Today is National Earned Income Tax Credit Awareness Day! The Earned Income Tax Credit (EITC) is the country’s largest program for working people with low to moderate income. According to the IRS, about 23 million eligible filers received the EITC as of December 20...
Age 18 or younger as of the end of the year (unless the child is a full-time student, in which case the student has to be 23 or younger). Exception: A person who is permanently and totally disabled at any time during the year qualifies, no matter how old. A resident with you in...
The birth of a child is not just a blessed event; it's the beginning of a whole new set of tax breaks for your family. Learn how the newest addition to your family can help trim your tax bill, and how to save for your child's future in the most tax-effic
Earnings per share (EPS) is a measure of a company's profitability that indicates how much profit each outstanding share of common stock has earned. It's calculated by dividing the company's net income by the total number of outstanding shares. The higher a company's EPS, the more profit...
adjusted gross income can be used by government agencies, banks, and even private companies to check if someone meets the criteria for a certain program, benefit, or application. For example, certain income-driven student loan repayment programs may use AGI to help determine if someone qualifies....
Another aspect of this financial plan is capital budgeting. This is the long-term financial plan for larger financial outlays. Capital budgeting relies on many of the same fundamental practices as any other form of budgeting but it has several unique challenges. These budgets are often exclusively...
On a related note, any cash back that isn’t earned from spending is usually taxable. For example, if you refer a friend to a credit card and earn a referral bonus, you’ve been compensated by a bank for helping them acquire a new customer. That qualifies as income, not a rebate. ...
If the sum of your adjusted gross income, nontaxable interest and half your Social Security benefit is higher than $25,000 as an individual and $32,000 as a married couple, you might have to pay income tax on up to 50% of your Social Security payments. If these inc...
I have an IRA. I want to buy an immediate annuity and start receiving income at the beginning of the coming year so I don't pay any taxes on it this year. When should I contact you? Hersh Stern (ImmediateAnnuities.com) 2015-07-27 08:36:10 Hi Phil- Since the new year is more ...
For many, that might mean excluding a primary residence as a retirement asset," he says. Related: Which Generation Has the Most Wealth? "If it doesn’t bring you income, and you don’t plan to sell it because you need to live in it, then one may not want to use it for retir...