Category: Taxes and Retirement

If you're a tipped worker, the question that matters most right now is: how much less will I owe the IRS? For a server earning $22,000 in tips at the 22% bracket, the answer is about $4,840. A bartender with $25,000 in tips in the 24% bracket saves $6,000. These…

At this time of year, plenty of people are waiting on their tax refunds and regularly checking their IRS tax transcripts for clues on their refund amount and payment date. In the past, that meant scouring forums and blog posts to decipher what various tax codes, payment dates, and cycle…

In a sign of the times and the seemingly inherent war footing the current administration is taking, it was little surprise to see many Departmet of Defense/War are getting a bonus of 15 to 25 percent (up to $25,000) of basic pay. per recent directives. This trend continues despite the…

This classic investor paradox is what I find myself pondering these days. I am keenly aware of the medium-to-long-term negative impacts geopolitical risks can have, but it is also hard to ignore the inexorable rise of the market—and one certainly doesn’t want to miss out. Like many investors, I am…

Four new tax breaks. One new form. If you received tips, overtime pay, financed a new American-made car, or are 65 or older, Schedule 1-A is your ticket to a lower tax bill for 2025 through 2028. The IRS created Schedule 1-A specifically to handle the new deductions introduced by…

The IRS has confirmed it will start processing 2025 tax filings and refunds from January 26th, 2026. Key dates to be aware of are shown in the table below. See this detailed article for more information and expected refund processing schedule. Although the IRS will not start accepting and processing tax returns until late January, people…

Despite concerns of a freeze to GS pay scales for 2026 the Trump Administration’s has ended up proposing a small raise for covered federal employees in 2026, per the recently submitted alternative pay plan. However locality pay adjustments were kept unchanged. Key updates are as follows and the the table below shows the updated GS…

The concept of being "wealthy" means different things to everyone. For some, it means being debt-free and financially comfortable. For others, it means reaching the highest echelons of American affluence. The top 10% of households represents a major financial milestone for personal finance enthusiasts. It signifies a profound level of…

The IRS has finalized its 2026 inflation adjustments, and paired with provisions from the One Big Beautiful Bill (OBBB), they add up to real opportunity: a higher standard deduction, wider tax brackets, bigger retirement contribution limits, and two brand-new deductions for hourly and tipped workers. This page is my running…

The news lands in your lap like a crisp $20 bill: No tax on tips. It's a gift from the legislature, a clean cut for the servers, the bartenders, and the delivery drivers. The logic is simple, and on the surface, entirely pleasing: The person who serves you a great…

I saw this interesting graphic on the rising costs of basic needs from Goldman Sachs. It prompted me to think about my life in retirement and what future spending patterns will look like for my kids. Unless things change, this pattern will likely continue for the next couple of decades.…

Here is a snapshot of the major changes to your 2026 Medicare coverage, primarily driven by the Inflation Reduction Act (IRA). Following the snapshot are details that can help you manage your out-of-pocket health costs and refining plan benefits. Part I: Key Changes to Prescription Drug (Part D) Costs Your…

Personal finance is about more than just stocks and savings accounts. Your greatest asset, often overlooked, is your physical health. A strong, flexible body is a powerful hedge against massive future expenses. Ignoring chronic low back pain is a financial time bomb waiting to explode. It can lead to expensive…