The Motley Fool

MARCH 30, 2024

Image source: The Motley Fool/Upsplash Tax season doesn't have to be stressful and time-consuming. With tax software and other affordable tax filing options, many Americans can file taxes more quickly than ever before. Let's look at a few findings from the LoopMe 2024 Consumer Snapshot: Tax Season Insights.

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The Motley Fool

APRIL 9, 2024

Image source: The Motley Fool/Upsplash Unless you're a giant corporation who can loop every hole, your business is going to need to pay taxes. Indeed, you're going to need to pay them multiple times a year thanks to quarterly estimated tax requirements. When it's time to pay those taxes, consider how you'll pay.

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The Motley Fool

DECEMBER 11, 2023

states still impose taxes on them even though they're necessary personal care items. If you get a period and live in a state that charges this tax, you can expect to pay more at checkout. But some relief is here thanks to the Tampon Tax Back Coalition. You can get your tampon tax money returned after filing a claim online.

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The Motley Fool

JANUARY 21, 2024

Social Security is an essential part of millions of Americans' retirement finances. After years of paying Social Security taxes, retirement is a time to reap the benefits with a consistent income source after you're done working. The good news is that most states don't tax Social Security benefits. Image source: Getty Images.

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The Motley Fool

JANUARY 18, 2024

Image source: Getty Images Paying taxes is a part of life for all of us. And unfortunately, mismanaging your tax situation could result in a hit to your personal finances. So could falling victim to certain blunders on your tax return. Don't just put "$3,000" on your taxes and assume that's good enough.

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The Motley Fool

APRIL 7, 2024

Image source: The Motley Fool/Upsplash Do you have big dreams for your tax refund? According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050. But many Americans don't think of their tax refund as a "nice-to-have" -- it's "must-have" money. Tax refunds are a financial lifeline for many U.S.

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The Motley Fool

JANUARY 16, 2024

The larger your combined income , the more likely your Social Security benefit will be taxed. If that combined income passes a key threshold based on your tax filing status, then up to 50% your Social Security benefit can be taxed. If it passes another threshold, then up to 85% of your Social Security benefit can be taxed.

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The Motley Fool

MARCH 10, 2024

Image source: The Motley Fool/Unsplash Ah, tax time -- it's such fun to sit down with an accountant or tax-filing software and see if you underpaid or overpaid the government (which already knows your tax liability). Paying down low-interest debt So you've decided to pay off some debt with your tax refund.

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The Motley Fool

SEPTEMBER 28, 2024

Image source: Getty Images HSAs (health savings accounts) are the unsung hero of personal finances. These accounts allow people with qualifying high-deductible insurance plans to set aside $4,150 for single plans and $8,300 for families out of pre-tax dollars. Once you hit age 55, you can add another $1,000 per year.

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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.

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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.

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The Motley Fool

MAY 31, 2024

But consistently saving and investing in a tax-advantaged retirement account like a 401(k) or IRA can set you up to be able to spend much more later in life. Here's how much the average retiree has in their retirement accounts The Fed's survey of consumer finances asks for details on all sorts of retirement accounts.

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The Motley Fool

SEPTEMBER 4, 2024

It's a byproduct of millions of people paying Social Security payroll taxes throughout their careers. Not everyone has to pay these taxes, however; some workers are exempt. How Social Security taxes work Social Security payroll taxes are collected under the Federal Insurance Contributions Act ( FICA ).

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The Motley Fool

FEBRUARY 12, 2024

Image source: Getty Images You may want to begin organizing your tax documents soon. But if you need assistance preparing your tax return, there is still time to get help. One such resource available to eligible taxpayers is the AARP Foundation Tax-Aide program. The AARP Foundation Tax-Aide is available from Feb.

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The Motley Fool

NOVEMBER 24, 2024

Step one is to open a retirement account with a top stock broker so you can start building your investment portfolio. There are two benefits to taking a close look at your finances. The other benefit of reviewing your finances is that it will give you an idea of how much life will cost in retirement. Try not to get disheartened.

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The Motley Fool

JUNE 22, 2024

If you went around asking people to name a retirement account, there's a good chance that most of them would say 401(k). Based on its popularity, you could argue that it's the retirement account. They each share common benefits but have noteworthy tax-break differences. What type of IRA account is right for you?

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The Motley Fool

NOVEMBER 19, 2024

Let's look at a few stark facts about why women need healthcare money -- sometimes even more than men -- and how people of all genders can improve their financial stability with health savings accounts (HSAs). One good way for women (or men) to set aside some extra cash for medical expenses is to use a health savings account.

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The Motley Fool

MAY 12, 2024

Each new business owner may feel as though they have about a million things to get done, but when it comes to setting up business finances, there are only 10 they need to concentrate on. Have a financial plan It's nearly impossible to run a small business without a plan outlining how you plan to handle your finances.

