Don’t Bank on Your Bank
Unless you’re over 120 years old, you probably haven’t lived long enough to know what it’s like to experience a bank run. Well, that’s exactly what happened last week when Silicon Valley Bank’s (SVB) customers decided to move all their money. You’re probably asking yourself: “Can this happen to me?” You betcha! But there are […]
Do I Pay Taxes on Social Security?
A question that I get asked often is, “Do I have to pay taxes on Social Security?” According to your number #1 silent partner (the IRS): “maybe”. Depending on how much money you make determines if your social security gets taxed. When There’s No Tax on Social Security First things first, if the only income […]
2023 Tax Changes for Millennials and Generation Z
Millennials and Generation Z have lots to complain about. They have trouble with dating, their college costs have doubled, and they can’t afford to buy a home. On top of all that, they also need to worry about taxes (just like everybody else.) And in case you haven’t noticed, there’s a lot of fighting in […]
Gambling and Taxes
You’ve won some money gambling, but it doesn’t matter whether you win at slots or in a poker tournament, the IRS wants to know. And if you win big enough, you get a tax form called a W-2G. This tells the IRS that you’ve won big and makes sure you don’t accidentally forget to report […]
2023 Tax Changes
It’s a new year and with that comes new tax changes. Some good, and some terrible. In case you haven’t read, the IRS got $80 billion dollars. Whatever the IRS is up to this year, you must be prepared so you can strategize, save, and send the IRS less money. Standard Deduction Has Increase In the 1940s […]
IRA Limits and 401(k) Increases for 2024
The IRS increases the amount that you can put away for retirement every year. Because of inflation, the increases are larger. That means you can save more of your money from the IRS – at least temporarily. Any money you put in a retirement plan that is deductible now will eventually be taxed when you […]
Itemized Deductions vs Standard Deduction
You’ve probably heard the terms “Standard Deduction” and “Itemized Deductions” but have no idea what they mean. You wonder which is better and why? We are going to show you difference between the two and give you examples to help you save money when filing your taxes. What is the Standard Deduction? In 1944, Congress […]
Energy Tax Credits
The Inflation Reduction Act made big changes to energy tax credits. You’re asking yourself, “how does that help me?” If you’re planning on purchasing an EV (electric vehicle), installing new solar panels, or making other energy efficient upgrades to your home, you save big time. In this article, I’m going to break down what’s changed, […]
New EV Tax Credits
The recent Inflation Reduction Act made changes to energy tax credits. Some of the big changes were tax credits for Electric Vehicles (EVs). In our last article we discussed all the new energy tax credits for home improvements (such as solar panels, water heaters, insulation, etc.) In this article we are going over the new […]
IRS Inflation Adjustments
Unless you’re living in a cave, you know that inflation has been running hot. After all their funny math, the government is telling everyone that inflation is around 8.2% (even though I think it’s higher.) The cost of everything has gone up. Rent. Utilities. Groceries. Automobiles. Even your gym membership. One other thing, that’s in […]