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Social Security is generally considered a tax-free benefit, but that is not always the case. Depending on the amount of alternate income that you have in retirement and your filing status, you could owe taxes on up to 85% of your Social Security benefits.

If you receive Social Security or Social Security Disability Insurance (SSDI) income, you will also receive a Form SSA-1099 from the government. This form tells you the total amount of your benefits but does not tell you if any of your benefits are taxable, or at what percentage.

You can IRS Free File to e-file your return (if you make no more than $72,000), and the software will figure the taxable component of your benefits for you. However, you can get a reasonable estimate by combining half of your Social Security benefits with all other income (includi...

How To Increase Your Social Security Payments After You've Retired

6 Social Security Secrets

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How do you know if your investments are performing well? Your first thought might be to look at a chart and figure out how much they’ve grown in value over time—but that’s not always the best answer. Instead, you need to understand total return, which takes into account how much an investment has gained in […]

Generally, you can’t contribute to an individual retirement account (IRA) unless you earn an income in a given year. The spousal IRA, however, is an exception to this rule. If one spouse works and the other spouse has zero earned income, the working spouse is allowed to contribute double the normal limits to an IRA […]

MoneyTips

With businesses and individuals taking steps to return to normal living, there's a lot of pent up consumer demand to spend. The new term "revenge shopping" implies that consumers will be making up for lost time with a boom in products and experiences they couldn't purchase during the lockdown.

The National Retail Federation estimates that retail sales will increase between 6.5 to 8.2 percent this year over last year to a total of $4.4 trillion, exceeding the 4.4 percent average during the previous five years. Of those who plan to indulge in a few revenge purchases, the 2021 McKinsey consumer sentiment report found that around half of consumers admit to being pandemic-fatigued and intend to splurge on things like high-end fashion, beauty, and electronics.

Though an occasional splurge won't completel...

Save Money By Making Internet Shopping Harder

7-Step Guide To Managing Your Bills

The Costs Of Convenience

A stock market bubble—also known as an asset bubble or a speculative bubble—is when prices for a stock or an asset rise exponentially over a period of time, well in excess of its intrinsic value. Eventually, prices hit a wall and then fall very far, very fast, as the bubble “pops.” Bubbles can occur to […]

Capital One, previously lagging behind its competitors in the transferable miles space, has significantly improved both the value and the variety of its transfer partners. Most notably, Capital One offers transfer partners that are unique to its program at a ratio that can be rewarding for cardholders. At the same time, the bank is also […]

Inflation may be an unavoidable economic fact of life, but it’s starting to make a lot of people very nervous. Economists, investors and everyday folks believe inflation is primed for rapid growth as trillions in federal stimulus spending is layered on top of the Federal Reserve’s rock-bottom rates, a nascent economic recovery and hordes of […]

MoneyTips

It is an exciting time when you start your new business. You have so many things to think of that you may forget one of the most important aspects — taxes. Before you dive into the business world, take a few minutes to consider the tax aspects of your new business.

Your tax obligations are strongly affected by the type of business structure you choose. Typical business structures include sole proprietorships, partnerships, C Corporations, S Corporations, or Limited Liability Corporations (LLCs).

Sole proprietorships, partnerships, and LLCs are reported using personal tax returns because profits are passed through to the owners. Other corporate structures require filing a corporate tax return. Corporate structures generally shield personal accounts from business debt but come with varying levels of tax reporting and compl...

Top 10 Home Office Tax Deductions

How To Save For Taxes If You Are A Freelancer

When Credit Card Debt Is Tax-Deductible

MoneyTips

You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.

"Death taxes" are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate taxes apply to the front end of the wealth transfer process and are subtracted from the overall value of the estate. They only apply to huge estates and reduce the size of your inheritance upfront; you have no further tax obligation. The Tax Cuts and Jobs Act (TCJA) increased the estate tax lifetime exemption amounts to $11.58 million for single filers and $23.16 million for married couples filing jointly in tax year 2020.

Inheritance taxes, where they exist, apply to recipients. There are no federal inheritance tax...

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Tax Shelters 101

6 Hot Taxation Topics (Infographic)

Closed-end funds are investment vehicles that bear a passing resemblance to mutual funds and exchange-traded funds (ETFs). All three fund types are pooled investments that sell shares to investors and use the proceeds to build a broadly diversified portfolio of assets. But the similarities between closed-end funds and their mutual fund and ETF brethren end […]

If you are researching credit cards, you have probably seen cards offering rewards in two ways: cash back or flexible rewards points. Cash back cards make it simple to understand how you earn rewards, but credit cards earning flexible points such as American Express Membership Rewards or Chase Ultimate Rewards may be tempting you with […]

A stock exchange is a marketplace where stocks, bonds and other securities are bought and sold. But stock exchanges are more than just markets: They provide companies with a valuable way to raise capital, encourage investors and companies to be open and transparent, and help the public as a whole understand the value of their […]

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