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Catch up on some of the latest posts with this week's roundup:
Last Minute Tax Savings
The 2017 tax filing deadline is approaching on April 17th. If you have extra cash and are looking for last minute tax savings, here are some options to save for retirement or healthcare spending. You must make contributions for 2017 before you complete your filing.
Why Are You Afraid of the Home Office Deduction?
Are you self-employed or a small business owner? If you work from home you may be able to take the home office deduction. Here is what you need to know to figure out if you qualify and get a better understanding of how this often-scary tax deduction works. You shouldn’t feel afraid to take the home office deduction if you are entitled to it.
How About Them Tax Apples? Using Your Tax Bracket and Tax-diversified Savings to Harvest Tax Savings
by John Chesbrough, Trail Financial Planning LLC
Tax. I know of only two types of people who use the word with any sort of glee—accountants and Scrabble players. As with many disdainful or boring subjects, we often pay as little attention to our taxes as possible. This is unfortunate. Taxes likely make up between 20 and 50% of our household budgets. We should pay attention.
How to Reduce U.S. Taxes on Your Foreign Income?
Generally speaking, U.S. citizens and green card holders are taxed on worldwide income and subject to certain foreign assets reporting requirements as well. For your financial assets held outside the United States, there is not a lot of things you could do to reduce the burden of reporting besides transferring it over. However, for your foreign income, the following steps may help you save some taxes associated with it.