What tax bracket are you in, and what does that really mean? Your tax bracket, roughly speaking, is the tax rate you pay on your highest dollar of taxable income. Your tax bracket is not the tax rate you pay on all of your income after adjustments, deductions and exemptions.
When it comes to controlling spending, sometimes everything seems to be working against us. There are so many ways to spend money – and so many reasons it’s difficult not to. It’s possible to take control of your spending, however. Many people have done it. Take a look at these personal spending pitfalls and how […]
If a credit card company or other creditor cancels your debt, that’s really good news, right? Such cancellation of debt usually happens when the creditor gives up on collecting the debt, or when the statute of limitations on collecting the debt runs out. Cancellation of debt is not all positive news, however. Aside from the […]
Need help deciding between college savings plans with a tax-saving edge? Here are the tax benefits for three basic plans specifically designed for college savings: 1. Qualified Tuition Program (529 Plan) You’ve no doubt heard of Qualified Tuition Programs, commonly known as 529 plans. It’s a popular way to save for college, and you can […]
Should you save for your kids’ college education in your own accounts, or put college savings in each child’s name? Getting started saving for college can seem daunting. You have to decide how to save, how much to save, and how to invest. You may choose a tax-deferred plan or any other investment. Before you […]
Food prices at the grocery store are higher than ever. If you’ve looked at the price of tomatoes and thought you could grow food for less money in your garden, you’re probably right. If you want to grow a garden that saves a significant amount of money, however, you have to plan ahead. Going into […]
What’s the best way to start handling finances as one household? Fifty years ago, merging finances may have seemed simpler. Most people got married younger, chances were higher that only one spouse worked, and divorce was less common. Now, when you become a couple, you’re more likely to work and have your own incomes. You […]
April 15 has come and gone. If you didn’t quite finish your tax return, you should have filed Form 4868, Application for Automatic Extension of Time to File, to the IRS. This automatic extension gives you another six months to file your tax return – no questions asked. Your tax return is now due October […]