Your home is likely your largest asset, so there is no doubt when it comes time to putting it up on the market, you will want to know what the law requires if you make a profit, capital gain, on its sale.  This might also help you determine how long you stay in your home before you decide to sell, and how much you decide to sell your home for. The gain on the sale of a home is considered a gain on the sale of a capital asset. There are both short-term capital gains and long-term gains. Short-term gains are gains on investments (i.e. home, stock, land, business, etc.) which are sold...…Your home is likely your largest asset, so there is no doubt when it comes time to putting it up on the market, you will want to know what the law requires if you make a profit, capital gain, on its sale.  This might also help you determine how long you stay in your home before you decide to sell, and how much you decide to sell your home for. The gain on the sale of a home is considered a gain on the sale of a capital asset. There are both short-term capital gains and long-term gains. Short-term gains are gains on investments (i.e. home, stock, land, business, etc.) which are sold...WW…

It is no secret that the average American’s credit card debt is out of control. According to a report last fall from the Federal Reserve, the average credit card debt for a U.S. adult with a credit card is $5,284 and nearly double that at $9,600 when considering the credit card debt per household. Unfortunately, with those numbers only rising, American households may be in for a rocky financial road until they get their debt under control. While it is important to understand how we got here, what we really need to determine is how we get out. Here are seven simple things you can do now to...…It is no secret that the average American’s credit card debt is out of control. According to a report last fall from the Federal Reserve, the average credit card debt for a U.S. adult with a credit card is $5,284 and nearly double that at $9,600 when considering the credit card debt per household. Unfortunately, with those numbers only rising, American households may be in for a rocky financial road until they get their debt under control. While it is important to understand how we got here, what we really need to determine is how we get out. Here are seven simple things you can do now to...WW…

There is a wide variety of tax-advantaged ways for individuals to save for retirement. Because of their income tax benefits and because IRAs are so easily established, they have become one of the most often used retirement savings vehicles available today. Tax laws have created two unique types of IRA’s: Traditional IRA and Roth IRA, as well as a non-deductible IRA contribution. Understanding the pros and cons of both can help you determine which IRA is right for you. A Traditional IRA is a tax deferred retirement savings account which allows a working individual under the age of 70 1/2 to...…There is a wide variety of tax-advantaged ways for individuals to save for retirement. Because of their income tax benefits and because IRAs are so easily established, they have become one of the most often used retirement savings vehicles available today. Tax laws have created two unique types of IRA’s: Traditional IRA and Roth IRA, as well as a non-deductible IRA contribution. Understanding the pros and cons of both can help you determine which IRA is right for you. A Traditional IRA is a tax deferred retirement savings account which allows a working individual under the age of 70 1/2 to...WW…

Understanding your tax bracket is key in determining the withholding from your paycheck, as well as to prepare you for the next tax season. For 2024 look for the bottom rate to remain at 10%, and the highest rate to stay at 37%. However, the income limits for all tax brackets will be adjusted for inflation. Below are the federal tax brackets and rates you can expect for tax year 2024. Rate Unmarried Individuals with Taxable Income Over Married Individuals Filing Jointly  with Taxable Income Over Heads of Households with Taxable Income Over 10% $0 to $11,600 $0 to $23,200 $0 to $16,550...…Understanding your tax bracket is key in determining the withholding from your paycheck, as well as to prepare you for the next tax season. For 2024 look for the bottom rate to remain at 10%, and the highest rate to stay at 37%. However, the income limits for all tax brackets will be adjusted for inflation. Below are the federal tax brackets and rates you can expect for tax year 2024. Rate Unmarried Individuals with Taxable Income Over Married Individuals Filing Jointly  with Taxable Income Over Heads of Households with Taxable Income Over 10% $0 to $11,600 $0 to $23,200 $0 to $16,550...WW…