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Taxes

Only 25 percent of Americans know this effective tax-saving strategy is legal

NBC | Getty Images Many Americans are confused about which tax-saving strategies are actually legal, according to NerdWallet’s 2018 Tax Study. As a result, millions of people filing taxes could be missing out on money-saving deductions. One such strategy is to fund an IRA after December 31 but before the tax deadline, yet “75 percent of Americans think contributing to or opening an IRA after the end of the year to reduce their taxable income is illegal,” the personal finance site reports. It’s perfectly legal. You have until the April 17 tax deadline to contribute to an IRA for the previous tax year. The reason this particular strategy can save you money is because “when you contribute to an IRA, that amount goes toward reducing your taxable income,” And...

5 Solid Reasons to End the Death Tax

#TaxReform: 5 Solid Reasons to End the Death Tax By SBE Council at 14 August, 2017, 4:26 pm by Raymond J. Keating- Tax relief and reform is critical for entrepreneurship, small business, U.S. competitiveness and our economy. And it’s important for any reform effort to permanently end the estate, or death, tax. The Death Tax: A Brief History The current U.S. death tax was first imposed in 1916 at a rate of 10 percent. The tax rate topped out at 77 percent at the beginning of World War II, and later declined to 70 percent in 1977. The Reagan tax cuts of the 1980s saw the rate drop to 55 percent. The rate was scheduled to fall to 50 percent in 1993, but that cut was eliminated by the Clinton tax increase that year. Later, the George W. Bush tax relief package saw the rate decline to 50 percen...