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MARCH 13, 2023

It can also make things more complicated when it comes to filing taxes. There are multiple tax tips out there. As a freelancer, it’s essential to ensure you know what to expect, so you don’t accidentally wind up with a huge tax bill. The tax code seems to change every year. For 2022, freelancers will pay 15.3%

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MAY 8, 2023

Investigate other ways to save for retirement, like starting a Roth IRA with some of your after-tax dollars. Contributing to both pre-tax accounts, like a 401(k) or a traditional IRA, and after-tax accounts, like a Roth IRA, can help you maximize your retirement savings and avoid paying more in taxes than you have to during retirement.

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AUGUST 3, 2023

Employee Contribution Limit: Employee contributions are not allowed in a SEP IRA. Tax advantage : SEP IRA contributions are generally tax-deductible by the business for contributions to employees. Early withdrawals are allowed : You (or your employees) can take an early withdrawal from a SEP IRA if times get tight.

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NOVEMBER 27, 2023

The IRS allows charitable contributions as a deduction on your yearly tax return, but only if you itemize your deductions instead of taking the standard deduction. This ensures that your donations are tax-deductible. Donors should save receipts for donations exceeding $250 as required by the IRS.”

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AUGUST 25, 2023

You will you avoid paying penalties and taxes on any early withdrawals. Consider medical costs, taxes, where you want to live and if you plan to travel extensively after retirement. There isn’t one mix of retirement plans that will fit everyone, but it’s generally recommended to have both pre-tax and after-tax plans.

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SEPTEMBER 22, 2023

When you pay premiums on a permanent life insurance policy, part of your payment goes into a savings account, which can grow tax-deferred at a set rate based on the terms of the policy. Because of how life insurance is taxed, you can borrow up to the amount you put in, called the “basis,” without paying taxes on the distribution.

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APRIL 22, 2024

Not being intentional with investments and tax planning Marianne M. The IRS allows people in their 50s to contribute larger amounts than other age groups to catch up to their retirement savings goals. If clients are interested in retiring but have a job that allows them to reduce their hours, Brown advises they “let it ride.” “If

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MARCH 1, 2024

Donors asked if they can deduct the cost of the donated items on their tax return, and a few people suggested you make your project legal by filing for nonprofit status. Will the treasurer be able to oversee the money, including finding someone to prepare the annual tax return? The cost to file Form 1023-EZ is $275.

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JANUARY 6, 2023

Add another name to the list of those whose only New Year’s wish is for employees to return to the office: tax collectors. . are staring down disappointing property tax revenues largely due to the dramatic shift in the commercial real estate landscape nationwide as so many companies have moved to a 100% remote workforce. to Bloomberg.

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JULY 25, 2023

It’s an easy-to-manage retirement account that lets you make tax-deferred contributions. Small businesses offer this retirement plan as a benefit to their employees, allowing both employers and employees to make tax-deferred contributions to an employee account. A SIMPLE IRA is just one of these plans.

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SEPTEMBER 29, 2023

ESOPs are retirement benefits that allow companies to transfer stock to a trust held for employees until they retire or leave the company. Using an employee stock ownership plan allows the company owner to contribute stock that employees eventually come to own, which helps fund their retirements. Remember that each ESOP is different.

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AUGUST 28, 2022

Health savings accounts, or HSAs, are tax-advantaged savings opportunities for people with a high deductible health plan. They let you cover medical expenses like copays and deductibles while providing a tax break and helping you save for the future. How do HSAs work? However, you can still use the money on qualified medical expenses.

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MARCH 26, 2024

In recent years, Portugal has become an attractive destination for high-income expatriates and digital nomads — drawn by its favorable lifestyle and tax incentives. It’s reported that the government has closed part of its golden visa program , which previously allowed foreigners to take up residency in Portugal if they bought real estate.

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MARCH 13, 2024

The cousins running the business had not been paying the taxes or the mortgage, and the physical building was falling apart. “We The Brooks Hotel falls into disrepair—physically and financially Three years later in August 2019, Nelson graduated from college and started her architecture career in Boise. It was just so embarrassing.”

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MAY 31, 2023

If you don’t follow legal requirements, you’ll face steep fines or worse. The rise of remote work has allowed more companies to seek quality employees from more places, but international hiring can quickly make pay day even more complicated. Remote Many payroll services can easily handle payroll and taxes for U.S.-based

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NOVEMBER 15, 2022

It’s a law that will allow Spain to be at the forefront in the push and promotion of talent in this rapidly growing digital economy,” said Nadia Calviño, Spain’s economic affairs minister. . Additionally, digital nomads could pay an income tax of 15%, much lower than the average non-resident income tax of 24%.

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SEPTEMBER 27, 2022

Spain’s new digital nomad visa will give professionals an opportunity to travel, live, work and gain tax benefits in the country. . Details of the visa are still being ironed out, but it is expected to be a year-long agreement that is renewable for five years and allows family members to join. .

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AUGUST 21, 2022

Before you move, here’s what you need to know about everything from establishing residency abroad to health care, taxes, visas and costs. taxes until you renounce your citizenship. is one of only two countries in the world that taxes based on citizenship. However, you aren’t taxed on foreign income until you meet a certain cap.

