Many people have this question of where they should invest money first. It really depends on your situation, on your age, on your current income, on your projected future income, current income tax rates, and future expected income tax rates. Currently, federal tax rates are at an all-time low. Most pros agree that in the […]
Category: IRA
What is Gross Income (GI?) Gross Income is your total income from salary (wages), interest earned, and dividends. It also includes alimony, capital gains, business income, royalty income, rental income, unemployment income, retirement distributions, and other income What is Adjusted Gross Income (AGI)? It is Gross Income (GI) minus certain payments you’ve made during the […]
What is an IRA? IRA stands for Individual Retirement Arrangement. Its an investment account for your retirement savings. However know some tax tricks ad how to access money – you can use it as a rainy day fund account, highly leveraged investment account, etc. Now with this investment account, you can invest in all those […]
Tax Year 2020 Federal Income Tax Brackets (Due April 2021) Tax rate Single MFJ MFS Head 10% $0 to $9,875 $0 to $19,750 $0 to $9,875 $0 to $14,100 12% $9,876 to $40,125 $19,751 to $80,250 $9,876 to $40,125 $14,101 to $53,700 22% $40,126 to $85,525 $80,251 to $171,050 $40,126 to $85,525 $53,701 to $85,500 […]
Deadlines for most of the filing and contributions have been changed from April 15, 2020, to July 15, 2020: Tax return filing date and tax payment date. “To avoid interest and penalties, pay your taxes in full by July 15, 2020“ Also, note that this change of deadline only applies to federal tax and does […]
