The Motley Fool

MARCH 19, 2024

Image source: Getty Images If you thought federal income taxes were complicated, wait till you see California. The Golden State is known for being a high-tax state with a progressive tax structure -- which means the more you earn, the more you pay. The top California state income tax bracket for 2023 is 12.3%.

Taxes 242

Taxes Education Accounting Debt 242

The Motley Fool

MAY 22, 2024

Image source: The Motley Fool/Upsplash Tax returns were due this year on April 15. The good thing about a tax extension is that it gives you six extra months to get your return over to the IRS without incurring a failure-to-file penalty. Let's say you overpaid your taxes by $3,000 and file your taxes two months late.

Taxes 242

Taxes Returns Debt Banks 242

The Motley Fool

DECEMBER 27, 2023

In an ideal world, workers would pay their tax debt to society and eventually be let off the hook by a certain age. But that's not how our tax system works. So it's important to know what taxes you may be looking at as a retiree. Rather, you may be taxed at the federal level depending on your provisional income.

Taxes 246

Taxes Debt Financing Finance 246

The Motley Fool

MARCH 19, 2024

Image source: Getty Images Getting a tax refund isn't a given. Some people submit their taxes only to see that they owe money to the IRS rather than the other way around. Read more: we researched free tax software and put together a list of the best options here 1. So don't just stick that refund into savings and call it a day.

Taxes 246

Taxes Debt Banks Funds 246

The Motley Fool

JANUARY 1, 2024

This can include getting more organized, paying off debt, or creating a new budget. One of the first things you'll need to do is decide which retirement account(s) you want to use. This is free money your employer gives you for contributing to your retirement account. Save up for this in a savings account instead.

Accounting 244

Accounting Taxes Debt Funds 244

The Motley Fool

MARCH 6, 2024

Everything from property taxes to home maintenance can bite into your budget. On the plus side, many of those homeowner expenses also happen to have some associated tax perks. Read more: we researched free tax software and put together a list of the best options here 1. Tax credits reduce how much tax you owe.

Taxes 237

Taxes Debt Accounting 237

The Motley Fool

AUGUST 16, 2023

Featured offer: save money while you pay off debt with one of these top-rated balance transfer credit cards If you're worried about medical bills impacting your finances, there are steps you can take to make it less likely that they'll end up driving you into debt. You can take an HSA withdrawal at any time to pay for medical expenses.

Accounting 245

Accounting Taxes Banks Debt 245

The Motley Fool

MARCH 17, 2024

Image source: The Motley Fool/Upsplash The majority of Americans will have their annual tax return filed in a little over a month, and many are waiting for a refund. Before you book a vacation or buy a new wardrobe, though, take a look at some of the more underrated uses for tax refund dollars. You'll be more comfortable.

Taxes 246

Taxes Debt Accounting Financing 246

The Motley Fool

FEBRUARY 21, 2024

Image source: Getty Images The 2024 tax season officially kicked off in late January. And 2023 returns are due on April 15 this year, which is the standard tax-filing deadline. Filing taxes can be complicated even when you're a regular old salaried employee.

Taxes 246

Taxes Returns Banks Accounting 246

The Motley Fool

MARCH 8, 2024

Unfortunately, once you have an emergency, a good amount of that money you worked so hard to put into your savings account could end up being used to cover the surprise costs. As soon as your emergency account balance is back where it should be, you can start up again. That's not a problem since that's what the money is there for.

Accounting 260

Accounting Debt Banks Taxes 260

The Motley Fool

SEPTEMBER 24, 2023

Image source: Getty Images The majority of people who file taxes end up getting money back from the IRS. And for many, those tax refunds are a financial lifeline. The average tax refund for the 2023 filing season was $2,812. Tax-filers in that situation generally have to mail such documentation back to the agency.

Taxes 246

Taxes Debt Returns Accounting 246

The Motley Fool

MARCH 21, 2024

Image source: Getty Images At this point, a lot of people have already submitted their tax returns to the IRS. But tax returns aren't due this year until April 15. The same holds true for taxes. A smaller tax refund. Get started now At this point, there's still a good number of weeks left before 2023 taxes are due.

Taxes 241

Taxes Liabilities Debt Returns 241

The Motley Fool

MARCH 18, 2024

Image source: The Motley Fool/Upsplash As of late February, the average tax refund issued by the IRS this filing season was $3,213. But no matter what refund you get on your taxes , it's important to make the most of that money. Rather than risk that scenario, add your refund to your savings account.

