We have a long-standing tradition in this country of tax aversion. Nothing riles us up more than the topic of taxes. Of course, not pay is not an option. I don’t recommend tax evasion as it generally doesn’t work out well.
Tax avoidance, however, is a perfectly legal, respected, annual right of passage for all of us. Tax planning is the best way to use the tax code in your favor and lower your tax bill each year.
Smart tax planning requires some forethought. You can’t roll into April each year, slap your tax forms together, and expect the lowest tax bill and biggest refund ever. By then it’s already too late.
Taxes will be the biggest expense in your life. You’ll need to plan in advance for real tax savings. A health financial plan combined with smart tax planning throughout the year is the best way to keep more of your money working for you. Understanding how the changing tax code affects your financial decisions before you make them is the best way to plan for and save on those costs.
But make sure you don’t pile up the tax savings this year, at the expense of next year. A proper tax strategy will lower your taxes throughout your life.
To that end, I put together this collection of resources you might want to know before starting that process, including some things you might overlook, and other helpful tips that could save you money.
2014 Tax Guide
File Your Taxes
- H&R Block
- How to File a Federal Tax Extension
- Tax Deadlines
- Last Minute Tax Return Reminders Before You File
- Federal Income Tax Brackets
- How Tax Brackets Work
- Breaking Down the 3.8% Medicare Surtax
- How to Find Your Modified Adjusted Gross Income
- Dividends and Capital Gains Tax Rates
- Qualified Dividends
- Tax Forms Every Investor Should Know About
- Guide to Calculating Cost Basis for Tax Savings
- Tax Harvesting: Using Investments to Lower Taxes
- Wash Sale Rule
- Special Dividend Tax Rules
- REIT Tax Rules
- A Saver’s Guide to Retirement Accounts
- Saver’s Credit: Tax Credit for Retirement Savings
- 401k Contribution Limits
- Roth IRA Contribution Limits
- Traditional IRA Contribution Limits
- Traditional IRA Deduction Limits
- IRA Deadline
- Best Brokers for an IRA