As a DINK couple, you may find yourself and your partner in the enviable position of earning high salaries. While having a high income is a nice reward for hard work, there are also drawbacks, one of them being the amount of taxes that you have to pay. However, there are legal high income earners' tax strategies that can limit the tax burden you face. … [Read more...] about What Are the Tax Strategies of High Income Earners?
Tax debt isn’t anything to ignore. The IRS will take whatever measures necessary to get their funds. No matter your reason for getting behind on your taxes, time is of the essence. The faster you catch up with your tax payments, the less it will cost you. While your debt sits unpaid, the IRS charges interest and penalties that make your debt skyrocket. … [Read more...] about What to do If You Owe Back Taxes to the IRS
It is pretty common for people to refer to themselves as being in one specific tax bracket. They think that if they're in the 22% tax bracket, then all of their money is being taxed at 22%. Well, I am here to bust that myth just in time for tax season. … [Read more...] about Do You Really Know How You Are Being Taxed?
Since it is time to start compiling your tax information, I wanted to share this summary of 2020 tax code updates I found on YouTube last week. The author is "Mike the CPA", a self employed CPA and YouTube content producer. His stuff is worth watching if you're into maximizing your tax efficiency. … [Read more...] about Summary Of 2020 Tax Code Changes
As the end of the year approaches, our minds turn to the holidays and a less than pleasant thought – taxes. Parents get a child tax credit for each dependent under the age of 17. Last year’s tax reform package increased the deduction from $1,000 to $2,000. Couples without any children don’t get the big tax break, but you still have some ways to decrease your tax liability for … [Read more...] about Last Minute Tax Planning for Couples With No Children
Another Tax day has come and gone, and it was a bit more dramatic than usual. A computer error led to major e-filing issues and a last-minute extension on April 17. State income taxes played a much more significant role in many people's tax calculations this year. And, of course, there's also a new tax code coming into effect. As such, it's important to reflect and look back … [Read more...] about Computer Errors and Penalties: Reflecting After a Weirdly Dramatic Tax Day
Akin to baskets of investments, mutual funds pool money from many individual and institutional investors to buy and sell a variety of securities. … [Read more...] about The Pros and Cons of Investing in Mutual Funds
The Internal Revenue Service has announced its plans for 2018 taxes -- including tax bracket rates, deductions, credits, and exemptions. … [Read more...] about What You Need To Know About 2018 Taxes
Good morning everyone. A couple of weeks ago I wrote a post about 4 things you can do with your tax refund. That article was received pretty well. Today I want to discuss 5 dumb things to do with your tax refund. Gambling The first dumb thing to do with your tax refund is to gamble it all away. In my opinion, there is nothing wrong with gambling just a little bit. I've been … [Read more...] about 5 Dumb Things to Do With Your Tax Refund
If you're one of the people that receive a tax refund you probably look forward to filing your returns at the beginning of the year. If you're reading this post, I assume that you don't waste your refund expensive clothes or other ridiculous stuff. Neither do I. In this post I have 4 things you can do with your tax refund. 3 of the uses can be considered "smart". The last one … [Read more...] about 4 Things You Can Do With Your Tax Refund