How to Calculate Taxes on Your Social Security Benefits in 2024
You might be surprised to learn that Social Security benefits aren’t completely tax-free. Depending on your income, up to 85% of your Social Security benefits could be taxed. This includes retirement, survivor, and disability benefits from Social Security trust funds, but not Supplemental Security Income (SSI). The likelihood of paying taxes on your Social Security […]
Top U.S. States With Minimal or No Capital Gains Tax
Capital gains tax is a hot topic because it affects your financial status, investment choices, and wealth growth. When you sell an asset and make a profit, that’s called a capital gain. Depending on how long you hold the asset and how you manage your gains and losses, you’ll usually owe taxes on it. High […]
Project 2025 Tax Changes: Detailed Insights and Important Facts for Tax Payers
If you’ve been scrolling through social media or catching up on the news lately, you might have heard about Project 2025. This is a controversial policy blueprint developed by the Heritage Foundation. It’s a whopping 900-page document that’s causing quite a stir with some of its eye-opening proposals. Democracy Forward, a legal organization, has called […]
2024 Income Tax Brackets: Federal Tax Rates and What They Mean for You
Have you ever looked at your tax bill and wondered, “Why is it so high?”. You’re not alone. Many of us get confused by how income taxes are calculated, especially with all the changes each year. For 2024, there are new tax brackets that might affect how much you owe or how much you can […]
Tax Saving Tips: Strategic Account Withdrawals for Best Returns
Retirement means you finally get to call the shots with your time. Want to spend an afternoon watching old episodes of Friends? Go for it. But there’s another perk you might not have thought about more control over your money. While working, your paycheck is fixed and your tax situation is harder to manage. But […]
Roth IRA 101: 10 Crucial Points You Need To Know
Tax-free income is the dream of every taxpayer, and with a Roth account, it can become your reality. The Roth IRA, named after the late Delaware Senator William Roth, has been a popular retirement savings option since 1998, with the Roth 401(k) joining the scene in 2006. These accounts provide a powerful way to create […]
How to Pay ZERO TAXES: Tax Loopholes for the Average Taxpayer
In this comprehensive guide, we’ll explore how the average person—not just billionaires—can take advantage of legal tax loopholes to potentially pay zero taxes. These tips cater to the 99% of people looking for legitimate ways to minimise their tax burdens. 1. Section 1202 Gain Exclusion Small business stock investments offer a notable opportunity through Section […]
Managing Your Finances Around Season Tax Day and Beyond
As Tax Day approaches, many individuals find themselves dealing with their annual tax obligations. This year, notable trends have emerged due to past inflation spikes and pandemic-related adjustments. One significant observation is the increase in tax refunds. Preliminary data indicates that refunds are trending about 6% higher than last year. This increase is not driven […]
The Financial Compass for Expansion: Why You Need a Top-Notch Financial Controllers
Businesses today are constantly on the lookout for ways to grow and stay ahead of the competition. To achieve this, they need a solid plan, smart financial management, and clear decision-making. This is where the financial controller steps in and plays a vital role. They are essential for driving business growth by not only overseeing […]
401(k) Business Financing: Is ROBS Right for You?
Looking to launch your dream business or give your existing one a boost? You might be familiar with traditional funding options like SBA loans or lines of credit. But there’s another option gaining traction: 401(k) Business Financing, also known as ROBS. ROBS allows you to tap into your retirement savings, specifically your 401(k), to fund […]