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Archive for August 2017

A Marriage Penalty Lingers in the Tax Code

A Marriage Penalty Lingers in the Tax Code

A marriage is worth celebrating, but bringing up the marriage penalty may bring down the celebration. The marriage penalty occurs in the tax code when you pay more tax as a married couple than you would as two single filers making the same amount of money. This occurs throughout the federal tax code. The following…

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Zombie Payer – Keep Your Automatic Payments In Control

Zombie Payer - Automatic Payments

  When it comes to paying bills, many people can’t imagine returning to paying and sending bills via the U.S. Postal Service. But, the “turn it on and forget it” nature of automatic payments can create zombie payers who no longer challenge or review the details and amounts of bills. Here are some ideas to…

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Tax-Free Income

Yes, that’s correct, there are some forms of income you receive that may be tax-free. Here is a list of ten common sources of tax-free income. Gifts. Gifts you receive are not taxable income to you. In fact, they are not subject to gift tax to the person giving the gift as long as the…

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Donate Stock to Lower Your Tax Burden

Donate Stock to Lower Your Tax Burden

  With U.S. equity valuations near historically high levels, now might be an opportune time to take advantage of the tax benefits of donating long-term appreciated stock to a qualified charity. Directly donating a winning stock you’ve held for at least one year provides greater tax benefits than writing a check to your favorite cause.…

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