Most people save for a lifetime so they can enjoy their retirement years. However, those savings go farther in some states than others. Millions of Americans are reaching retirement age each year, and many of them are making decisions about where to retire. Some choose to remain in the same place for various reasons, like Read more…
Personal Finance Resources & Guides
What Is Medicare Tax? | Find Out If You Have To Pay
If you earn a paycheck, you have likely seen several FICA taxes withheld from your earnings. Even for those who are self-employed, you are still required to pay these income taxes to the IRS. However, what are all these taxes? There is the Social Security tax, Medicare tax, and other payroll taxes that you are Read more…
Can You Pay Taxes With A Credit Card? Full 2024 Guide
Tax season can be stressful for many individuals. While many people look forward to getting a tax refund when they file their tax returns, some people are stuck paying a big tax bill at the end of the year. If you owe the IRS money, that money is due by the April 15 tax deadline Read more…
38 States That Don’t Tax Social Security | Full List Inside
Retirees are always looking for ways to maximize their retirement income, and avoiding income tax is an excellent strategy for doing so. Depending on your total taxable income, your Social Security benefits might be taxed at the Federal level no matter which state you live in. However, choosing to live in a state that does Read more…
Deferred Tax Liability: What Is It & How Does It Work? | Full Guide
Income taxes can sometimes be confusing, and a deferred tax liability is one of those confusing situations. Have you ever heard of owing a tax now, but legally not being required to pay it until later? Since the tax laws and accounting rules sometimes follow different timetables, this situation happens more than you might realize. Read more…
Charitable Remainder Trusts: Full Guide | Everything You Need To Know
Many people wish to leave money to charity, but a traditional last will is not always the best vehicle for accomplishing that. The deceased gets no charitable deduction on taxes, and the family members often get mad because of the amount of money that was left to charity. A charitable remainder trust can help solve Read more…
What Is A Living Will? | How It Works & Why You Need One (Full Guide)
It is a situation that most people do not want to think about, but many people face it every day. What would happen if you were in the position of not being able to make your own decisions about medical treatment? Perhaps you are involved in an accident an incapacitated. Who is going to make Read more…
How Long To Keep Tax Returns // Full Guide Inside
Are you wondering how long to keep tax records? Do you have a pile of old tax records sitting in your home just taking up space and collecting dust? Most taxpayers know that they need to keep these old tax returns, but many are unsure just how long they need to keep them. Many end Read more…
What Is Probate: How It Works & 5 Tips For Avoiding It (Full Guide)
If you have started any estate planning, you have probably heard of the probate process. Of course, you may have also heard horror stories about going through that process. In some cases, it can take an extremely long time and cost you quite a bit of money. So, what exactly is the probate process and Read more…
Cash Balance Plan: What Is It & How Does It Work | Full Guide
Pension plans are becoming harder to find these days when it comes to retirement planning. These plans typically cost more for employers, and more responsibility is being placed on the employee to contribute to retirement savings. Cash balance plans are a form of defined benefit plan that allows employers to place a certain percentage of Read more…