Understanding tax strategies and managing your tax bill should be part of any sound financial approach. Some taxes can be deferred, and others can be managed through tax-efficient investing. With careful and consistent preparation, you may be able to manage the impact of taxes on your financial efforts.
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Here are some examples of deductions from the IRS that were permitted and some that were, uh, too creative.
1035 exchanges provide a way to trade-in an annuity contract or life insurance policy without triggering a tax liability.
With gifting, you can transfer wealth to your loved ones tax-free while you’re still around to see them enjoy it.
A quick look at how federal income taxes work.
The chances of an IRS audit aren't that high. And being audited does not necessarily imply that the IRS suspects wrongdoing.
When you take the time to learn more about how it works, you may be able to put the tax code to work for you.
Too often, taxes are only thought of once or twice a year
Millions faithfully file their 1040 forms each April. But some things about federal income taxes may surprise you.
Have you explored all your options when it comes to managing your taxable income?