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The so-called golden years can be financially challenging, but state and federal tax breaks can provide some silver linings. Find out what's available. 20 Valuable Tax Breaks for Seniors
You’ll also need to pay income taxes on any tax-deferred investments — including IRAs, 401(k) plans and tax-deferred annuities — in the year you take the money. More From GOBankingRates
While Texas has not only high property taxes but a hefty sales and use tax. New Hampshire doesn’t tax personal income, but it does have a 4% tax on dividends and interest with a total gross from ...
“That’s 187 gallons of milk or 208 gallons of gas at current prices — real relief in this time of rising costs and stubborn inflation. ... the income tax thresholds have not changed since ...
To help fund the Civil War effort, President Abraham Lincoln signed the Revenue Act of 1862, which established a temporary income tax. [18] [19] The Revenue Act included a deduction for state and local taxes, as well as national taxes. [17] [20] This Civil War-era income tax was repealed in 1871.
Under current law, long-term capital gains and dividend income are taxed at a maximum rate of 15 percent through 2008. For taxpayers in the 10 and 15 percent tax brackets, the tax rate is 5 percent through 2007 and zero in 2008. The Conference Report extends the rates effective in 2008 through 2010.
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