Lately, I’ve been thinking more about estate planning. Part of it is just getting older. Part of it is having young children I want to protect no matter what. And part of it is watching the unsettling rise in political violence, which is a stark reminder that life can be cut short unexpectedly. As I […]
How The Irrevocable Life Insurance Trust Saves Families From the Estate Tax Hammer Read More »
If my posts on the mistake of chasing value stocks or the need to invest big money to make life-changing money don’t resonate, consider hiring a financial professional to manage your portfolio. You may not be obsessed enough to consistently invest the amount needed to retire comfortably. Offloading the burden of investing frees up your
The Most Common Tax Planning Mistakes For High Earners Read More »
In Spring 2025, I sold one of my properties and will successfully exclude $500,000 in capital gains, tax-free, thanks to the IRS Section 121 Exclusion. For those unfamiliar, this powerful rule allows homeowners to exclude up to $250,000 in capital gains if single, or $500,000 if married filing jointly, from the sale of a primary
How To Use The Tax-Free Home Sale Exclusion Every Two Years To Save Read More »
On July 3, the House narrowly passed the One Big Beautiful Bill Act (OBBBA) with a 218–214 vote. According to the nonpartisan Congressional Budget Office (CBO), the bill will add an estimated $3.3 trillion to the budget deficit over the next 10 years. Trump signed the bill the next day on July 4. To help pay for it, OBBBA
The One Big Beautiful Bill Act’s (OBBBA) Impact On FIRE Seekers Read More »
On February 6, 2025, the White House announced a series of tax cuts primarily benefitting the middle class and retirees. Here’s what’s on the table: The administration is calling this the largest tax cut in history for working Americans, and with Republicans in control of Congress, these proposals are likely to move forward.
Tax Cuts for the Middle Class and Retirees: A Win for Your Wallet Read More »
The IRS has announced new income limits for its seven tax brackets for 2025, with income thresholds increased by about 2.7% to adjust for inflation. This follows a 5.4% increase in 2024 and a historically large 7% bump in 2023. Reaching a top one percent income is becoming more challenging given the threshold keeps increasing
2025 Tax Brackets: New Ideal Incomes For Workers And Retirees Read More »
The rich are frequently criticized for not contributing their fair portion of taxes. However, when examining income taxes, it becomes evident that the wealthy actually contribute more than their fair share. Here’s a chart displaying the proportion of income taxes paid by different income groups from 2001 to 2021. In 2001, the top 1% contributed
The Rich Pay More Than Their Fair Share Of Income Taxes Read More »
During the global financial crisis in 2008 – 2009, I expected the San Francisco Property Assessor Office to automatically lower my property tax bill. After all, home prices had topped out at the end of 2006 and had declined about 5% a year for three consecutive years. Instead of receiving a property tax bill reduction,
Downgrade Your Property Statistics Online To Lower Your Property Taxes Read More »
The IRS has introduced new income limits for its seven tax brackets for 2024. Thankfully, the thresholds have all increased by 5.4% to account for inflation. In 2023, the IRS expanded its tax brackets by a historically large 7%, reflecting last year’s elevated inflation. Although it’s getting harder and harder to earn a top one
2024 Income Tax Brackets And The New Ideal Income Read More »
The mortgage interest deduction is a positive benefit for homeowners. This itemized deduction allows homeowners to subtract mortgage interest from their taxable income, thereby lowering the amount of taxes they owe. The current maximum mortgage interest deduction is based on a $750,000 mortgage amount. Before the Tax Cuts And Jobs Act (TCJA) passed in December
How To Calculate Mortgage Interest Deduction If It’s Over The Max Read More »