Taxes 211

Taxes Education Debt Consultants 211

The Motley Fool

MARCH 8, 2024

Image source: Getty Images Doing your taxes is unpleasant enough, but it can turn into a nightmare if you wind up with an unexpected bill. If you're lucky, you can cover what you owe out of your bank account and mail in a check along with your return. of the tax owed every month it remains unpaid. Don't panic, though.

Taxes 237

Taxes Banks Accounting Debt 237

The Motley Fool

SEPTEMBER 4, 2023

Country Garden's Great Wall of Debt won't collapse tomorrow. It created jobs, strengthened middle-class wealth, and benefited local tax revenues. A Country Garden debt default would send destructive ripples throughout the industry. A Country Garden debt default would send destructive ripples throughout the industry.

Debt 243

Debt Taxes Banks Accounting 243

The Motley Fool

DECEMBER 6, 2023

Image source: Getty Images The vast majority of Americans are in debt. Being in debt isn't necessarily a bad thing -- it depends on the kind of debt To understand why it's not necessarily a problem that so many Americans are in debt, it's helpful to look at exactly what we collectively owe. In 2022, 77.4% Here's why.

Debt 246

Debt Taxes Assets Accounting 246

The Motley Fool

SEPTEMBER 3, 2023

Image source: Getty Images Depositing money in your savings or checking account is something you'll probably do often over the course of your life. If you deposit more than $10,000 in cash in your bank account at one time, your bank is required to report this behavior and to keep a record of it. Here's what you should know. Here's why.

Banks 246

Banks Accounting Legal Financial Institutions 246

The Motley Fool

NOVEMBER 30, 2024

I'm a brand-new retirement investor, having opened my first-ever retirement account just a few months ago at age 40. I grew up in a household with multiple small businesses and an often shaky financial situation, rather than with parents with office jobs who contributed diligently to employer-provided retirement accounts.

Accounting 246

Accounting Financial Institutions Taxes Debt 246

The Motley Fool

OCTOBER 11, 2023

Image source: Getty Images If I were to sit down and rank the best money moves I've made in the last few years, opening a high-yield savings account last year would definitely be near the top. Not only was the account incredibly easy to open, but I've made more than $1,000 on my savings this year so far, thanks to earning a generous APY.

Accounting 244

Accounting Banks Financial Services Taxes 244

The Motley Fool

FEBRUARY 5, 2024

Image source: Getty Images The IRS is officially accepting 2023 tax returns, and in the next couple of months, we'll all have to explain to the government what we did with our money last year. You probably expect to pay taxes on the income from your job or retirement account withdrawals if you've already left the workforce.

Taxes 246

Taxes Debt Financial Institutions Liabilities 246

The Motley Fool

JULY 13, 2024

They do their best to avoid debt Most millionaires eliminate all other debt besides a mortgage on their home. That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They do everything within their power to pay off debt as soon as possible.

Taxes 246

Taxes Debt Depreciation Financing 246

The Motley Fool

DECEMBER 18, 2023

Max out your retirement accounts In 2023, you were allowed to contribute $22,500 to your 401(k) and $6,500 to your IRA ($7,500 for those 50 and older). For most 401(k) plans, you have until the end of 2023 to contribute up to the limit, while IRA investors have until tax day of 2024 (April 15) to hit theirs.

Taxes 246

Taxes Debt Banks Accounting 246

The Motley Fool

AUGUST 24, 2024

But many are struggling to make ends meet and approaching retirement with very little in their bank or brokerage accounts. net wealth, there are others about those who face homelessness, debt, and extreme financial stress. Make the most of tax-advantaged accounts such as IRAs or 401(k)s. Why are they so stingy?"

Debt 246

Debt Taxes Banks Financing 246

The Motley Fool

OCTOBER 28, 2024

Carrying credit card debt High-interest credit card debt can be an easy trap to fall into, especially if you're struggling to make ends meet. Financially literate people know how easily debt can pile up when you're paying 20% interest. That $100 purchase can turn into thousands in credit card debt over time.

Mutual Funds 246

Mutual Funds Debt Financing Finance 246

The Motley Fool

FEBRUARY 16, 2024

There are tons of options, from savings accounts to brokerages, to the underside of your mattress (though, that one's probably not the best option, if we're splitting hairs). Emergency savings account There is always a good reason to have an emergency fund : You can't predict what may happen in the future, and how much that's going to cost.

