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The agency's regulations also list how to report embezzled funds.

Winning or settling your lawsuit can be exhilarating. After you've received the settlement money and paid attorney fees, most people assume that the rest is theirs to keep. However, some settlements are subject to taxes. And, unfortunately, many people don't … Continue reading → The post How to Avoid Paying Taxes on a Lawsuit Settlement appeared first on SmartAsset Blog.

The gig economy pads the budgets of millions of Americans - but there are tax implications from taking a side job. Fortunately, you can reduce the taxes on your side jobs, depending on your situation. For help figuring out how … Continue reading → The post How to Avoid Paying Taxes on Side Jobs appeared first on SmartAsset Blog.

Entrepreneur and real estate mogul Grant Cardone has developed a unique approach to managing his finances and investments. In a recent TikTok video, Cardone revealed his strategy of “going broke” twice a year to reduce taxable income. “Two times a year I go broke because you don’t want a bunch of this sitting around (showing a stack of cash) because it gets taxed,” said Cardone, who has reported net worth of $600 million. He told viewers he purchased two helicopters, each costing between $10 and

An annuity is an insurance company product that sometimes appeals to investors who are risk-averse or who have contributed the maximum to their retirement accounts. One advantage of an annuity is that there is no maximum contribution like 401(k)s or … Continue reading → The post How to Avoid Paying Taxes on Your Annuity appeared first on SmartAsset Blog.