Money Today That Matters Tomorrow
If you are an American, the answer is about 20 years. For Mexicans it’s over to 300 years. As you can see from the graphic below, based on a country’s median income, America still provides the best opportunity for the average Joe to get to millionaire status within their lifetime. The calculation for …
We, as human beings, have a set system of beliefs embedded in our personalities: political beliefs, religious beliefs, moral and ethical beliefs. These have been formed within us since childhood by our upbringing, our experiences, and our environments. It’s tough to change these beliefs, and for that reason, when you …
A pretty important debate is taking place at the highest levels of influence in America and it is around the roll-out of free Wi-Fi across the nation. The Federal Communications Commission (FCC) supported by major technology companies wants to create a high-speed Wi-Fi network across the nation that will allow consumers …
A Roth IRA can provide a great way to build up savings for retirement. These accounts allow funds to grow on a tax-free basis. And, provided that the account owner meets just a few requirements, all the money contributed and earned in a Roth IRA account may also be withdrawn without …
The IRS has published its official 2013 changes reflecting annual inflation adjustments and tax table updates from the recently passed Fiscal Cliff legislation, officially known as the American Taxpayer Relief Act of 2012. Key changes include: For 2013 the 39.6 percent tax rate has been reinstated for individuals whose income exceeds $400,000 ($450,000 for married …
As I was writing this article I re-read my original pieces on the 2011 debt ceiling debate/deal and got a major sense of deja-vu. After 18 months we are back in the same place with a dysfunctional Congress, who barely passed legislation to avert the fiscal cliff, trying to reach a new deal to keep the …
[Updated for 2013-2014 tax filing season] Thanks to the so called fiscal cliff deal reached last year there were a number of impacts to taxes in 2013 which you need to be aware of when filing your 2014 taxes. Changes were in the form of updated federal tax rates, new …
Under the latest Biden tax proposals, there is talk of restoring the the tax benefit limitation of itemized deductions to 28 percent of value for those earning more than $400,000. The proposal would also restores the Pease limitation on itemized deductions for taxable incomes above $400,000 that is discussed below …
The IRS has provided a $500 increase in tax deductible 2013 401(k) and IRA contribution maximums. Employer sponsored 401k plan contribution maximums have risen from $17,000 to $17,500. IRA limits have risen to $5,500 from the 2012 maximum of $5,000. These increases may not seem like a lot at first glance but over a number …
[Updated Jan 2013] Congress and the Obama administration have reached an agreement that will avert a significant portion of the fiscal cliff and its associated impacts on your pay check and taxes next year. The passed legislation would increase tax revenue by $620 billion and only cut spending by $15 billion because the planned …
You would think that figuring your income that is subject to taxes would be easy. Unfortunately, with our overly complex federal tax system the IRS has multiple definitions of income and it’s important to understand the difference between these because not only can it affect how much you pay in …
Most people have heard about Individual Retirement Account (IRA) plans which provide self-administered tax advantaged retirement saving options. For most people two types of IRA options are best – a Traditional IRA or a Roth IRA. But choosing the right option depends on a variety of factors that include, how …
[Updated following fiscal cliff deal] – Unfortunately it looks like the payroll tax credit will not be extended into 2013 under the new deal Congress and the Obama administration have reached. See how this will impact your 2013 take home pay. For the latest on other fiscal cliff impacts and negotiations see this article. The …
The Department of Labor has provided some timely answers to some frequently asked question around the CARES act. I am an independent contractor. Am I eligible for unemployment benefits under the CARES Act? You may be eligible for unemployment benefits, depending on your personal circumstances and how your state chooses …