5 Ways New Tariffs Will Impact Your Family's Budget
Tariffs are coming to the U.S. economy if Donald Trump follows through with his proposed tariffs, affecting everything from garlic to furniture to fashion.
Read More-
-
What Are Tariffs And Who Pays For Them?
While on the campaign trail, President-elect Donald Trump said, "Tariffs are the greatest thing ever invented." Here's how they affect the consumer.
Read More -
Why FICA Taxes Are Taken Out Of Your Paycheck
FICA dates back to 1935, the same year the U.S. established the Social Security program. In 1965, FICA was expanded to account for Medicare as well.
Read More -
Reduce Your Taxes On Social Security With This Generous Tip
The Social Security Administration says ~40% of Social Security recipients pay taxes on their benefits. Here's a way to possibly get into the other group.
Read More -
Here's When The IRS Is Allowed To Garnish Your Social Security
The IRS can garnish wages, but the revenue service can also garnish Social Security. Keep in mind it has 10 years to collect from the assessment date.
Read More -
What Is The 'Bucket Strategy' And How Can It Affect Your Retirement Plans?
This retirement strategy is one way to manage retirement income by way of "buckets" that correspond to short-, medium-, and long-term financial goals.
Read More -
Will The New 2025 Income Tax Brackets And Standard Deductions Affect You?
Each year, the IRS releases new inflation-adjusted tax brackets and standard deductions. In 2025, these adjustments are smaller than in 2023 and 2024.
Read More -
The Truth About The Laffer Curve Theory And How It Affects You
Named after economist Arthur Laffer, the Laffer curve is a concept you've likely heard in the news as it concerns taxes, tax revenue, and proposed tax cuts.
Read More -
What Happens If You Contribute Too Much To Your Roth IRA
When contributing to a Roth IRA, it's crucial you know what the contribution limit is for the year. Further, remember the limit applies to all IRAs.
Read More -
You've Been Warned: Retiring In This State Could Cost You
Key in why it's so costly to retire in this state: housing prices, among the highest in the nation. It's joined by four other usual suspects.
Read More -
How Donating Plasma Could Get You In Trouble With The IRS
Many may not realize, but you get paid for plasma donations. If you "earn" more than a certain amount, you'll need to make sure the IRS knows, too.
Read More -
The 2024 Tax Extension Deadline Is Fast Approaching. What Happens If You Miss It?
The IRS offers taxpayers a one-time tax-filing extension every spring. In April 2024, the IRS estimated 19 million taxpayers would file for an extension.
Read More -
What Are Unrealized Capital Gains And How Does It Affect You?
Long-term capital gains are taxed at a 0%, 15%, or 20% rate, depending on your income, but some wealthy Americans manage to avoid this tax liability.
Read More -
Why It's Important To Factor Social Security Into Your Estate Planning
The Social Security Administration has a specific way of handling benefits for anyone who needs help managing their money, like in the event of death.
Read More -
Strategies To Minimize Your Tax Liability In Retirement, According To A Tax Coach
For retirees, many of whom live on a fixed income, paying less taxes can only help. Tax strategist Barbara Schreihans explained ways they can do so.
Read More -
Who Will Lower America's Taxes More, Donald Trump Or Kamala Harris?
The Tax Cuts and Jobs Act of 2017 is central to the proposed tax policies of the two U.S. presidential candidates. The TCJA is set to expire at the end of 2025.
Read More -
The Hidden Truth Behind Estate Sale Tax Implications
An EstateSales.NET 2023 survey found that the most common reason for an estate liquidation is the loss of a loved one. Downsizing or moving came in second.
Read More -
Are Remote Workers Taxed Differently?
A lot more people in the U.S. are working remotely these days, with the Pew Research Center estimating that 22 million people are doing so on a full-time basis.
Read More -
Do Amish Pay Taxes?
You may have heard that Amish community members aren't required to pay taxes. This, however, isn't exactly true, though they are exempt from certain taxes.
Read More -
What Actually Happens When You Get Audited By The IRS
Keep in mind that the majority of audits are resolved through the mail. In any audit, it's more that the IRS needs information to resolve discrepancies.
Read More -
Do Tax Refunds Ever Expire?
Per the IRS, for tax year 2020, there's over $1 billion of refund money yet to be claimed. What's more, taxpayers need to claim it before the window closes.
Read More -
Will Biden's Tax Hike Affect Your Retirement?
While President Joe Biden's budget proposal for fiscal year 2025 targets high-income earners, could it still affect taxpayers making far less? We take a look.
Read More -
The Dark Sides Of TurboTax You'll Wish You Knew About Sooner
With a nearly 75% market share, TurboTax and tax preparation seem to go hand in hand. Yet, to make informed decisions, consumers should know the bigger picture.
Read More -
Can You Deduct Losses From Your Roth IRA?
The Tax Cuts and Jobs Act severely restricted, or eliminated altogether, many previous personal itemized deductions. Here's what it meant for Roth IRA losses.
Read More -
Is TurboTax Premium Actually Worth The Price?
TurboTax offers three different products for do-it-yourself filers. Here, we review the Premium tier for investors, the self-employed, and small business owner.
Read More -
What Do Most Americans Do With Their Tax Refunds?
The average tax refund in 2023 was $3,167, and IRS data so far indicates a bump in 2024. As for how to spend those refunds, many Americans have the same idea.
Read More -
Do Churches Ever Have To Pay Taxes?
When Congress passed the Tariff Act of 1894, churches were given official tax exemption from federal taxes. This said, there are a few exceptions to this rule.
Read More
