Key Takeaways IRA vs. Brokerage Account: an IRA account is not always a brokerage account, but many IRA accounts are held at brokerage firms. An IRA, or Individual Retirement Account, is a special type of account that allows you to save for retirement with some tax advantages. Some banks provide IRAs with savings or CDs, … Read more
Key Takeaways So, when are taxes due in the United States? If the deadline is a weekend or public holiday, the day due slips to the next business day. For extension filers, it’s typically October 15. These deadlines are for federal income tax. State tax deadlines could vary. The upcoming posts display advice and instructions … Read more
Key Takeaways Taking money out of Roth IRA means you take money from your account, your principal or your returns. They’re often used for emergencies or big life events. Timing and rules matter, as taxes and penalties may be applicable depending on your age and duration of the funds in the account. The second section … Read more
If you’ve ever wondered, “what is SALT tax deduction?” you’re not alone. The State and Local Tax (SALT) deduction is one of the most debated provisions in the U.S. tax code. It allows taxpayers to deduct certain state and local taxes from their federal taxable income, but the rules and limitations have changed over time. … Read more
How Much Is Social Security Taxable? If you’re receiving Social Security benefits and wondering that, you’re not alone. The answer depends on your total income and filing status. While Social Security benefits are never fully taxed, up to 85% of your benefits may be subject to federal income tax under current IRS rules. Understanding Social … Read more