Have you ever wondered what happens if I don’t pay my taxes? This article will share with you all the possibilities of what might happen. If you are like me and millions of other screwed Americans, you owe taxes by April 15. I used to think that it was always better to owe taxes each […]
What Happens If I Don’t Pay My Taxes? Penalties And Solutions Read More »
Some people have asked me whether they should file a tax extension (tax form 4868) if they can’t afford to pay their tax bill. Unfortunately, being unable to pay your taxes isn’t a reason the government accepts to file an extension. Neither is procrastination. The only reason I can think of for filing an extension is
The average tax refund is around $3,000 in America according to the IRS for 2025. That’s down 8.5% from the year prior due to Trump’s Tax Cuts And Jobs Act which raised taxes on Middle Class Americans. Since saving, or not spending $154 a month is difficult for many, I’m OK with such a refund.
The Average Tax Refund And What To Do With It Read More »
The marriage penalty tax is discrimination. But given the marriage penalty tax doesn’t hit everybody, there hasn’t been enough uproar to make it go away. Thankfully, the marriage penalty tax has been abolished for 98% of households. In the past, I used to wonder why two individuals with high incomes or two individuals with a
The Marriage Penalty Tax Has Been Abolished, Hooray! Read More »
One big goal on Financial Samurai is to highlight to readers what is financially possible. Once you know what is possible, you minimize your limiting beliefs and tend to strive much farther. You can actually save more than $100,000 in your pre-tax retirement accounts per year! Let me explain with some basics first. The 401k
How To Save More Than $100,000 A Year Pre-Tax: Open A SEP-IRA Or Solo 401k Read More »
I firmly believe tax policy changes behavior. The higher your taxes go, the BETTER your life becomes! Why? Because at the margin, the less money you keep, the less motivated you’ll be to work. Since the love of money is the root of all evil, the less time you spend chasing money, the happier you will be. One of
How The New Tax Plan Will Ruin Your Life If You’re Not Careful Read More »
Recently, I discovered that finding work is expensive. Fortunately there are tax-deductible job hunting expenses that make it less painful. Thanks to 33% of you voting that I should go back to work full-time, I decided to rev up the rusty job search engine after 3.5 years of inactivity. And boy, what a waste of time
Tax-Deductible Job Hunting Expenses – Finding Work Is Expensive! Read More »
Here are the key points from the now passed Trump administration’s tax plan for 2018 and beyond. This is the Republican tax plan. After reviewing the key points, I share my thoughts on how to win under this possibly new tax environment. The audio version is at the end of the post. Republican Tax Plan Highlights *
How To Win Under The Proposed Republican Tax Plan Read More »
On Wednesday, April 26, 2017, Treasury Secretary Steven Mnuchin and National Economic Council director Gary Cohn announced President Trump’s latest tax plan that proposes to cut corporate taxes and lower personal tax rates. For anybody who has ever made money, you know that paying tax on your income is one of your largest ongoing lifetime expenses. A progressive tax system
The Best Thing About Trump’s Tax Plan: Earning Business Income! Read More »
In 2023, the average tax refund was $3,167, or almost 3% less than the prior year, according to IRS statistics. By comparison, the typical refund check jumped 15.5% to almost $3,300 in 2022, when taxpayers received generous tax credits like the expanded Child Tax Credit. The average tax refund in 2025 will likely be even higher. With the
The Average Tax Refund And How To Spend It To Maximize Profits Read More »
