Andy | Saving to Invest

Your 2013 Tax Rate – Understanding Your IRS Marginal and Effective Tax Bracket

With the 2012 tax season in the rear view mirror, its time to start thinking about 2013 taxes and strategies that you can put in place to minimize taxes owed in 2014. But before that take some time to familiarize yourself with the new 2013 tax brackets shown below. But, be careful…

Target Date Funds – A Good Retirement Strategy For Those With Limited Time and Investment Expertise

Target date funds are mutual funds that are professionally managed with asset allocations and risk profiles set to change along a glide path reflecting your target retirement date. For example you would be buy a 2050 target date fund if you expect to retire around the year 2050. Or put…

Will the Minimum Wage Increase in 2023?

The good news is that in many of the states where the minimum wage is higher than the prevailing federal rate - generally higher cost of living areas - there is a strong push in 2023 to continue raising the minimum wage as inflation soars. See more in this updated…

Can I Avoid Paying Taxes By Submitting an Extension to File My Tax Return

The title of this article was based on the following email I received a couple of weeks ago. It's a topic that a number of people can relate to around tax time, so I also published my answer below. "Last year my wife was pregnant and took 4 months of work…

Best Business Schools For Full time, Part Time and Online MBAs

U.S News just released their 2013-2014 rankings of business schools with little change from the previous year. Despite a tepid economy and higher than average unemployment, business school admissions and tuition rates continue to rise. Particularly for part-time and online business, or MBA, degrees. Getting a graduate business degree is almost becoming the…

How Long to Get My Tax Refund & Why Is It Taking So Long? IRS Updates and News

When it comes to tax season I receive a lot of reader questions, many tinged with a hint of desperation, around why IRS tax refunds are taking so long to be processed and what can be done to get their money sooner rather than later. This was no different in the…

The Dow Hits All Time Highs – What This Means and Beware The Risks

The market continued on its rampage reaching an all-time high, surpassing levels last seen before the 2008 financial crisis. This is despite Congress and the Biden administration squabbling about the impacts of additional spending and who would be blamed for a potential economic calamity due to the inefficiency of Washington.…

Housing Market Outlook

My realtor who helped with buying my home a few years ago occasionally sends me newsletters on the state of the US housing market. For the most part this is marketing material looking for referrals and to keep her in mind if when I decide to sell or upgrade. But…

IRS Tax Tips – 2022-2023 Tax Season Benefits for Parents Plus Facts about Dependents and Exemptions

The IRS publishes several bulletins which contain useful information for tax payers with dependents - e.g parents, grand parents and guardians - that apply to many of my readers. I have summarized the key points below including references to related articles for the latest tax season. Tax Benefits for Parents Dependents. In…

How Long Will it Take To Become a Millionaire?

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…

Creative Ways to See Your Financial Belief System in a New Light

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…

Free Wi-Fi Across America? No thanks if you are Verizon, AT&T or T-mobile. Yes for Google, Microsoft, Facebook and Consumers

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…

Roth IRA Early Withdrawal Rules For After Tax Contributions, Traditional IRA Conversions and Investment Earnings

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…

2013 IRS Official Tax Updates – Tax Rate Schedules, Standard Deduction, Personal Exemption and AMT update

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…