Money Talk

DECEMBER 21, 2023

Below are 12 nuggets of information that I gleaned from 2023 webinars: Getting Going- Some people procrastinate on saving for financial goals because goals seem too big and intimidating. Tax Uncertainty - The tax code is written in pencil. This adds a sense of urgency to tax planning strategies such as Roth IRA conversions.

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401(k) Finance Taxes Media 195

Money Talk

FEBRUARY 15, 2024

With 2023 tax season well underway, now is a good time to examine income tax rates, which are a percentage of taxpayers’ income that is taxed. income tax system is progressive, which means that taxes take a larger percentage of income from taxpayers with higher taxable incomes.

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Taxes 401(k) Commissions Bonuses 186

Money Talk

AUGUST 8, 2024

With less than five months remaining in 2024, now is the time to begin serious tax planning for your 2024 income tax return. I recently attended a webinar with some tips for financial advisors about reviewing clients’ tax returns. Simply look at your 2023 tax return and divide your total tax owed by taxable income.

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Taxes Deductions Deductible Finance 177

Money Talk

APRIL 14, 2022

The 2021 income tax season will soon be in the history books. With income tax calculations still fresh in our heads, this is a great time to do some tax planning for 2022. Here are 12 tax topics to consider: Itemized Deductions- Only about 10% of taxpayers can itemize since the Tax Cuts and Jobs Act went into effect in 2018.

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Taxes Family and Medical Leave Act 401(k) Deductions 189

Money Talk

FEBRUARY 23, 2023

Knowing your tax rate can help you prepare a tax return and take action(s) to reduce your tax liability. Do you know your federal income tax rate? You may actually have several different tax rates (e.g., This post describes the different federal tax rates that apply to taxpayers. a year and a day or longer).

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Taxes Retirement Plan Finance Commissions 188

Money Talk

SEPTEMBER 14, 2023

One of the niche audiences for my business, Money Talk , is older adults grappling with financial issues such as creation of a retirement “paycheck,” paying taxes on required minimum distributions (RMDs), and simplifying financial accounts. Tax-free accounts (e.g., Tax-free accounts (e.g., Tax-deferred accounts (e.g.,

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Taxes 401(k) Retirement Plan Pension 195

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. A larger standard deduction means that taxpayers can shelter more income from income taxes. an elective surgery) that exceed 7.5%

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Taxes 401(k) Deductions Deductible 189

Money Talk

JUNE 16, 2022

If you picture retirement planning and taxes as a Venn Diagram, there is lots of overlap between these two areas of personal finance. This is true both during one’s working years (when taxpayers are saving for retirement) and later, when people are older and withdrawing taxable income from tax-deferred accounts.

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Taxes 401(k) Retirement Plan Pension 189

Money Talk

MARCH 29, 2023

Last year, I wrote a post that described the pros and cons of filing your income taxes by paper or electronically (e-filing). Looking back, it was also a “personal pep talk” for me because I knew I was part of a dying breed of paper income tax filers. of tax returns are filed by paper or, in numerical terms, nearly 13.2

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Taxes Electronics Finance Software 189

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. Below are some money-saving tax planning strategies to consider. tax-deferred retirement plan contributions and charitable gifting) are already accounted for.

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Taxes Retirement Plan Deductions Deductible 159

Money Talk

FEBRUARY 22, 2024

With income tax season well underway, many people are getting ready to see a tax preparer to get their 2023 income tax return prepared and filed before April 15, 2024. Some may have a long-standing tax pro while others are selecting a tax preparer for the first time. About half of U.S. About half of U.S.

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Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. This post extends that discussion with a description of seven key steps to take to plan for your 2024 tax return due in 2025. The IRS withholding estimator can help make this calculations.

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Taxes 401(k) Retirement Plan Health Savings Account 126

Money Talk

DECEMBER 29, 2021

Income Taxes- Tax filing was pushed back to May 17 and advance child tax credits were sent to income-eligible families with children from July to December. There was also late notice of tax exemption for up to $10,200 of 2020 unemployment benefits. savings bond purchases due to inflation fears, meme stock (e.g.,

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Finance Taxes Insurance Retirement Plan 363

Money Talk

JUNE 28, 2023

Below are ten mid-year financial tweaks and tasks: Tax-Deferred Savings Tweak - Perhaps you will get a raise on July 1. Consider completing the paperwork needed to save more money from July to December in your employer’s tax-deferred retirement savings plan. The 2023 maximum pre-tax contribution is $3,050.

