Time flies and the year is already drawing to a close. Now is a great time to plan for taxes -- and strategies to reduce them. Not all of these year-end tax tips will apply to your specific situation, but you’ll pick up a few ways to decrease your burden and, perhaps, maximize your return.
No one wants to pay more in income taxes than they have to! The good news is that tax credits are one of the most powerful ways to lower your burden. How are credits different from deductions - and which ones should you keep in mind as you prepare your filing? Let’s find out.
Growing older has its advantages - retirement being a terrific, well-earned one! But there are also additional tax-related requirements of which you need to be aware. Let’s take a quick look at some of the tax and financial breaks that become available as you reach a certain age.
There is incredible peace of mind that comes with “getting your affairs in order.” You work hard to provide for your family and loved ones; and with estate planning, you can continue to do so when you are gone. Many people are intimidated by the idea of estate planning - and many others assume it’s just a matter of drawing up a will. As usual, the truth is somewhere in the middle. Thorough estate planning is more extensive, and you do need additional documents - but it is also very manageable.
Start by knowing what types of documents you should include in your estate plan: