All posts by admin
Want to rent out that spare bedroom? Here is how it may affect your taxes.
If you have seriously considered offering a spare room, a vacation condo or even your own home to short or long term lodgers, there are some tax considerations you should consider. To be sure, a host should become aware not only of state occupancy taxes (and sales taxes) but also of local occupancy taxes. It is up to you to determine if your city or region actually requires the taxes to be paid.
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How Healthcare Savings Accounts work in retirement
Healthcare Savings Accounts (HSA) are tax advantaged accounts designed for people enrolled in high deductible medical insurance plans (HDHP) to pay for out-of-pocket medical expenses with pre-tax dollars. Your HSA contributions are only tax deductible before you turn 65 and become eligible for Medicare. Consumers who are eligible (have a HDHP), and looking forward to retirement, would do well to stockpile the maximum amount in an HSA for use as a buffer against rising healthcare costs.
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Three Smart Financial Exercises for Millennials and Others
The generation of people born between the early nineteen eighties through 2000 are commonly referred to as the Millennials or Generation Y. They follow Generation X, and grew up through two national events which had world-wide significance: The World Trade Center collapse (9/11) and the Wall Street financial crash followed by the Great Recession starting in late 2007 and ending in 2009. Unlike other generations before them, they also have unprecedented levels of student debt. So, how does this factor into their ability to create wealth?
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The average IRA balance, for a person approaching retirement
If you are wondering how your retirement savings compare with your peers as you approach your retirement deadline, the Federal Reserve Bank of St. Louis publishes economic research, which might surprise you. In 2016, the average Social Security benefit for retirees was $1,294 per month. For many, this benefit amount is only part of their retirement income and in order to create an additional income, they have been saving in Individual Retirement Accounts (IRAs) for many years. According to the Transamerica Center for Retirement Studies, in 2016, the top 10 percent of retirement savers had $274,000 put away for retirement.
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Christmas Bonus vs. Year-End Bonus, Is there a taxable difference?
In 2026, bonuses are withheld at a flat 22% federal rate, but your actual tax depends on your bracket. Here’s how bonus taxation works.
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