perhaps the only real positive regarding losses in your portfolio is that they can reduce your taxes. A [more…]

Minimize Taxes on Capital Gains from Stock Investment

Long-term capital gains from stock investments are taxed at a more favorable rate than ordinary income. To qualify for long-term capital gains treatment, you must hold the investment for more than one [more…]

Capital Gain and Loss Scenarios for the Stock Trader

Any stock investor can come up with hundreds of possible gains and losses scenarios. For example, you may wonder what happens if you sell part of your holdings now as a short-term capital loss and the [more…]

IRAs Provide a Tax-Advantaged Way to Invest for Retirement

Individual Retirement Accounts (IRAs) are stock investing accounts you can open with a financial institution, such as a bank or a mutual fund company. An IRA is available to almost anyone who has earned [more…]

401(k) Plans Can Reduce Your Taxes

Company-sponsored 401(k) plans (named after the section in the tax code that allows them) are widely used and very popular. In a 401(k) plan, companies set aside money from their employees’ paychecks that [more…]

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