If you’re a home-based business owner, you can also benefit from the home office deduction, which is based on the percentage of your home space used for business purposes. These are just a few of the more common ways to boost your tax refund. Just make sure you gather all the necessa...
Excise taxes are a type of tax charged for specific goods and services, such as alcohol, tobacco, fuel, and airline tickets.
"After the tax (reform) passed, the marriage penalty shrunk," says Mela Garber, tax leader at accounting firm Anchin, Block and Anchin in New York City. However, it still exists for high earners and hasn't been eliminated for some nuanced parts of the tax code, such as the portion of ...
Elizabeth Rivelli is a freelance writer with more than three years of experience covering personal finance and insurance. She has extensive knowledge of various insurance lines, including car insurance and property insurance. Her byline has appeared in dozens of online finance publications, like The ...
Introduced in the early 1980s, traditional 401(k) plans allow employees to make pretax contributions from their salaries up to certain limits.910 When a worker signs up for a 401(k), they agree to deposit a percentage of each paycheck directly into an investment account. Employers often matc...
There are choices to make surrounding your remaining $1,800 in monthly salary. Ideally, the first step is to establish an emergency fund or perhaps a tax-advantagedhealth savings account (HSA). To be eligible for a health savings account, your health insurance must be ahigh-deductible health...
Did you know: The first four digits of your routing number pertain to the Federal Reserve. The next four digits are unique to your bank. Consider those the bank's address for the Federal Reserve. The final digit is a mathematical calculation of the first eight digits - it's used to prev...
qualified charitable organizations is generally limited to a percentage of the individual’s adjusted gross income (AGI). The specific percentage limit depends on the type of organization and the nature of the donation. Any excess amount can typically be carried forward and deducted in future tax ...
Building an emergency fund is another key risk management strategy. An emergency fund acts as a financial safety net, providing funds to cover unexpected expenses such as medical bills, home repairs, or job loss. It is recommended to have three to six months’ worth of living expenses saved ...
Harris, like her rival Trump, has also proposed ending income taxes on tips—a move some economists say would reach a very small percentage of the workforce and lowest paid, and could encourage other professions to replace wages with tips.14 ...