Each spouse has different spending habits and values different things in life. It’s okay for your budget to reflect that.
The IRS very clearly says, “Yes, you can set up a SEP for your self-employed business even if you participate in your employer’s retirement plan at a second job.”
If you have recently lost your health insurance or recently signed up for a new one, you may want to watch out for these rules.
Each spouse has different spending habits and values different things in life. This can easily lead to bitterness, or at the least, long discussions when the budget is reconciled.
The legal answer to this question is: there is no limit. The practical answer is: it depends on a number of things.
Under the “last-month rule,” you can contribute the full amount even after a partial year assuming you meet the “testing period.”
Investment managers can bring clients greater savings by carefully considering how they bill different types of accounts.
We know how federal rules require you to either have tax withheld or make estimated payments of tax that will be due, but it is easy to forget that states have their own revenue departments and their own rules.
The estate tax return is definitely complex, but that’s because it has to account for the multitude of special rules that only apply to a few households.
Apparently the idea behind asset allocation is more complex than they think.
There is an obscure tax rule that allows a one-time Traditional IRA-to-HSA conversion called a Qualified HSA Funding Distribution (QHFD).
The fact that we have an 80% “generous grandparent” tax is ridiculous.
SEP plans offer a powerful way to provide for your own retirement in the same way that 401ks do.
Using a 1031 exchange to turn investment property into residential property is possible, but it takes careful planning from the outset.
Here are the four criteria which must be met in order for margin loan interest to be tax deductible.
If you don’t have retirement savings in Roth IRAs, it’s time you considered their benefits. Assets in traditional IRAs can be rolled into Roth IRAs without a withdrawal penalty.
Without the burden of federal, state, and local taxes, you could leave your job at 2:27pm every day and earn the same salary.
Most people are unaware that giving a gift can be a taxable event because they themselves have not yet experienced the tax.
The IRS does not do a good job of helping people understand capital gains taxes. They provide a worksheet to help you calculate it, but it has so many steps that it’s nearly impossible to figure out what’s going on.
Investment brokers like Schwab offer many services local banks offer but there are a few reasons why you might want to resist consolidating all of your accounts to a broker.
More than many other candidates, Ted Cruz’s tax plan aims to fundamentally change our tax system.
Changing where you drink soda is a small step, but enough small steps can make a huge difference in your savings.
Contrary to the normal way of things, this time what Uncle Sam gives with the IRS, he takes away with the SSA.
1031 exchanges can include “boot,” which is an unofficial term for other property received in the exchange.
How do you handle unexpected income that happens late in the year?
Many people are first exposed to investing in grade school through a very simple game. Unfortunately, this game teaches all the wrong lessons.
In a 1031 exchange, the cost basis of the property you give up is rolled into the new property you receive.
Because 1031 exchanges are a great way to defer paying large amounts of capital gains tax, the IRS tends to be suspicious of them.
Bush’s tax plan is in good company with Trump, Rubio, and Lee. It hits many common Republican talking points but doesn’t seem to take its own reasoning very seriously.
Tax season under Trump’s plan would likely be just as complicated but slightly less painful.
There is a complex way, but we don’t recommend the strategy.
Is each dollar value the average for that category or is it really the average for a family with $88,871 in annual income?
Rubio and Lee do make definite improvements but sadly, this good is largely undone by a well-meaning but naive tilt of the playing field towards parents.
2016 Presidential hopeful Rand Paul has released a sketch of an intriguing tax plan.
Roth IRAs can only be funded with earned income and therein lies the confusion.
Pen-and-paper roleplaying games have a lot of unique lessons to offer, particularly for policymakers and managers.
The majority of advisors make the mistake of having significant or moderate use of actively managed funds.
Organic food has a reputation for being healthier than non-organic food, but neither of these claims should be taken at face value.
All new employees have to fill out form W-4, but despite its ubiquity, most people don’t understand it.
If you’re not wedded to the idea of owning a hard copy, there are many options to find classics for free as ebooks.
Taxes hurt ordinary folks before the extraordinary ones, and it can hurt them badly.
Hamilton, like our current president, sees people as temporary holders of wealth until such time as the government decides to expand.
The arguments for greater government power have always been the same.
The only time the original terms of the Constitution have been explicitly rejected and changed was to give the government the right to tax people unequally.
In 2013, Nancy Pelosi said “there’s no cuts to make,” but that’s ridiculous.
Is it fair for the government to confiscate a full quarter of the average person’s earnings every year? Where does it all go?
An unlimited power to tax necessarily involves a power to destroy.
Income taxes are the largest portion of the federal government’s annual tax haul. But who foots the bill?
See the math behind the dangers of having such a large number of people employed by government.
Our governments employ 17.44 million people, 14.90% of the full-time working-age US population. This is larger than the 14 least-populous states put together.