Tax

Banks Editorial Team

January 4th, 2018

Financial Strategies You Should Know About For Taxes And Investments: Bonds

Bonds (also known as debt securities, bills, or notes) are like I.O.U.s from a corporation or government agency. You lend them money for a specific duration ― at least a year, and generally no more than 30 years ― with a specified rate of interest. You collect the interest as the bond matures, and then […]

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Banks Editorial Team

January 4th, 2018

Best Tax Software for the 2018 Tax Filing Season

Unfortunately, the IRS is one subscription you can’t cancel. With the 2018 tax season right around the corner, have you considered just how you’ll be filing your taxes this year? Not by hand…right? Filing your taxes without professional help is intimidating to pretty much everyone. The IRS manual for Form 1040 alone is over 100 pages long. […]

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Banks Editorial Team

January 4th, 2018

State Taxes: Know What The Difference Is

In addition to the various rules and guidelines surrounding federal tax laws (which are often incomprehensible enough), American taxpayers must also be concerned with their state taxes. Depending on the state, full-time residents (as well as part-time residents and nonresidents) may be subject to personal income taxes, corporate income taxes, sales and use taxes, and/or […]

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Banks Editorial Team

January 4th, 2018

Review Marginal Income Tax Brackets And Your Options

Many people do not understand marginal income tax and how it affects them. In turn, they can end up making financial decisions that are actually less beneficial in the long run. One of the most common misconceptions is that moving into a higher tax bracket (e.g., from a salary increase) has a negative impact for the taxpayer […]

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Banks Editorial Team

January 4th, 2018

Compare The Main Types Of Tax Deductions To Find Whats Right For You

Tax deductions lower your taxable income and they are equal to the percentage of your marginal tax bracket. For instance, if you are in the 25% tax bracket, a $1,000 deduction saves you $250 in tax (0.25 x $1,000 = $250). On the other hand, tax credits provide a dollar-for dollar reduction of your income tax liability. For instance, a $1,000 […]

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Banks Editorial Team

January 4th, 2018

Knowing Your Options For Taxes And Investments

Mutual funds, bonds, and home ownership: all of these are great investment vehicles to ensure security for your future. But before you get ready to collect on any high-earning investments, it’s important to understand how investments are taxed, as well as how to make the most of your investments and avoid potential tax pitfalls. Bonds […]

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Banks Editorial Team

January 4th, 2018

What Are Property Taxes And Why Do I Have To Pay Them?

Property taxes are the primary source of revenue for local governments in the United States. The money collected from property taxes provides funds for fire protection, law enforcement, public education, road construction, and other public services. History shows that taxes were first levied upon real estate in ancient civilizations, including Egypt, Persia and China.  In […]

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Banks Editorial Team

January 4th, 2018

Understand The Benefits Of Child Tax Credits

There are many tax benefits that go along with having a child. It is essential that you know what these benefits are, so you can take advantage of them when tax filing season comes around. After all, you don’t want to miss out on any child tax credits and/or tax deductions that could help reduce your income tax liability. Claiming Dependent […]

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Banks Editorial Team

January 4th, 2018

Know The Rules of Inheritance Tax To Ensure Your Loved Ones Are Protected

It is important for every person to understand how to leave their assets to heirs (or other designated beneficiaries) with little or no inheritance tax consequences. Inheritance tax is different from estate tax, which is a federal tax imposed on an individual’s entire estate (including cash, investments, cars, boats, real property, art, jewelry, etc.) at the time of […]

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Banks Editorial Team

January 4th, 2018

Inheritance Tax And Your Estate | Get A Handle On Things Now

Just as buying the right life insurance is a prudent way to provide protection for your family if you die unexpectedly, so is proper estate planning. It makes sense to sit down with your estate planner/lawyer while you’re in a good frame of mind (and hopefully in good health) to discuss the future disposition of […]

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