One important disadvantage of working as an independent contractor is that standard employment benefits—such as health, life, dental, and disability insurance; funded retirement plans; paid vacation time; and paid maternity orPaternityleave—are not available. Independent contractors may fund their own...
I will know to the penny what I spent on medicine. I’ll save up all my dentist bills, fastened with a pin. All my insurance payments and social security will be neatly filed–correct from A to Z. But as to this year’s taxes, I fear I’m out of luck. I shake my head over ...
On the other hand, individual excluded expenses would be things like education and medical bills, clothes, vacation plans, life insurance, and any mode of transportation. Single status– Being unmarried, divorced, or legally separated subjects you to the highest tax rates—the single status is the...
From checking out your local library to taking a nature hike, there are plenty of inexpensive and free ways to entertain yourself. Geoff WilliamsDec. 4, 2024 How Stretch Theory Can Help You Save Spend on what you want by tapping into as many cost-cutting techniques as possible. ...
The ol’ tax blog will be here throughout 2025, watching that process and keeping tabs on all the New Year’s tax-saving potential. So, let's get to it now, with the January tax moves below. Jan. 1: Once more for the official monthly tax moves — Happy New Year! Some people ...
Experiencing a major life change or receiving a big refund or a high tax bill are all reasons to consider filling out a new W-4 form and adjusting your withholding amount.
So be careful out there, now and next filing season, and, well, unfortunately all the time. Dec. 19: Are you taking on multiple gig jobs to make some extra holiday cash to pay for all those online orders? Those added side hustles mean you're an independent contractor. And that means...
Charitable donations: In 2024 the annual income tax deduction limits for gifts to public charities1 are 30% of AGI for contributions of non-cash assets—if held for more than one year—and 60% of AGI for contributions of cash. If you give both can and non-cash assets, the overall limit...
If and when a policyholder elects to take the cash value of their whole life insurance policy, the amount they are required to pay taxes on is the difference between the cash value they receive and the total they paid in premiums during the time the policy was in force.3If, for example...
Understanding Principal, Interest, Taxes, Insurance (PITI) The principal and interest on your loan usually make up the majority of your mortgage payment. Mortgage lenders may require borrowers to buyhomeowners insuranceto protect the property from damage. You may also need to pay property taxes, de...