Federal Income Taxes are a percentage of an individual’s or business’s income paid to the government and used to fund public goods and services. If you understand how these taxes work and their purpose, you can better appreciate the benefits and better account for the loss. Taxable Income Federal income taxes are charged only on […]
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Paying Taxes
Many major life changes, such as buying a new home, changing jobs, getting promoted, starting a business, having a child, and more, will have tax implications. But that doesn’t always mean you’ll owe more to the federal government. If you plan ahead, you can make decisions that will reduce or at least postpone the tax […]
Tax Brackets and Statuses
How much you owe in federal income taxes is determined by many factors, but your tax bracket and status will likely have the biggest impact. Tax Brackets You pay federal income tax at one or more tax rates, or percentages, based on the tax bracket(s) you fall into. A tax bracket is a range of […]
Transitioning to Retirement
Transitioning to retirement takes planning and preparation. But if you’re wise, you can set yourself up for success. Whether you have a pension or a retirement fund that you’ve been contributing to during you career, you might need your first retirement payment the month after you receive you last paycheck. This means you’ll need to […]
All About Individual Retirement Accounts
Roth vs Traditional There are two types of IRAs: a traditional IRA and the Roth IRA. The main difference between them is when you pay taxes. A traditional IRA is tax deferred. This means that you can contribute money before it’s taxed, and you don’t owe taxes on those contributions or your earnings until you […]
Scams Targeting Seniors
Scammers target seniors more aggressively than any other group. Recognizing the most common scams helps prevent your money and personal information from getting stolen. Red Flags When you’re contacted by someone—even if it’s someone you think you can trust— it’s wise to check for some common red flags. Pressure to act quickly. Scammers know that […]