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MARCH 29, 2024

In Boston, the city faces a projected tax revenue shortfall of more than $1 billion over the next five years due to underutilized office spaces. These are not unique economic situations to U.S., Business Insider, which first reported the memo , cites an unnamed source revealing that the e-commerce giant currently grapples with a 33.8%

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JANUARY 24, 2022

Don’t forget about taxes. Many people forget to consider how moving from state to state will affect your taxes. Most states collect income tax, but if you’re moving from one of the following states, you may be in for a nasty surprise come tax time. Moving to a new state can often mean a lot of expenses.

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JULY 12, 2021

Both of these options use after-tax dollars that are either invested in the stock market or used to purchase other vehicles like savings bonds to grow the principal balance using compound interest. . 529 plans do not give you a federal income tax break, and there are no age or income contribution limits as long as you follow IRS guidelines.

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DECEMBER 6, 2023

Digital nomad visas offer a greater sense of stability for remote workers by allowing extended stays on top of specific incentives, in some cases tax benefits. These visas simplify the process of living and working in different countries, providing a legal framework for a lifestyle that was once considered unconventional.

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MARCH 11, 2024

Remote work allows employees to relocate to a wider range of areas across the country, without sacrificing their salaries. A CBRE study reveals that one-third of U.S. job market.

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DECEMBER 7, 2023

One chief concern found among employers that plan on using AI tools is making sure that employees do their job — instead of simply allowing their new robo assistants to do the job for them. Productivity” was cited as the top priority by 75% of legal and 59% of tax and accounting professionals working at firms.

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JUNE 23, 2021

There are various business structures to consider—LLCs, partnerships, S corporations, or C corporations—and the taxes and liabilities are different for each. When you know which entity to label your business as, you can determine how you’ll be taxed. You should consult your own tax, legal, and accounting advisors.

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SEPTEMBER 8, 2023

It’s reported that some plans even permit after-tax contributions, allowing potential savings of up to $73,500 with catchups. The 401(k) contribution limits in 2023 stand at $22,500 for workers under 50, with an additional $7,500 “catch-up” for those 50 and older, according to CNBC.

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SEPTEMBER 13, 2022

She’s been at the tax game for over a decade now, working on both the corporate and public sides of accounting, and now she specializes in taxes for digital nomads. When my relationship ended, it allowed me to reflect on what I wanted to do. Know what to expect tax-wise.

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SEPTEMBER 1, 2023

Beginning with catch-up contributions to be made next year, employees whose Social Security wages (W-2, Box 3 wages) exceed $145,000 this year can make catch-up contributions on a Roth, after-tax basis only. And then there’s the teeny, tiny glitch of Congress dropping the section of the tax code allowing any catch-up contributions.

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JANUARY 26, 2024

cities like San Francisco , New York, Chicago, Austin, and Miami. However, working for an international company remotely also has its challenges, such as dealing with tax and HR compliance , adjusting to different time zones, understanding cultural differences, and adapting to various work styles and norms.

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MARCH 13, 2024

From April 6, the new offset rule will allow HMRC to offset the taxes already paid by the contractor against the PAYE tax liability they claim from the fee-paying client (usually recruitment agencies or end-clients) – in essence, eradicating the risk of double taxation for employers.

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APRIL 1, 2024

However, doing so, Raimondi says, allows them to work toward a pool of funds to live off of. Allowing lifestyle creep as your career grows “On social media, everyone seems to be traveling and going out to amazing dinners,” Raimondi says. “Contract workers have a scarcity mindset,” he says. This helps avoid the feast or famine cycle.

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APRIL 10, 2023

Although there are multiple ways to ‘tidy up’ your money , a list that you return to monthly or quarterly allows you to keep track of specific areas each time, giving you better data. the money you take home after taxes). Using a financial planning checklist can make it easier to monitor your money and do some financial housekeeping.

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AUGUST 16, 2022

Regions across the world have touted being the go-to destination for digital nomads thanks to their livability, fast internet, tax breaks, community and access to remote work tools. However, some parts of Europe want these workers to stay a little longer. .

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JANUARY 26, 2023

You can also reapply after one year for the program, which makes it quite an attractive visa option. Another perk is that you won’t be subject to Barbados income tax or double taxation. or Europe.

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MARCH 3, 2023

Congress routinely showers small businesses with tax preferences. And now is the time to think about them, since the tax-filing deadlines for calendar-year corporate returns are fast approaching—March 15 for S corps and April 18 for C corps. But there is a difference between the two: Tax deductions reduce your taxable income.

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APRIL 28, 2022

Also, consider offering your employees benefits like access to bitcoin-backed IRAs which may offer certain tax advantages,” according to Consorte. . So too is the case with Bitwage , which is a payroll service allowing employers to pay workers in cryptocurrency – also, Bitwage offers its own employees a crypto salary. .

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APRIL 20, 2023

And new revenue streams can be created through the sale of waste-byproducts or transferable pollution allowances.” Businesses that “go green” can also take advantage of green vehicle tax credits , green building deductions and solar investment tax credits , if applicable.

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