All in Taxes

Book Notes: Financially Stupid People Are Everywhere (4 Rules to Follow to Be Financially Smart)

“They sit mesmerized before advertising campaigns telling them to buy trifles they don’t need using debt they can’t repay.”

In “Financially Stupid People are Everywhere: Don’t Be One of Them,” Jason Kelly opens your eyes to the debt driven world we live in and what you’re up against in society.  He posits the only way to truly safeguard your own well being is to look after yourself. Provide security and ensure your freedom by following the 4 financial rules that will keep you from being financially stupid.

The End of An Era: Goodbye Marriage Penalty

50 years. That’s how long it took to get rid of the “marriage penalty” in our federal tax system. What’s even worst is that some people never even knew it existed. The marriage penalty arose if two married individuals, both earning income, paid more in taxes if they file with under “married filing jointly” than if they filed taxes separately under the “single” tax status. How is this possible? It’s because the income tax brackets from single status did not rise in proportion to the marriage filing jointly tax bracket.

Can You File Taxes on a Postcard? Sure, if Your Tax Returns are Simple

Our society is so simple and so standardized...NOT!

In an effort to simplify the tax code, lawmakers aggressively pushed and passed the Tax Cuts and Jobs Act of 2017. One of the first claims of the Trump administration was to reform the tax code and streamline tax filings so far as to allow people to file their taxes on a postcard-sized piece of paper! Do I think it’s possible? Yes! But I think it will only be applicable for taxpayers with little to no complications in their tax returns.

Understanding Student Loan Interest Deductions: Tax Deductible is Not What You Think It Means

One of the arguments for continuing to incur student loan interest has been “oh but it’s tax deductible!”. That’s good, right? Yes and no.

I understand the need to take out student loans. I took them out myself as I went through college. My intention is not to dissuade you from them, I simply want to provide some additional details which may guide your decision on taking them out, paying them back or strategies you can use to take advantage of the tax deduction.