Blogs
What Is the Medicare Surtax?
Medicare taxes and surtaxes are used to pay for different aspects of Medicare. A standard Medicare tax is collected from all workers in the U.S. In most cases, these taxes are taken before employees receive their paychecks. The standard Medicare tax and Social Security tax are combined into a single deduction with the Federal Insurance…
Read MoreAll You Need To Know About Gift Taxes
If you want to give money to your children or someone you know during the year, it’s possible that doing so would trigger gift taxes, which usually means filling out some extra paperwork but could require the recipient to pay a higher tax bill. However, gift taxes don’t occur unless you gift a large sum…
Read MoreShould I Be Paying Estimated Taxes?
Many taxpayers assume that they only need to worry about taxes once a year, but some are required to pay estimated quarterly taxes. If you fall into this category, and you fail to pay them, you could face stiff penalties. It is a good idea to see if you are required to pay quarterly taxes…
Read MoreCD Ladder Saving Strategy
Whether you want to save for retirement or a major purchase, there are many effective saving strategies you can implement to increase your savings and build your wealth over time. One such strategy is the CD ladder saving strategy, which gives you the opportunity to invest in certificates of deposit that offer relatively high interest…
Read MoreWhat Is a Certificate of Deposit?
For the past year, the Federal Reserve has been increasing national interest rates, which has resulted in the interest rates for certain types of investments increasing as well. Along with treasury bonds and corporate bonds, another highly sought-after investment opportunity involves certificates of deposit. With the right approach, investing in certificates of deposit can help…
Read MoreUnderstanding The Dependent Care Credit
If there’s someone in your household who currently depends on you to provide them with financial support, you may be eligible for the dependent care credit, which can be claimed when filing your annual tax return. This credit is designed to provide you with a portion of the funds that you spent on care during…
Read MoreSummary Of The Inflation Protection Act
Recently, the U.S. House of Representatives held a vote on the Inflation Reduction Act, which passed by a count of 220-207. The bill was then put forth to be signed into law by President Biden. The purpose of this piece of legislation is to make sizable investments into everything from prescription drug costs and health…
Read MoreWhat is the Child Tax Credit
If you raise one or more children, you likely understand just how expensive it can be to do so. It’s estimated that the total cost of raising a child to the age of 18 is right around $267,000. You can effectively reduce these costs by claiming the Child Tax Credit, which is designed to lower…
Read MoreWhat is Section 179 Depreciation?
When you own a business, there are a wide range of tax deductions and exemptions that you may be able to qualify for. One type of deduction that may be available to you involves Section 179 depreciation, which applies specifically to depreciable assets. Knowing what this tax deduction is may help you reduce the amount…
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