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, drawbacks exist. One of the biggest is the amount of taxes that you have to pay. However, you can utilize tax strategies of high-income earners to limit the tax burden you face. … [Read more...] about What Are the Tax Strategies of High Income Earners?
Doing your own taxes can be intimidating. There is a lot to understand and the real risk of a penalty if you do things wrong. That shouldn’t be a deterrent, however. Doing your own taxes is not something that you need any special degrees for and anybody can do them. The key is to set aside enough time to learn whether you need to E-file IRS 1099 Form, or 1040. Then when you … [Read more...] about Taking Control: The Importance of Learning to File Your Own Taxes
We’ve owned our house for seven and a half years now, and we’ve made several improvements such as replacing the worn-out carpet in the bedrooms, painting the entire house inside and out, and painting our kitchen cupboards. Soon, we’ll be replacing our master shower with tile. I keep a separate category in our budget for home improvements, but I’m going to start keeping good … [Read more...] about Keep Good Records to Pay Less in Capital Gains
Since it's March and you're reading a personal finance blog, you're probably considering starting on your taxes. Well, it looks like you may have an extra month to file your returns. According to Bloomberg, the IRS is allowing an additional month in which to complete your taxes. From Bloomberg.com: The Internal Revenue Service is delaying the April 15 tax-filing deadline to … [Read more...] about IRS Pushes Back 2020 Filing Date To May 17th
Have you heard of Patreon? This site was created in 2013 and exploded in popularity in 2017. Patreon offers artists the chance to have patrons who support their work much like Renaissance artists of old had patrons who financed their work. The most common types of artists (called creators) on Patreon are YouTubers, podcasters, artists, writers, and game creators, to name a … [Read more...] about Are Patreon Payments Considered Taxable Income?
Save money, invest said money and repeat. This simple investment portfolio strategy helps you earn more money and keep that money in your hands. Who wouldn't want to try out a simple strategy that helps them make more money? … [Read more...] about This Simple Investment Portfolio Will Save You Time and Make You Tons of Money
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
Transitioning from young adult into a full-fledged grown-up can be a bumpy process, and getting your priorities in order while you're young is often referred to as 'adulting.' One of the things that go hand in hand with adulting is how you can impress your friends with your ability to get things done well. You don't need to be an expert, but it won't hurt to use this advice and … [Read more...] about Adulting Like a Pro: Tips To Help You
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