The U.S. Supreme Court is always busy making decisions that affect many people. Rulings made in recent days will impact a lot more with regard to their personal finances. Three of these decisions could affect many more people, particularly those with bank accounts, past-due mortgage payments, and student loans. Permission Is Not Needed to Look…
How Recent Supreme Court Rulings Can Affect Your Personal Finances
July 24, 2023
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How Recent Supreme Court Rulings Can Affect Your Pocket
July 24, 2023
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The U.S. Supreme Court is always busy making decisions that affect many people. Rulings made in recent days will impact a lot more with regard to their personal finances. Three of these decisions could affect many more people, particularly those with bank accounts, past-due mortgage payments, and student loans. Permission Is Not Needed to Look…
Why You Should Open a Roth IRA for Your Child
July 18, 2023
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You can give your child a head start in life by opening an individual retirement account (IRA) for them. Allowing it to build interest for decades enables it to grow much more than if you wait until the child is older. Custodial Roth IRAs have some rules that must be followed, but it has many…
Donating Through a Donor-Advised Fund or Private Foundation: Which Is Better?
July 15, 2023
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There are many places to make tax-deductible charitable donations, but getting one that aligns with your intentions is not as easy. When choosing charities to donate to, make sure that the donor-advised fund or private foundation can give to the charities of your choice. If you use a religious group or some community group, they…
Will the IRS Negotiate on Back Taxes?
July 13, 2023
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You’ve probably seen those TV ads with companies claiming they can settle your tax debt for pennies on the dollar. The ad shows happy people saying they owed thousands of dollars but only had to pay hundreds. These companies claim to have great negotiating skills. But will the Internal Revenue Service (IRS) really come down…
How Bonuses Are Taxed and Why
A bonus is a type of payment on top of your regular wages. And you probably wait all year to receive yours. But they’re still income and subject to taxes. You’ll note this when you see that your bonus is much smaller than you thought. There are two ways to tax your bonus. So, what…
IRS Changes Inheritance Rules, Ensuring You Pay More Taxes
July 11, 2023
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Until now, many have enjoyed knowing their beneficiaries could inherit their assets tax-free through an irrevocable trust. It has been used successfully to pass assets safely to children without tax. For many people, it will no longer accomplish that goal. The New Rule on Irrevocable Trusts In March 2023, the Internal Revenue Service (IRS) changed…
Self-Employed? Shouldn’t You Be Making Quarterly Payments?
July 3, 2023
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Starting a new business enables you to enjoy the freedom you want. You are in charge and can run your business how you see fit. You can also get many tax breaks previously unavailable as an employee. Of course, it also means you may need to pay quarterly taxes. People That Need to Make Estimated…
Why You Have Rising Property Taxes and What You Can Do About It
Homeowners have recently seen property taxes become higher than ever. The surge in the cost of owning property started with the arrival of COVID and continues to rise. Many people wonder why and want some tax relief. Some homes have had their property taxes increase more than 37 percent since 2020. CBSNews reports that the…
What You Need to Know Before Making Tax-Deductible Car Donations
Many people need a free car. They may currently be out of work and are trying to find a job, but cannot get to it without a car. Some people needing a car may be women who are now divorced and have no way to get to work and cannot afford a car. Still others…
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