Be Honest on Your Tax Return
Are you tempted to cheat on your tax return? A 2021 survey by the IRS revealed that 87% of people said it was not acceptable to cheat on income taxes. Unfortunately, many still try. Here are some of the most common ways dishonest people try to reduce their tax bill. Failing to report all taxable […]
How to Maximize a Tax Refund
Are you hoping to get a nice tax refund? Last year’s average tax refund was almost $3,200. Reports are that refund amounts are likely to drop due to changes made by the IRS, but be optimistic and start working on your tax return now. Gather essential documents and set aside time to fill out the […]
Crazy Money! Giving Impacts Your Tax Liability
It’s Crazy Money Day! The federal government collected a record $2.6 trillion of income taxes in 2022. Now there are several reasons why. First, people were paid more although many didn’t feel like it due to inflation. Second, temporary pandemic policies ended, like those that allowed employers to defer paying payroll taxes. Now you can […]
IRA Info
Do you have an Individual Retirement Account? A listener recently asked if an IRA is considered a savings plan or an investment. My answer depends on what you do with the money. You can put IRA funds to work in the stock market through mutual funds and other investments, or in CDs and savings accounts. […]
Crazy Money! – Musicians Sell Catalogs For Millions
It’s Crazy Money Day! Bob Dylan sold the rights to his music for $500 million. At nearly age 80, with six children, perhaps he’s doing some estate planning, or he’s hoping to avoid the proposed increase in capital gains tax! RollingStone reports that Bruce Springsteen, Stevie Nicks, and others are selling their music rights, too. […]
The IRS and Refund Delays
Have you filed your taxes yet? Last month, the Treasury Department officials said that the IRS has so many challenges this year that tax refunds could be delayed. They’ve had budget cuts and a greater workload due to stimulus checks from the last two years. Their staff has decreased 25% and they ended the year […]
Savings Day – Prep for Higher Property Taxes
Do you own your home? Homeowners have to pay property taxes. It’s the largest source of state and local government tax revenue. They vary widely by location. New Jersey and Illinois carry the highest property tax rates in the nation. My property tax bill has been the same for eight straight years. However, I’m bracing […]
Check Your Withholding Tax
The average tax refund last year was $2,800. If you’re expecting a tax refund this year, review your W-4 and consider adjusting your withholdings. If you earn an income, you probably pay taxes. A W-4 form determines the amount based on allowances you claim. Withholding too much from paychecks causes tax refunds. If you don’t […]
Crazy Money! – Taxes and Charitable Giving
It’s Crazy Money Day! The federal government expects to collect about $4 trillion in taxes this year with nearly half of it collected through individual income taxes. That’s crazy money! The apostle Paul said in his letter to the Romans that everyone is subject to the governing authorities. They’ve been instituted by God. Because of this, we […]
Modern Monetary Theory Part 2
Business Insider published an article titled the Trouble With Modern Monetary Theory. The article reports that “…the government cannot just spend and spend and spend, or the extra dollars in the system will chase too few goods and drive up prices. I totally agree. It’s important to understand that the government cannot just spend recklessly. […]
