When it comes to filing your taxes, a key point is to know your tax laws. Not just federal tax laws but also your state and local tax laws. Knowing your tax laws can help you save money such as being able to claim to the maximum amount on certain items for a tax deduction. If someone else is doing your taxes, like a CPA, make sure they know the latest tax laws. It changes all the time. If you’re…
The 2022 federal tax brackets have been announced which includes annual inflation adjustments. How important is it to know your tax bracket? It’s important to know so you can plan accordingly and strategize your financial goals. Are you paying too much in taxes? Are you paying too little? Or are you paying just enough? Here’s a breakdown of the 2022 federal tax brackets. For tax year 2022, the top tax rate remains 37% for individual single taxpayers with incomes greater…
Do you know your tax bracket? If you don’t, you should. By knowing what tax bracket you fall under will help you strategize your money savings. If you’re working and receiving a paycheck, you probably see all the taxes that are taken out such as federal tax, state tax, and social security. The chart below I took from Turbotax Intuit. Take a look at the taxable income brackets for 2020-2021 and see where you fall within. We all pay taxes and…
Early in my career, I used to go to an accountant when it came to filing taxes. Not knowing exactly what everything meant that was being filed, I was pretty naïve when it came to this. I was only concerned whether or not I was getting a refund or not. One year, I remember my accountant giving me advice that I couldn’t relate to because I was financially illiterate. She told me to do 4 things to help me financially…