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Flexible Spending Account Banking Health Savings Account Taxes 242

Money Talk

MARCH 2, 2023

Last year, I noticed a new trend that has continued into 2023: ads on social media about online financial seminars focused on required minimum distributions (RMDs) and income taxes owed in later life. Kernels of Truth - Wrapped up in the colorful language and scare tactics was accurate core information: 1.

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Taxes Consulting Education Finance 245

PayrollOrg

OCTOBER 17, 2023

PayrollOrg’s Government Relations Task Force commented on the IRS’s information collection notice on federal employment tax forms in September.

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Taxes Employment Government 129

Money Talk

JUNE 5, 2024

Webinar attendees were encouraged to aim for 3 to 6 months of essential expenses in emergency savings, automate savings if possible, and put tax refunds to work by saving all or part of them. It does not endorse specific products or services and should not be construed as legal or financial advice.

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401(k) Finance Taxes Utilities 314

Money Talk

MAY 11, 2023

If taxpayers are near the top of a marginal tax bracket , RMDs can move them up to a higher tax bracket. Use of RMD Withdrawals - A chunk will pay income taxes. Multiple RMD Ages- People with tax-deferred retirement savings accounts born in 1950 or earlier have a RMD of 72 (or 70½ for those who turned 70½ prior to 2020).

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Retirement Plan Taxes Finance Government 246

Money Talk

OCTOBER 27, 2022

While taxpayers have until the tax filing deadline in April 2023 to contribute to an individual retirement account (IRA) for 2022, many people prefer to make all of their current year tax-saving moves before year-end. IRAs are not an investment, per se, but, rather, a special classification for tax purposes.

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Money Talk

OCTOBER 11, 2023

Tax Write-Off for Self-Employment Tax - On line 15 of Schedule 2 (for a 1040 form), self-employed workers can write off the deductible portion of their self-employment tax (calculated on Schedule SE), which will lower adjusted gross income (AGI), a trigger for many other taxes.

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Money Talk

JANUARY 18, 2023

Marginal Tax Brackets - Income ranges in the seven marginal tax brackets ranging from 10% to 37% are inflation-based. When bracket incomes rise, people may be taxed at lower tax rates. Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., million in 2022).

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401(k) Banking Deductions Deductible 246

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions. money that has been taxed) and can be withdrawn at any time for any reason tax-free and penalty-free.

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401(k) Taxes Retirement Plan Pension 186

Money Talk

MARCH 15, 2023

Three Types- Fixed annuities are like CDs, only tax-deferred, and guarantee a certain interest rate for a specified time period. Variable annuities are like mutual funds, only tax-deferred, and their owners select underlying mutual funds, called subaccounts, which determine an annuity’s performance. Medicaid planning, 2.

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401(k) Life Insurance Taxes Insurance 245

Money Talk

JANUARY 4, 2023

Taxes - The average income tax refund in 2022 was $3,039, but some families with advanced child tax credits faced tax payments. Some states held sales tax holidays in response to high inflation. For more information about 2022 personal finance events, review this reference list.

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Finance Banking Taxes Food 245

Money Talk

APRIL 20, 2023

Individual Retirement Account (IRA)- There are two types: traditional (funded with before-tax dollars) and Roth (funded with after-tax dollars). The contribution limit for sole proprietors is 20% of net self-employment earnings and the deadline for deposits is the filing deadline for each tax year.

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401(k) Pension Retirement Plan Taxes 246

Money Talk

AUGUST 10, 2022

Tax on Social Security Benefits - Income from unretiring may push older taxpayers into the income range where tax is due on a portion of Social Security benefits. Tax Withholding Adjustments - Adding income from employment to what could be multiple streams of income in later life (e.g., Best wishes for a great encore career.

