What Is the Stepped-Up Basis Tax Loophole?
I remember when I was young, my dad would often say that the only things we “had” to do in this world were eat, sleep, and pay taxes; the rest was up to us. As I grew older, I realized…
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How Much Does Your Job Really Pay? – Calculating Your Hourly Wage
If you’re like most Americans – about 70%, according to a 2017 Gallup poll – you’re not that happy with your current job. Maybe you’ve fantasized about quitting to do something more satisfying, like starting a small business or becoming a stay-at-home…
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Why You Should Hire a Certified Financial Planner – Benefits
Are you a planner? I’m not. Until my wife convinced me to join a shared household calendar, I more or less lived by the seat of my pants. I’ll admit that spontaneity extended to my personal finances. Though I’ve always…
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Investment Expense Tax Deduction – Which Fees Can You Deduct?
If you have investments, you may be wondering where you can deduct investment fees on your income tax return. Don’t spend a lot of time hunting around for the right place to enter them. Thanks to the Tax Cuts and Jobs…
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Which Bills to Pay Off First (or Cancel) When Money Runs Tight
Whether it’s from job loss due to a recession, a drop in income, or an unexpected major expense, there may come a time when you struggle to pay your bills. What can you do when your income and expenses don’t…
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Types of Tax-Advantaged Accounts for Retirement, Education, & Health Care
A 2019 report by the Tax Foundation found that the average U.S. wage earner pays 29.6% of their income in taxes, amounting to $17,597 per year. That does not include local or state income taxes, sales taxes, property taxes, excise taxes,…
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What Is Infinite Banking – Pros and Cons of This Concept
Most personal finance concepts are extremely simple. They only seem scary and complicated before you spend a few minutes chatting with someone who can explain them in lay terms. Then there’s the infinite banking concept, or IBC to the initiated….
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Traditional IRA Retirement Account – Benefits & Restrictions
A staple of modern retirement planning, the traditional IRA remains one of the easiest and most widely-adopted tax-sheltered accounts among middle-class Americans. Whether you’re age 20 or 70, you should understand traditional IRAs, their benefits, their restrictions and downsides, and your…
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What Is a Roth IRA Retirement Account?
Two of the greatest financial mistakes made by high earners and the middle class alike include failing to save enough for retirement and failing to take full advantage of tax-sheltered accounts. Fortunately, one solution can help with both problems: the…
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How to Save Money on Books – 5 Ways to Read More While Spending Less
Have you ever heard the expression, “Like a kid in a candy store”? That’s exactly how I feel in a bookstore. The sight of all those beautiful new books, glossy-covered and filled with words waiting for me to read them,…
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