Tax
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Budgeting
Part Two: Inflation and Your Health Premiums
Generally, the government takes care of a portion of your health insurance premiums. The amount is based on someone’s income bracket, which changes every year because of inflation. In a previous article, we discussed how this impacts the average monthly health insurance cost, even if a household’s income doesn’t go up or down. The change will effect the 2019 Medicare…
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Budgeting
The Best Online Budgeting Tools for Taxes
In a previous article, we outlined the advantages of using online budgeting tools for your taxes. We also discussed how the IRS customer service team may offer free support and guidance. These different tax-preparation methods can save you plenty of money and time, while enabling you to discover new deductions and credits. Some of the most prominent apps include PocketGuard,…
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Budgeting
The Hidden Burden of Sales Taxes
Imagine that you’re in line at the grocery store. As the cashier rings up the other customers’ items, their total payment and sales taxes show up on the register. Meanwhile, when it is your turn, the checkout employee deducts your taxes or refunds you the amount in cash. If you happen to live in one of the states with no…
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Budgeting
Efficient Tax Planning: How and When You Should Do It
Two years ago, the Republican-controlled United States Congress passed the Tax Cuts and Jobs Act. The law, which President Donald Trump signed into effect, made filing taxes easier and simpler. Even more so when we consider the already existing online tax-preparation software, alongside some handy IRS customer service features. The picture, however, isn’t as rosy as it looks. In 2019,…
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Budgeting
Good or Bad Idea: Living in States With No Income Tax?
In 2018, more Americans moved to Oregon and Idaho than any other state (except for Vermont). Meanwhile, the State of Washington ranked sixth nationwide in terms of incoming domestic migrants. Perhaps most noteworthy is that Washington is amongst the states with no income tax, but Idaho and Oregon aren’t. Why, then, did more people move to the latter two than…
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