The idea of retirement, something decades away, can be scary.
By now, you probably know that it’s important to save for retirement. And if you’ve already started, you also know it’s not easy at times. Try a few of these tactics to make saving for retirement seamless and you may not even have to wait till 65 to reap the benefits.
Are you expecting to receive an end of year bonus this month?
Remember that holiday bonuses are considered compensation, so there will be taxes withheld —plenty of them.
How big a bite will these withholdings take? Take a look at this TurboTax Blog post to find out more.
Want to save a bit of money before the holidays are over? We tried out a little experiment: only spending $40 dollars for the whole week! Even though it was a tough feat, we were able to make it work by cutting a few of our everyday costs.
Think you’re up for the challenge? This TurboTax Blog post has a few ways to spend your week without spending too much cash.
Are you newly self-employed? You may want to see if you are eligible for cash basis accounting. Read more about your options in this TurboTax Blog post.
What are tax extensions? There may be a tax year when you can’t just get that return finished by the April deadline. Luckily, the IRS offers automatic extensions of time to file all types of tax returns. Learn more in this tax tip video from TurboTax.
The question “Who can I claim as my dependent?”, has remained a confusing topic for many taxpayers and an area where tax deductions are often missed or misstated on tax returns. Read more about dependents in this new TurboTax Blog post.
Don’t worry about knowing all the tax rules. TurboTax will ask you simple questions and give you the tax deductions and credits you are eligible for based on your answers.