Denice R. PrestonIn order to manage to combat the crisis in finance, banks slashed their lending capabilities, and central banks lowered the interest rates for savings. In the end, consumers required a different method of borrowing and …
PERSONAL FINANCE BLOGS: THE BEST MONEY BLOGS IN 2023
For many financial bloggers, personal finance blogs are essential for advice and motivation. It cannot be easy to manage money. It’s budgeting, saving credit cards, investment plans for retirement, loans, and insurance–there’s plenty to consider! …
Will you pay taxes during retirement?
You’ve saved for retirement using an individual pension account and 401(k). You know you’ll receive additional income through Social Security or a pension. What does all this mean for your tax bill after you leave the workplace? …
Checklist for Retirement Plan Tax Preparation
The earnings on contributions grow tax-deferred or free of taxes for Roth IRAs and Individual Retirement Accounts (IRAs). The payments on your contributions will grow in a tax-deferred manner or tax-free if you have Roth IRAs. Roth-401(k)s. Takeaways from …
Tax Credit: What it is, how it works, what qualifies, and three types
What is a tax credit? Tax credits are different from tax deductions, which lower the amount of an individual’s taxable income. Tax deductions decrease an individual’s taxable earnings. The amount of a credit is determined …
What are itemized tax deductions? Definition and impact on taxes
What are Itemized deductions? An itemized tax deduction can reduce your adjusted Gross Income and the amount you owe in taxes. The IRS allows taxpayers to itemize mortgage interest and charitable donation deductions. They can also choose the standard deductible, a fixed dollar …
Standard Deduction and Tax Calculation
What is Standard Deduction? The standard deduction is the amount of income that is not taxed and can be used as a tax reduction. You can take the standard deduction when you don’t itemize deductions …
The Most Overlooked Tax Deductions
Itemized Tax Deductions allow many American wage earners to keep more of their income rather than giving it to the government. Many deductions are available to you that you may need to learn about. Keep good records …
Six Ways to protect your income from taxes
Earned income is taxed on a federal, state, and local level. Social Security, Medicare, and other levies are also added. There are many ways to reduce taxes. Here are six strategies to help you protect …
Small Business Health Care Tax Credit
You have a lot of decisions to make as a small business owner regarding employee benefits. Offering the right perks can encourage experienced candidates to apply for a job while encouraging existing employees to stay longer with your …