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The US government pays out Social Security benefits via payroll income tax. It’s lack of ability to manage money efficiently has left the Social Security trust fund in a downward spiral. With the baby boomer generation aging in, much more … Continued
The coronavirus could cost the economy nearly $8 trillion, according to the Congressional Budget Office. It is said that there is a price to be paid for pretty much everything. What will the cost be of COVID-19 in the coming … Continued
The 2020 CARES Act provides rebates to most U.S. taxpayers, putting cash in the hands of individuals and families to help ease the economic impact of COVID-19. Eligibility: Individuals who meet the following criteria are eligible for a full $1,200 … Continued
How much do I really pay? A common misconception regarding taxes is the total amount owed based on the highest marginal tax bracket. For example, some people believe that if their income reaches the 37% marginal tax bracket, they will … Continued
The highest marginal federal tax rate in history was 94% in 1944. Today it is 37%. Before you put money into a 401(k), SEP or traditional IRA, make sure you understand that you’re deferring the taxes and you’ll have to … Continued
Many people use IRAs to save money for retirement. Unfortunately, a lot of people don’t completely understand how taxes are levied on IRAs. It’s important to choose the type of IRA that coincides with the level of taxes you believe … Continued
Sixty-year-old Toby Phillips (not his real name) started his business a few decades ago out of his garage in Southern California. What initially began as a hobby, turned into a way to make a few extra dollars on the weekends. … Continued
As we near the end of the year, Congress must pass a budget to prevent a government shutdown. Just like other bills that Congress pass, this one includes changes to existing laws. This bill includes a piece of legislation that … Continued
Save on Interest or Save More Money Typically, we’re shown how much money we’ll save in interest on a 15 vs 30-year mortgage option. Unfortunately, most people aren’t taught how much money they will lose by paying off a mortgage … Continued
Another Prediction Realized It was a cold Winter day in 2010 when I walked the icy streets of Washington D.C. from my hotel to our Nation’s Capitol. I was there to learn about and discuss the ‘Affordable Care Act’ legislation with … Continued