I'm not ashamed to admit I make mistakes. After all, everybody screws up occasionally; for us humans, mistakes come with the territory. For example, I remember the time I decided it would be great fun to play Wii golf for eight consecutive hours. ...
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Comparing the Flat Tax, Fair Tax, and Progressive Tax Systems
If you dread filing your taxes every year, it's good to know there are multiple taxation systems besides the current progressive one here in the United States. So if you've heard the terms "flat tax" or "Fair Tax" then you may be wondering what they ...
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19 Things Your Millionaire Neighbor Won’t Tell You
Although having a million bucks isn't as impressive as it once was, most people still consider it as a sign of financial success. And judging by the number of actual millionaires enjoying life in the world today, there are apparently quite a lot of ...
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The 10 Most Overlooked Tax Deductions (and How to Claim Them)
Like it or not, Tax Day is always "just around the corner." So it's never very long before millions of people just like you are carefully sifting through their paperwork from the previous tax year so they can figure out what they can deduct to lower ...
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What is the ‘Pink Tax’?
Ladies: Watch out for the Pink Tax. What is the pink tax? You probably won't see any news about it in the papers, as it's nothing Congress has passed or proposed. If you're a woman, though, chances are you've experienced it or maybe even noticed it ...
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Good Personal Finance Habits Everyone Should Follow
There are good habits and there are bad habits - and I have a lot of bad habits.
For example, I tend to bite my nails when I get stressed out. I also have a penchant for opening the cupboard to get a drinking glass -- then walking away and leaving ...
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5 Red Flags That Your Accountant Isn’t Right for You
An accountant is meant to help smoothly guide you through your personal or professional financial journey. They’ll gather financial documentation, prepare you for tax filing, and ensure that you’re compliant with all tax laws. A good accountant will ...
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How to Reduce Tax Filing Fees: Expert Tips for Affordable Tax Prep
Filing taxes can be a real headache, and it often comes with a hefty price tag. But it doesn't have to break the bank. Whether you're a DIY tax filer or someone considering professional help, there are plenty of ways to reduce tax filing fees. From ...
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Is Mortgage Interest Tax Deductible?
Is mortgage interest tax deductible? The short answer is "yes!" Homeowners who choose to itemize can deduct interest from their income taxes on as much as $750,000 in mortgage debt and up to the same amount of home equity loan debt on a primary ...
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10 More Financial Old Wives’ Tales Masquerading As Rules of Thumb
There are people out there who swear that if you're lucky enough to see the first flower of springtime on a Friday, it's a sign of impending wealth.
I know. I don't buy it either.
Still, let's assume these folks know what they're talking about; ...
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Tax Prep Expert Options: Which One Is Right for You?
It may be summertime, but doesn't it feel like the income tax filing deadline is always just around the corner? Complicating matters is the fact that there are many tax prep expert options available to us.
When choosing the right professional to ...
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The Ultimate Guide to Tax Resolution: What You Need to Know
Tax issues can be overwhelming and stressful, but understanding tax resolution can help you confidently navigate these challenges. Whether you're facing back taxes, audits, or other tax-related problems, solutions are available to help you get back ...
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4 Important Small Business Tax Tips
Decisions about your business tax return can have a huge impact on your company profit. If you do some planning, you can reduce the amount of taxes you need to pay. Planning also helps you avoid any penalties and interest on your tax return. Use ...
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Why Inflation Is Taxation Without Representation
Inflation is a tax that doesn't require legislative approval. In other words, inflation is taxation without representation. Let's look at an example. Assume your savings account earns a very modest 3% interest. Whether that interest is taxed at 100% ...
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Don’t Feel Guilty: Getting a Tax Refund Is OK
Getting a tax refund is OK, right? Well ... from a financial perspective, there's no doubt that it's better to maximize the withholding exemptions on your W-4 form. Why? Because the resulting additional take-home pay can be invested or placed in an ...
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9 Crazy Tax Deductions That the IRS Actually Accepted
Uncle Sam has bills to pay, which is why, with Tax Day just around the corner, millions of Americans are carefully sifting through their accounts in order to see what they can deduct as a legitimate expense at the last minute. Of course, most ...
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My 13-Year-Old Daughter Shares Her Financial Fears
I'm only 13 and I'm worrying about my future. Not in an academic kind of way, but in a financial one. Yes, kids have financial fears too! That's because there are certain things that terrify me about growing up and living on my own. Here is a list of ...
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Tips for Maximizing Your Investment Returns
If you're looking for tips on maximizing your investment returns, it's important to understand that being a savvy investor these days is not nearly enough. You also have to be sure you're investing in the most tax-efficient manner possible.
A ...
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Top and Bottom US Federal Income Tax Rates Since 1913
And you thought tax rates on regular income were outrageous today. Consider how high the top and bottom income tax rates for both were 80 years ago. Yikes!
In 1944 and 1945, taxpayers handed over 94% of their hard-earned income to the federal ...
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9 Affordable Trips You Can Pay for with Your Tax Refund
Many Americans are up in arms about reduced tax refunds this year -- hopefully, you're not on the short end of that stick -- but all is not lost. You can still get away on budgets with affordable trips that range from small to a little more generous. ...
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