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☆ An 'often overlooked' retirement savings option can lower your tax bill, advisor says. Here's how it works
  + stars: | 2024-03-26 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
10'000 Hours | Digitalvision | Getty ImagesThere's still time to lower your 2023 tax bill or boost your refund with a lesser-known retirement savings strategy for married couples. One requirement for individual retirement account contributions is "earned income," such as wages or salary from a job or self-employment earnings. But there's an exception for single-income households: the spousal IRA. With income phaseouts for IRA deductibility and Roth IRA contributions, many wait until March or April for the previous year's IRA deposits. Even a $500 or $1,000 spousal IRA contribution could provide tax savings.
Persons: Roth, —, Judy Brown, Catherine Valega, Brown, deductibility Organizations: Getty, SC, H, D.C, Pew Research Center, Green Bee, Green Locations: Washington, Baltimore, Boston
☆ The tax-extension deadline is Oct. 16. Here are 3 things to know if you still haven't filed
  + stars: | 2023-10-10 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
DjelicS | GettyIf you filed a tax extension for more time on your 2022 return, the deadline is fast approaching. The federal tax-extension deadline on Oct. 16 is the last chance to avoid a late filing penalty, according to the IRS. Here are three things to know if you still haven't filed your 2022 return, according to financial experts. The failure-to-file penalty is 5% of unpaid taxes for each month or part of month until filing, capped at 25%, she said. You may be eligible for IRS Free FileRoughly 70% of taxpayers qualify for IRS Free File but only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate.
Persons: Chris Cybulski, Kassi, Judy Brown Organizations: Financial, Artica Financial Services, IRS, National Taxpayer, SC, H, Washington and, CNBC, Scott Bishop, Presidio Wealth Partners Locations: Austin , Texas, manila, Anchorage , Alaska, Washington, Washington and Baltimore, Houston
☆ How to leverage 0% capital gains with this lesser-known tax strategy
  + stars: | 2023-08-16 | by ( Kate Dore | Cfp | Andrew Graham | ) www.cnbc.com   time to read: +2 min
dowell | Moment | Getty ImagesIf you're sitting on profitable assets, there's a lesser-known tax-gain harvesting strategy, which can help rebalance your portfolio or trim future taxes. While tax-loss harvesting can be popular during a stock market downturn, tax-gain harvesting — or strategically selling appreciated brokerage account assets — can also be beneficial, depending on your financial goals, experts say. One of the key opportunities for tax-gain harvesting is for investors who fall into the 0% capital gains bracket, which applies to long-term capital gains, or assets owned for more than one year. The 0% bracket allows you to sell a certain amount of profitable assets without triggering capital gains taxes, which provides a chance to take the proceeds or rebalance your portfolio, according to Brown. While the so-called wash sale rule blocks investors from claiming a tax benefit after selling a losing asset and repurchasing within 30 days, the law doesn't apply when harvesting gains, Collado said.
Persons: dowell, Judy Brown, Brown, Marianela Collado, Collado Organizations: SC, H, D.C, Financial, CPA Locations: Washington, Baltimore, Plantation , Florida
☆ 5 ways to file your taxes for free this season
  + stars: | 2023-03-07 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
IRS Free FileIRS Free File offers free online guided tax preparation for your federal tax returns and some state filings if your adjusted gross income was $73,000 or less in 2022. It's a good option for those who have simple returns, don't need ongoing tax planning advice and could benefit financially from the free service. Although 70% of taxpayers qualify for IRS Free File, only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate. Tax prep for older AmericansOlder Americans may also qualify for free in-person and virtual tax help through the AARP Foundation Tax-Aide program. The program works with VITA and Tax Counseling for the Elderly, or TCE, which also provides free tax preparation for those who qualify.
☆ Roughly 70% of taxpayers are eligible for IRS Free File, but only 2% used it in 2022
  + stars: | 2023-02-02 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Roughly 70% of taxpayers qualify to use IRS Free File, but only 2% used it during the 2022 filing season, according to the National Taxpayer Advocate's annual report to Congress. A public-private partnership between the IRS and the Free File Alliance, the service offers free online guided tax preparation from partner companies for federal returns (and some state filings). You may qualify if your 2022 adjusted gross income was $73,000 or less. How Free File worksTo get started with Free File, you'll need last year's adjusted gross income for verification, your Social Security number and the necessary tax forms. Free File may not work for all taxpayersWhile Free File isn't widely used, some experts say it won't work for more complicated returns.
☆ ‘Don’t wait until March’ to hire a tax pro, says advisor — 3 moves to make before the 2023 tax filing season opens
  + stars: | 2023-01-11 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Take steps to reduce your 2022 tax billWhile many tax planning opportunities vanish after year-end, experts say there are still a few ways to trim your 2022 tax bill. I believe there is tremendous value in thinking ahead and coordinating both your tax and financial planning strategies. You can also still make individual retirement account contributions until the tax-filing deadline on April 18, 2023, said Brown, who is also a CPA. "If you have not already done so, review last year's records and create a checklist of the forms" you're expecting, he suggested. For deductions, you may have 1098 for mortgage interest, 5498 for individual retirement account deposits, 5498-SA for health savings account contributions and more.
☆ UK's Camilla donates Paddingtons left as tribute to Queen Elizabeth
  + stars: | 2022-11-24 | by ( ) www.reuters.com   time to read: +1 min
[1/3] Camilla, the Queen consort, smiles while holding a Paddington bear as she visits Barnardo's Nursery in Bow, London, Britain November 24, 2022. Arthur Edwards/Pool via REUTERSLONDON, Nov 24 (Reuters) - Camilla, the wife of Britain's King Charles, personally delivered dozens of Paddington Bear toys to a children's charity on Thursday, giving a new home to the toys which had been left by well-wishers as a tribute to the late Queen Elizabeth. Mourners placed more than 1,000 Paddingtons and other teddy bears among the mass of floral tributes and messages which were left outside palaces and royal parks in London and Windsor in the days of mourning following Elizabeth's death in September. The stuffed bears have been professionally cleaned, and on Friday Camilla, the queen consort, visited a Barnardo's Nursery in east London for a 'teddy bears picnic' featuring marmalade sandwiches, and to hand out some of the Paddingtons to vulnerable young children there. During the comic sketch, she told Paddington she always kept the character's favourite - a marmalade sandwich - in her ever-present handbag.
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