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Disability Insurance Taxes Health Insurance Pension 246

Money Talk

SEPTEMBER 30, 2022

Many are middle income taxpayers who diligently saved and invested for 4-5 decades in tax-advantaged plans. As I wrote in my book Flipping a Switch , some older adults must “plan for higher taxes in the future, especially when required minimum distributions (RMDs) kick in.” IRMAA surcharges. to $573.30 for Medicare Part B and $12.40

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401(k) Taxes Pension Deductions 245

Money Talk

JANUARY 26, 2022

One of the most daunting financial aspects of retirement, especially for people who have been diligent savers throughout their working years, is taking required minimum distributions (RMDs) from their tax-deferred retirement savings accounts beginning at age 72. New RMD tables went into effect in 2022, so this is a good time to discuss RMDs.

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401(k) Taxes Retirement Plan Finance 189

Money Talk

APRIL 4, 2024

All other tax-deferred plans, like 401(k)s and the thrift savings plan (TSP), must have RMDs calculated separately. It is trained on a massive data set of text, pulls information from multiple sources, and consolidates it to create brand new content in response to prompts by users. net investment income tax. saving and credit).

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401(k) Taxes Finance Education 198

Money Talk

JANUARY 13, 2022

and Can you verify the information presented from reputable sources? Think Tax Efficiency - Plan ahead to pay the least amount of taxes legally due on retirement savings. Tax efficiency can have a significant impact on portfolio longevity. Do they have any credentials? Is the content creator trying to sell something (e.g.,

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Taxes Utilities Finance Banking 243

Money Talk

AUGUST 30, 2022

As an age 60+ adult and a CFP® professional, I consider myself fairly well informed about retirement planning topics. Chapter 3 - Three tricky retirement expenses to project in advance are health care, housing, and taxes and the four Ls of spending in later life are Lifestyle, Longevity, Legacy, and Liquidity.

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Retirement Plan Taxes Finance Pension 246

PayrollOrg

JANUARY 17, 2022

Federal Payroll Tax Laws & Regulations. Federal Payroll Tax Laws & Regulations contains payroll-related sections of the Internal Revenue Code and Internal Revenue Service regulations. Federal Payroll Non-Tax Laws & Regulations. APAs Guide to Local Payroll Taxes. Content is updated on a regular basis.

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Electronics Payroll Taxes Online Payroll 197

Money Talk

SEPTEMBER 17, 2022

A/B trust) without explaining them, disparaged the probate process repeatedly, and occasionally presented dated information (e.g., incorrect gift tax and estate tax exemptions from 2021). date of birth) and contact information (address, e-mail, and phone number). The presenter also threw out many legal terms (e.g.,

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Life Insurance Banking Taxes Finance 245

HR Digest

JUNE 23, 2023

Imagine a scenario where you are rewarded with a hefty sum of $26,000 per employee, just by gathering some data and filling out a tax form. Well, this isn’t a fantasy, it’s the reality of the Employee Retention Tax Credit (ERC). Your ERC Tax Credit is on its way! Sounds like a dream, right? Yes, you read that right.

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Taxes Government Employee Retention Consulting 97

WEX Inc.

JUNE 20, 2024

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Calculating your commercial vehicle spend and how it will be impacted at tax time, including mileage and leasing, can make a huge difference in your overall expenses.

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Bonuses Taxes Deductions Deductible 98

Money Talk

MARCH 24, 2022

Depending on household income/assets and lifestyle decisions, income taxes and housing costs may increase or decrease. 401(k)s), tax-deferred accounts (e.g., This post provides general personal finance information and does not address all the variables that apply to an individual’s unique situation.

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401(k) Finance Entertainment Taxes 278

Money Talk

MARCH 18, 2022

Review Your Portfolio: Try to earn the minimum rate of return (MRR) needed to stay ahead of taxes and inflation as an average savings/investment return. The MRR formula is inflation % rate ÷ 100 minus marginal tax bracket. For example, with a 6% inflation rate in the 22% marginal tax bracket, the MRR is 7.7% (6 ÷.78).

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Food Electronics Taxes Utilities 278