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Members of the U.S. Armed Forces and veterans are required to pay taxes on their income like everyone else. But special rules sometimes apply. Here’s an overview of key tax benefits that the IRS provides to military personnel to thank them for risking their lives for our...

Tax Day is right around the corner. If your tax bill is higher than you’d like, there may still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the Wednesday, April 15, 2015, filing date and still...

Employees who push back that start date for retirement savings will have a hard time catching up — and may wind up on your payroll longer than you might prefer. For example, an employee who starts saving at age 25 and stops at 65 will, assuming a seven percent average...

In addition to helping you build wealth, owning a home provides valuable tax breaks. Knowing about potential tax savings associated with homeownership is the best way to get the most out of this major investment — taking tax advantage of your home. Positively in debt You’re...

Health Savings Accounts (HSAs) were created as a tax-favored framework to provide health care benefits mainly for small business owners, the self-employed, and employees of small to medium-size companies who do not have access to health insurance. The tax benefits of HSAs are...

As if the process of getting married (or divorced) isn’t difficult enough, couples also need to take income tax considerations into account before tying (or untying) the knot. That’s particularly true for those who plan a change in marital status late this year or...

For tax year 2015, the IRS recently announced annual inflation adjustments for many tax provisions, including the tax rate schedules, and other tax changes. IRS Revenue Procedure 2014-61 provides details about these annual adjustments. The tax items for tax year 2015 of greatest...

Another year is winding down. Before the hustle and bustle of the holidays sets in, it’s a good time to brainstorm ideas to lower your 2014 tax bill. Here’s an overview of what’s happening in the world of tax — and 10 simple tax-saving strategies that you...

A fundamental tax planning strategy is to accelerate deductible expenses into the current year. This typically will defer — and in some cases permanently reduce — your taxes. But there are exceptions. One is if the additional deductions this year trigger the alternative minimum...

The Small Business Administration reports that small businesses pay average effective tax rates that range from about 13.3 percent for sole proprietorships to 26.9 percent for S corporations. The effective tax rate is the amount of taxes paid by a company as a percent of its net...