As a self-employed individual, managing your self-employment tax liability can be challenging, but there are plenty of strategies to help reduce the burden. Here are seven effective ways to lower your self-employment taxes, ensuring more of your business income stays in your pocket. 1. Maximize...
Where to start when saving for retirement With several tax-advantaged options at your disposal – which should you choose? Here’s how experts recommend that you proceed: Get any 401(k) match:This employer-sponsored plan should be your top choice if your employer offers any kind of matching...
The real difference of the plan is how tax burdens would change starting in 2026. Under Trump’s plans, someone in the top 0.1% of earners would after taxes get on average $376,910 more in income. The poorest 20% would get just $320 more. Harris’ policies would reduce the average ...
Keep reading to see how the Cash Balance Pension Plan Can Help You Reducer Your Tax and Increase your Retirement Security. We are here to help you reduce your lifetime tax burden. Update:NEWCash Balance Plan Establishment Deadline (3/10/2022) ...
Once you earn a top income, you need to save and invest aggressive to achieve atop one percent net worth. After all, it's often not what you make but what you keep. Broaden Tax Collection Beyond Just The Top Income Earners If only we could get all American wage earns to pay some ta...
There is a general rule of thumb: When saving for retirement, most financial experts recommend an annual retirement savings goal of 10% to 15% of your pre-tax income. High earners generally want to hit the top of that range; low earners can typically hover closer to the bottom since Socia...
Your death could place a sizable financial burden on anyone who relies on you to pay bills. This is where life insurance can help. Using life insurance to replace your income can give your beneficiaries the funds to cover expenses after you die, and give you peace of mind. Nearly one-thir...
High earners are getting hit with the Affordable Care Act Surtax. How to avoid the Obamacare surtax aka Medicare Surtax that is terrible for your tax bill.
President Biden’s Fiscal Year 2024 Budget includes tax increases that would target businesses and high-income individuals and capture $4.8 trillion. According to the Tax Foundation, the budget would reduce economic output by about 1.3% in the long run and eliminate 335,000 full-time jobs. Howev...
Wasteful spending among finance professionals only makes the workplace even more unnecessarily competitive; you have high-income earners who are constantly broke, fighting for every scrap and crumb of a bonus in the bonus pool. If you can exhibit the control you use to advise your clients, some...