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How to Pay Less in Taxes in Retirement Like My Mom
Turns out, you still pay taxes in retirement. However, it’s not as much as you think. As of March 2024, the median income for Americans aged 65 and older was $50,290. That’s a median monthly income of $4,191. However, this income can vary drastically by age, race, professional, and education level. On average, a retiree can expect a tax rate of 5.7%; however, 80 percent of retired households will pay little or no income taxes (source: Center for Retirement Research of Boston College). If you made less than $90,000 per year (through your career), after the Federal standard deductions, you won’t have to pay much (if at all). For context, those…
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Why it’s Important to Plan, Yesterday’s Taxes are not Today’s Taxes.
The gang is present. Today we discuss taxes, the Real cost of entering new tax brackets, and other random social tangents.
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80% Pay Little to No Taxes in Retirement. Here’s Why
The ins and outs of tax law will be important to consider at least 5 years before you retire. Gone are the days, when you can feign ignorance about your personal finances. It's better to be active and engage in learning how it works. Even if it's for your own parents and ultimately for you in retirement.
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How to Save $$$ with the Latest IRS Tax Brackets for 2023
Hello, you've reached the IRS. New Tax Rates for 2023, who dis?!
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Update Your Tax Plan for 2022. Here are all the New Brackets and Rates!
Hello, you've reached the IRS. New Tax Rates for 2022, who dis?!
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Everything You Need To Know or You Are Forced To Know About Taxes…
Now that the IRS is back to work; time to get back to filing taxes. The deadline to get it all done is typically April 15 *However, for 2021 it’s May 17, 2021. We get an extra month with two days since it falls on the weekend. 2020 was a different type of year. At least HSAs are still dope. Try not to delay too long, evildoers are hard at work trying to file for you with the refund going back to them. Trust me you don’t want these kinds of problems. “Run and file Asap”, Once you’ve been had; it will take upward to a year to get it corrected with…
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Don’t Miss Out on Your State’s Student Loan Tax Credits!
“Biden’s chief of staff said that the president asked the Education Department to review his legal authority to cancel debt and that he will determine how he could proceed.” NBC News, April 1, 2021 With this headline, twitter was a buzz with conversation again from those holding their breaths to hopefully see Student Loan reform. Additionally, with more than 40 million Americans with student loan debt, the last stimulus surprisingly did not include any student loan debt cancellation promises or ideas. The Federal Reserve estimates that Americans owed more than $1.7 trillion in student loans. Available Federal Student Loan Debt Relief Beyond the grim news, there are options. Especially, during…
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Will Your Taxes Go Up? Breakdown of the New Tax Reform
Many taxpayers will be chocked and amazed at their latest return. Especially if you didn't make the adjustments to your W4s and 401ks.
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Last Minute Tax Moves Before You File for 2020
Before You Jump to File Your Taxes Too Soon This Year, Process The Implications and What You Can Still Do To Reduce Your Tax Liabilities.
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The Best Tax-Free Health Insurance Savings Account
A quick question that I received today (10/9/19): What company do you have your Health Savings Account (HSA) through? And how did you set it up? I was waiting for the new employee orientation to sign up for my benefits. It was useless. Poorly put together. And it was a waste of time. A total cluster. He goes on to say, “Even worse, the official that handles benefits, and they didn’t even show up for the orientation. Total cluster. I called once I got back to the office only to find out they knew absolutely NOTHING. It was clear that I was speaking to a woman who set up her benefits decades ago and hasn’t…