Debt 246

Debt Taxes Accounting Financing 246

The Motley Fool

JUNE 23, 2024

Maxing out retirement accounts may not be the best move for everyone, but it's something I look forward to every year. Retirement accounts, such as a 401(k) and Roth IRA, can come with many benefits that can make your life easier now and during retirement. For instance, pre-tax contributions to a 401(k) can lower your taxable income.

Taxes 243

Taxes Debt Accounting Leveraging 243

The Motley Fool

APRIL 22, 2024

But for all their benefits, CDs aren't the most advantageous bank account for everyone. Even so, if you're investing for a goal that's more than five years away, you might average a better return investing money in a brokerage account than a bank CD. You could avoid this problem by opening a brokered CD in an IRA account.

Taxes 246

Taxes Banks Accounting Stock Market 246

The Motley Fool

SEPTEMBER 30, 2024

We were smack-dab in the middle of paying off debt and found the idea of facing more medical expenses discouraging. HDHPs have lower monthly premiums Lower monthly premiums mean more money can be used for other goals, like paying off debt or building an emergency fund. Voluntary contributions are tax-deductible.

Startups 245

Startups Taxes Debt Accounting 245

The Motley Fool

JULY 29, 2023

In 2023, the average borrower holds $37,338 worth of student loan debt and dishes out $337 every month to keep up with payments. It goes without saying that college expenses aren't cheap, and it'll take some advance planning and saving to avoid drowning in debt later. Image source: Getty Images.

Education 246

Education Exchange-Traded Funds Taxes Accounting 246

The Motley Fool

JULY 14, 2024

Roth IRA vs. traditional IRA If you're not familiar with the difference between the two types of individual retirement accounts, it's not complicated. With Roth IRAs , conversely, there's no tax break when putting money into these types of accounts, but withdrawals from Roth IRAs are tax-free. There are limitations.

Liabilities 246

Liabilities Taxes Accounting Debt 246

The Motley Fool

AUGUST 20, 2023

Keep reading to discover what to expect and what steps to take after paying off your mortgage debt. Otherwise, money could still come out of your checking account. You'll likely begin to receive property tax bills directly from state, country, and local governments. What should you do with the extra money you have?

Taxes 246

Taxes Debt Legal Financing 246

The Motley Fool

JULY 2, 2024

Accumulating $1 million in an individual retirement account (IRA) might seem unlikely, given the annual contribution limits. However, according to Fidelity's analysis of IRA balances at the end of 2023, over 400,000 account owners have achieved this milestone. These IRA millionaires didn't reach the million-dollar mark by luck.

Exchange-Traded Funds 243

Exchange-Traded Funds Taxes Debt Financing 243

The Motley Fool

NOVEMBER 21, 2024

We've transformed the company from a tax and accounting platform to an AI-driven expert platform. Starting with our consumer platform, Big Bet 3 is focused on helping customers make smart money decisions, take steps to improve their financial health year round, achieve their best tax outcome, and accelerate the receipt of their refund.

Taxes 130

Taxes Accounting Leveraging Capital 130

The Motley Fool

AUGUST 1, 2024

But it's not a given that the monthly Social Security payment you're supposed to collect will land in your bank account in full, without a hitch. The IRS also has the right to garnish your Social Security benefits if you owe back taxes and have made no attempt to pay. The same holds true for federal student loans.

Taxes 246

Taxes Debt Banks Accounting 246

The Motley Fool

APRIL 21, 2024

But if you're still hanging onto yours, you might be able to get a lower rate by calling and requesting one or threatening to cancel your account. Credit card bill It's technically possible to negotiate with a credit card company to forgive some of your debt. Cable bill Yes, I know, fewer and fewer people have cable these days.

Taxes 243

Taxes Debt Accounting Banks 243

The Motley Fool

SEPTEMBER 17, 2023

That's why the median account 401(k) balance of Americans between ages 40 and 48 is just $34,100, according to data by Fidelity, which is only a fraction of what most people should have by this age. Refinance debt. If you can reduce the cost of your credit card bills or other debts, you can save extra money for retirement.

Investing 246

Investing Taxes Debt Accounting 246

The Motley Fool

FEBRUARY 4, 2024

And whenever you rack up credit card debt or take out a loan, you're borrowing money from your future self. If you borrow too much money from your future self, you might force "future you" to work harder to earn extra money to pay off those debts. This can help you get a break at tax time. Learn more here.

Taxes 246

Taxes Accounting Debt Financing 246