Do you need more incentive to generate passive income in order to give yourself more freedom? Then look no further than the below two charts. They show the 2024 and 2025 capital gains tax rates by income for both short-term and long-term. The short-term capital gains tax rate is equivalent to your federal marginal income […]
Short-Term And Long-Term Capital Gains Tax Rates By Income Read More »
Taxes are our largest ongoing liability. As a result, it behooves us to optimize our taxes as much as possible. This post will discuss all the smart money-saving tax moves to make by year-end. It gets updated once a year to follow new tax laws. After fake retiring in 2012, my desire to make maximum income
13 Smart Money-Saving Year-End Tax Moves To Make Read More »
For the first time in my life, I accidentally paid my estimated taxes twice. If you ever do the same, I want to share with you what happens next and when you’ll get your overpayment back. Bottom line: Don’t worry too much. You’ll eventually get your money back within six weeks.
Accidentally Paid Your Estimated Taxes Twice? Don’t Worry! Read More »
For the longest time, I’ve been a proponent of paying federal income taxes. Federal income taxes among all other taxes collected are used to pay for Social Security (~23% of budget), defense and security (~16% of budget), major health programs such as Medicaid and Medicare (~25% of budget), and other social safety nets. Somebody has
How To Feel Less Guilty About Paying No Federal Income Taxes Read More »
Seeing your property’s value go up feels good, especially if it goes up more than what you made from your day job. However, the biggest downside is your property taxes will likely go up as well. For as long as I can remember, I’ve always stood up for myself. Whether it was getting bullied at
Fighting My Property Taxes And Losing: Key Lessons For Battle Read More »
The 2022 income tax brackets and standard deductions are out! Although the actual income tax brackets have not changed, the taxable income range per tax bracket has adjusted upward slightly to account for inflation. That’s nice of the IRS, but at the end of the day, the government still wants our money!. Here are four
2022 Income Tax Brackets And The New Ideal Income For Maximum Happiness Read More »
The historical gift tax exclusion amount is $19,000 for 2025, up from $18,000 in 2024, $17,000 in 2023, and $16,000 in 2022. As a result, you may want to contribute more to your child’s 529 plan or give them more money if your estate may surpass the estate tax threshold when you pass. Despite paying
Historical Gift Tax Exclusion Amounts: Be A Rich Strategic Giver Read More »
The Tax Policy Center recently calculated most working Americans didn’t pay federal income taxes in 2020. According to the chart below, supposedly 106.8 million out of 176.2 million total income tax filers did not pay federal income taxes. That amounts to 60.6 percentage of Americans don’t pay federal income tax! Given there are roughly 332
Most Working Americans Don’t Pay Federal Income Taxes – A Problem? Read More »
ProPublica published an article highlighting how 25 of the wealthiest Americans paid a tiny fraction of their wealth in taxes. This makes sense because the type of tax that is often discussed is levied on income, not wealth. If you pay yourself a low income and never sell assets, then your tax bill won’t be
Never Sell Assets And Pay Less In Taxes Like Billionaires Read More »
If you decide to sell your house to simplify life, lock in gains, downsize, or relocate for a job, this article will help you minimize your capital gains tax bill. You may even be able to pay no capital gains tax after selling your house for big bucks. According to the IRS, most home sellers
How To Pay No Capital Gains Tax After Selling Your House For Big Profits Read More »