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The Motley Fool

MARCH 11, 2024

Image source: The Motley Fool/Unsplash If you have a child in middle school or high school and you haven't saved any money for college, you might wonder if it's too late to open a 529 account in 2024. And depending on where you live, you might even get a tax deduction on your state income taxes.

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The Motley Fool

DECEMBER 22, 2023

Taxes on Social Security can be extremely complicated, and there are some big pitfalls you could find yourself falling into if you're not careful. It's important to understand the basics of how taxes on Social Security work. So keeping your combined income as low as possible is necessary to avoid taxes on Social Security.

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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.

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The Motley Fool

OCTOBER 28, 2024

However, where you choose to live in retirement specifically can have a significant impact on your finances in your golden years, and taxes are a big reason why. states that don't tax retirement income. Nine states don't tax any income Why don't some states tax retirement income? There are 13 U.S. It rarely is.

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The Motley Fool

MARCH 24, 2024

prices that drain your savings account ; say hello to a more affordable lifestyle, where you're able to save much more on all your bills. Managing money will be just like it was back at home You might think that personal finance doesn't change much as a digital nomad. You'll have a more complicated tax situation.

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The Motley Fool

DECEMBER 27, 2023

This rate helps determine important aspects of your everyday financial life, such as the cost of home mortgages and auto loans, the interest rates on credit cards and personal loans, and the annual percentage yield (APY) on your savings account. Keep putting more cash into your savings account until you have a bigger safety net.

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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.

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The Motley Fool

MAY 4, 2024

There seems to be something about living together as a couple, combining two incomes and other resources, and enjoying some unique tax benefits , that can make marriage a good way to build wealth. This doesn't mean that everyone should marry for the benefit of their finances. But being married can provide some indirect tax advantages.

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The Motley Fool

APRIL 15, 2024

Image source: The Motley Fool/Upsplash I'm a longtime customer of Mint, the personal finance app that was formerly part of Intuit. Mint was the perfect solution to track my business expenses and my personal finances. This felt frustrating, especially since tax season was approaching. Because, as a freelancer, I loved Mint!

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The Motley Fool

JULY 13, 2024

That means not carrying credit card debt from month to month or financing a new boat, ATV, or vacation whenever the whim strikes. They build an emergency fund Another thing that most wealthy people have in common (even before they become wealthy) is the value they put on having an emergency savings account.

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The Motley Fool

JANUARY 29, 2024

Be proactive with your quarterly taxes Since freelancers don't have taxes taken out of a regular paycheck like full-time employees do, they need to make quarterly tax payments throughout the year (due in January, April, June, and September). Alert: highest cash back card we’ve seen now has 0% intro APR for 15 months.

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The Motley Fool

DECEMBER 12, 2023

And if you want 2024 to be your best financial year ever, here are several important personal finance moves. Arrange for a portion of every paycheck you get to land in your savings account automatically at the start of each month, so you can stay on track.

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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.

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The Motley Fool

JULY 22, 2024

Some of the best-paying side hustles listed on FlexJobs include: Software developer Project manager Account manager Consultant Web designer Technical writer Video editor Piecing together one-off projects and juggling multiple clients is not the only way to make money as a freelance side hustler.

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The Motley Fool

MAY 19, 2024

A business checking account There's a myth that a business checking account is only meant for small business owners who have expenses. And while tracking business expenses can be one use for these accounts, there is another reason to get one, even if your business is exclusively online: Stabilizing your income.

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The Motley Fool

NOVEMBER 6, 2024

The IRS just released the 2025 contribution and income limits for retirement accounts, including Roth IRAs. A quick primer on the Roth IRA The Roth IRA is one of the hottest retirement accounts around, and being able to contribute to it each year is a big deal for many. The tax-free growth and income you get to enjoy in retirement.

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The Motley Fool

FEBRUARY 10, 2024

Image source: Getty Images Now that we're into tax season, you're likely starting to gather all your tax documents. Tax software can guide you through tax preparation so it's less overwhelming. To avoid paying high preparation and filing fees, check to see if you qualify for free tax preparation services.

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The Motley Fool

SEPTEMBER 14, 2024

These plans give you a tax break on contributions, thereby lowering your IRS burden in any year you make them. Plus, unlike a regular brokerage account, you don't pay taxes on investment gains year after year in an IRA or 401(k) plan. The IRS doesn't care what you do with your money once it's out of your retirement account.

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The Motley Fool

MAY 2, 2024

Even when your work schedule gets busy, taking good care of your finances is essential. Keep your business finances separate You can operate a freelance business without opening a business bank account, but keeping your business finances separate is best. It's easy to open a business checking account.

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