Income Types That the IRS Won’t Tax in 2024
We all know how frustrating it is to see a chunk of your hard-earned money go to the IRS. Generally, the government taxes wages, tips, commissions, royalties, and for some, up to 85% of Social Security benefits. But don’t worry, not all income is taxable. Whether income is taxable depends on various rules and regulations. […]
URGENT: Federal Reserve Cancels Recession, Prices Fall, Massive Pivot Ahead
Attention everyone! Just a few hours ago, a significant development occurred. The Federal Reserve has chosen to pause rate cuts indefinitely. Surprisingly, investors are now considering the possibility of an unexpected rate hike within the next year, assigning it a 20% probability due to rising inflation, falling stock prices, and global tensions. Today’s Federal Reserve […]
How Much Home You Can ACTUALLY Afford in 2024 (By Salary)
Introduction Today, I want to delve into a crucial question: How much home can you afford? It’s essential to live within your means, especially when considering a significant investment like a house. Let’s break down the numbers. Assumptions Before we dive in, let’s establish some assumptions: ● Loan Term: 30 years ● Property Tax: 1.25% […]
The #1 Thing Keeping You From Wealth Building
Understanding the Real Problem with Debt Debt is often mistaken as the main financial issue individuals face; however, it’s actually just a symptom of deeper underlying problems. It’s crucial to understand that personal finances are 80% behavior and 20% head knowledge. For example, if you haven’t made any progress on your student loan debt for […]
Tax Brackets Explained For Beginners in The USA
Understanding how tax brackets work in the USA can be a bit complex, so let’s break it down using an example of someone earning $100,000 a year. This total income can be organized into different segments or “piles” to represent tax brackets. How Tax Brackets Work Here’s a simplified breakdown of the income: Misconceptions About […]
How To Invest In 2024 (The BEST Way To Get Rich)
A startling statistic revealed that 63% of Americans would struggle to handle a $500 emergency. This highlights a critical gap in financial education, which often isn’t emphasized enough in schools. Consequently, many people grow up without the knowledge to manage their finances effectively. Additionally, the topic of money remains somewhat taboo, which only exacerbates the […]
Partnership Dissolution: What to Expect Under Three Typical Scenarios
Winding down a partnership can be a complex and emotional process. As you navigate this transition, understanding the potential outcomes and tax implications is crucial. Here’s a detailed overview of what you might expect under three typical scenarios of partnership dissolution. Scenario 1: One Partner Buys Out the Others Overview In this scenario, one partner […]
Navigating the 2020 Employee Retention Credit (ERC) Adjustment: Compliance and Strategic Steps
The IRS mandates that anyone claiming the 2020 Employee Retention Credit (ERC) must adjust their 2020 wages on their tax returns accordingly. If you haven’t yet received your ERC funds and the IRS has not processed your claim, it’s essential to proceed with the necessary amendments to comply with tax laws and avoid potential penalties. […]
Maximising Tax Benefits: Selling Your Home to Your S-Corporation
Converting your home into a rental property can be a strategic financial move. One effective way to enhance the tax benefits of this conversion is by selling your home to your S corporation. This guide explores the benefits, addresses common doubts, and outlines the steps to implement this strategy successfully. Benefits of Selling Your Home […]
Beneficial Change in IRS Policy: The Partial Disposition Election
The IRS has introduced a significant change in its repair regulations, offering a partial disposition election that benefits property owners when replacing a structural component, such as a roof, on their office building or rental property. Previously, replacing a structural component like a roof meant the old roof’s remaining depreciation continued on your books, which […]