Have you ever wondered what you would spend money on if you were to win the lottery or suddenly become rich? It can be fun to daydream about the possibilities. After all, there’s no telling what wild, exciting things and experiences would be within reach. While most people are likely stressing about inflation, the rising…
11 Crazy Expensive Things Rich People Buy
September 29, 2022
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Will the IRS Tax Forgiven Student Loans?
By Joy Taylor From Kiplinger’s Personal Finance Question: Is forgiven student debt taxable? Answer: No, at least through 2025. As a general rule, debt cancelation income is taxable. But a 2021 law provides that most student loans forgiven from 2021 through 2025 are tax-free. President Biden’s plan to forgive up to $10,000 in student loans…
Own Rental Property? Here Are Some Tax Deductions
During inflationary times, real estate can act like a hedge against inflation. It can also provide some stability if a recession turns to stagnation. But remember, even when inflation is roaring, people still need housing. It’s common knowledge that a mortgage’s interest can be deducted on a primary residence. But what about rental property? What…
Family Finances: Use Tax Breaks to Lower College Costs
September 27, 2022
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By Sandra Block From Kiplinger’s Personal Finance It’s often said that buying a house is the largest investment most of us will ever make. But if you have a couple of children, the cost of sending them to a four-year college could exceed even that big-ticket item. Three kids—or at least one with Ivy League…
Will You Be in a New Tax Bracket Next Year?
No one likes paying taxes, but they are part of life. Getting your annual taxes as low as you can is something everyone wants, but this next tax year may mean paying more taxes for some. The Internal Revenue Service (IRS) will make a tax bracket-adjustment soon—and it probably will put some people into a…
A Yale Professor Takes a Look at Popular Financial Tips
September 25, 2022
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Personal finance is a popular topic, as managing, investing, and budgeting money is an imperative part of life. However, just how you should do that depends entirely on who you ask. And there is certainly no shortage of experts, talking heads, and influencers ready to give their opinion. There is a large rift between financial advice given…
How Will Increased IRS Staffing Affect Americans?
September 13, 2022
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The Inflation Reduction Act is adding 87,000 IRS agents. With current staffing at 79,000, this more than doubles the IRS roster. This will return IRS personnel numbers to 1990 levels. The argument for the increase is tax enforcement of wealthy individuals and corporations. The projections and arguments may not hold up when analyzed. How will…
Tax Deductions You Can Get for Running a Home Business
These days, almost anyone can start a home business. The opportunities are there, and many of them do not cost a bundle to get started. The IRS is even favorable to home-business owners—and the self-employed—enabling you access to a wide range of tax deductions. Many tax deductions for a home-based business are available. The IRS…
Will Your Kids Inherit a Tax Bomb From You?
September 12, 2022
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You can have good intentions with your estate to pass it on to your heirs. You are sure that they will enjoy the benefits of it and have informed them of it. It is possible, though, that if you have not prepared to get around inheritance taxes, they may not receive nearly as much as…
Business Mileage Demystified: How To Save Money While Not Increasing Audited Chances
When it comes to business tax deductions, one of the most overlooked helps are your auto and transportation fees. This may be because business owners are either unaware of this benefit or just don’t believe that it’s worth the hassle. The thing is, business mileage deductions aren’t that complicated. And, when done correctly, your could even end…
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