You’ve probably wondered why your bonuses are so heavily taxed. It’s all in the tax law. There are two methods to determine bonus withholding. One method is called the Percentage Method; the other is the Aggregate Method. Which method is used to tax your bonus is determined at the state level. The Percentage Method The […]
Financial windfalls are double edged swords. One the one hand, you have a large sum of money. On the other, you can be placed into a situation you are not prepared to handle. Sales of real estate or businesses usually involve the conversion of an liquid asset into large amounts of ready cash – presenting […]
Many people have begun to file their taxes for 2015 to get their returns early and some have already received refunds. However, everyone has until April 15 to file their taxes. So, if you are still waiting to file, you may already have a tax broker in mind or maybe you are looking for a […]
The Internal Revenue Service (IRS) is reminding taxpayers born before July 1, 1945, that they must receive payments from their individual retirement arrangements (IRAs) and workplace retirement plans by Dec. 31. Required minimum distributions (RMDs) are payments that normally must be made by the end of 2015, however, a special rule allows first-year recipients of […]
One of the most important topics presidential candidates talk about is taxes. People are always wondering what the candidate’s stance on tax reform, Social Security and Medicare is. During Wednesday night’s GOP debate, candidates seemed to have taken a variety of different stances on the big topic. Taxes are a complicated thing Political debates leading […]
A month into the final quarter of the year, the Social Security Administration (SSA) and IRS have announced that there will be changes affecting your Social Security withholdings and 401(k) deferral for 2016. Social Security Wage Base Remains at $118,500 for 2016 The 2016 social security wage base will be $118,500, which is unchanged from […]
Demographics changes, relocating and the recession have led to the buying and selling of many homes across the United States. Selling your home can be difficult, but many people pass up their opportunity to use what they make on the house in the best way possible. “They think the market still has upside so they […]
October is winding down, which should get you thinking about planning for next year’s budget. Tax planning is an important component of this. In fact the IRS recently announced information regarding changes in the 2016 limits for pension and 401K plan contributions. Since retirement contributions are a major part of many peoples budgets, the sooner […]
Have you ever heard people talking about the skills you need in order to get a job? Or maybe you’ve seen lists of skills you should have in order to pursue a certain hobby. Well, having a certain set of skills in order to improve your finances is no different. While there are many skills […]
If you’re relying on an IRS refund to cover bills or make a major purchase, it helps to know when you’ll be paid. This post tells you when you can expect the money you are owed. Although the IRS no longer publishes a refund schedule, you can get a good idea of when to expect […]
