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Before Moving to Another State, Consider This First

If you’re contemplating a move to a different state, you’ve likely considered state income taxes when making your decision. However, it’s important to also consider the impact of state and local sales taxes on your budget. Four states—Delaware, Montana, New Hampshire, and Oregon—do not impose statewide sales taxes, nor do they have local sales taxes. While lacking a statewide sales tax, Alaska permits cities and towns to impose sales taxes. When factoring in these local …

Planning For Retirement? Don’t Overlook These Five Factors

Forecasting expenses in the distant future, particularly over several decades, poses a notable challenge. As funds are funneled into IRAs or 401(k)s, the prevailing belief often leans toward a hopeful outlook that steadfast financial contributions will pave the way for a comfortable retirement. However, there are certain underestimated variables in the calculation of retirement expenses. Understanding these five factors could aid in cultivating a more accurate and pragmatic retirement budget. Taxes In addition to seeking …

Three Key Components To Maximize Your Retirement Savings

If your working years were spent as an employee, your taxes on wages were pretty straightforward. You worked and contributed to employer-based benefits, and the net was reported to you on a W-2 form, which you used to plug into your 1040 tax form. There is not much wiggle room for reporting that income and paying the associated taxes. The good and the bad of retirement income planning is that you have all the control. …

Taxes: 3 Compelling Reasons Seniors Should File in 2024

Los Angeles, CA – Many seniors may find themselves in the position of not having to file income taxes, especially if their sole source of income for the year is Social Security benefits. In such cases, these benefits are typically not taxable, relieving seniors from the burden of filing a federal income tax return. The decision of whether a Social Security recipient should file federal income taxes hinges on whether they earned additional income throughout …

Educators and State Police Salaries Increased, Social Security Taxes Phased Out by Senators

Charleston, West Virginia – State senators in West Virginia recently passed bills aimed at increasing the salaries of State Police and educators, as well as phasing out Social Security taxes. This move has significant implications for both public safety and the education sector in the state. The new legislation seeks to address concerns regarding the competitiveness of salaries for State Police officers and educators in West Virginia. By raising their salaries, lawmakers hope to attract …

Why HSAs Might Be the Best Thing You’re Not Using Yet

Imagine a world where your healthcare dollars work as hard as you do, where every penny you save for medical needs gets a superhero cape, flying tax-free, growing in strength, and always ready for action. Welcome to the universe of Health Savings Accounts (HSAs)! These aren’t just any ordinary savings accounts; they’re your ticket to tax advantages, investment growth, and a future where you’re in the driver’s seat of your health expenses. If you are …

Social Security Surprise: Retirees Facing Unexpected Taxes and Penalties

New York, NY – Social Security benefits can be a surprise tax burden for retirees across the country. Many are unaware of the potential taxes they may face on their Social Security income even after retirement. Mark Miller, author of “Retirement Reboot” and a Morningstar contributor, delves into the complexities of Social Security taxation and offers valuable insights on how retirees can navigate this issue. Income from Social Security is treated similarly to other forms …

Exempt: Four Groups Who Can Avoid Paying Social Security Taxes

Miami, Florida – Employees and employers in Miami, Florida, usually both contribute to Social Security taxes at a rate of 6.2% of earnings, up to the $168,600 wage cap in 2024. The Social Security Administration reported that approximately 180 million individuals paid these taxes in 2023, with few exceptions available for opting out. However, certain groups, such as eligible student workers, qualifying religious group members, certain government employees, and some nonresident aliens, may avoid paying …

Trump Endorses House Candidate Supporting Fiscal Commission Cutting Entitlements and Raising Taxes

Washington D.C., United States – Former President Donald Trump’s endorsement of Republican House candidate Jodey Arrington from Texas has raised eyebrows due to Arrington’s support for a bipartisan fiscal commission that could potentially lead to cuts in entitlement programs like Social Security and Medicare. Despite Trump’s public statements opposing such cuts and tax hikes, his backing of Arrington suggests otherwise. Arrington has expressed openness to the idea of raising taxes to address the federal budget …

Taxes on Social Security: Tips for Reducing Costs in the First Year

Indianapolis, IN – As retirement approaches, many individuals begin to navigate the complex landscape of Social Security benefits. One common concern for retirees is how to minimize the taxes paid on these benefits. Understanding the tax implications of Social Security is key to optimizing retirement income. When it comes to reducing taxes on Social Security benefits, there are several strategies that retirees can implement. One approach is to consider spreading out other sources of income …