Driving an old beater car can make you a lot of money. As a car fanatic who has owned beater cars and luxury cars, let me explain. After writing, Never Buy A New Car In Its First Year Of Redesign, a reader commented that he netted about $17,500 in reimbursements from driving his 2002 economy car roughly 35,000 […]
Your Old Car Can Make You A Lot Of Money In Tax Savings Or Reimbursements! Read More »
This post will provide a detailed look into property taxes by state. The differences in property taxes by state from the highest (Illinois at 2.32%) to the lowest (Hawaii 0.28%) is astounding. Although, these are average property tax rates by state because many counties have slightly different property tax rates within a state. Therefore, just
Property Taxes By State – From Highest To Lowest Read More »
The average percent of income donated to charity by levels of income is sadly very low across the board. According to several of the largest charitable foundations, the average income donated to charity ranges from just 3% to 5% of annual gross income. Not surprisingly, the average percent donated to charity is the highest for
The Average Percent Of Income Donated To Charity Can Improve Read More »
Unfortunately, sometimes dreams don’t come true. In my quest to simplify life, I was blinded by the belief that the rental property I bought in 2003 would also be eligible for the full $250,000 / $500,000 tax-free profit exclusion if I moved back in tomorrow and lived in it for the next two years before
Tax-Free Profit Exclusion: Prorate For Long Term Rentals That Turn Into Primary Homes Read More »
I don’t enjoy doing my taxes, but I do them anyway. My main reason is to learn as much about the latest tax codes so I can reduce my tax liability. This post discusses five lessons from doing my taxes for over 10 years. Why I Started Doing My Own Taxes In 2000, I paid
Five Lessons From Doing My Taxes For Over 10 Years Read More »
Investing you tax refund instead of spending it is recommended. If you want to achieve financial freedom, it’s not enough to aggressively save most of your income. You must also wisely invest as well. In the article, “How To Get Over Your Fear Of Investing” I mention how your risk tolerance decreases the more capital
Investing Your Tax Refund For A 1,000% Return Read More »
Every year, as a small business owner, I like to ask my tax accountant: What’s the least amount I can pay myself in salary and bonus before the IRS comes knocking? Every year, he comes up with a slightly different answer. The IRS is smart and is always changing the rules, usually to its benefit.
The mortgage interest deduction limit has decreased since the new Tax Cut & Jobs Act was passed in 2018. In the past, you could deduct mortgage interested on up to $1 million in mortgage indebtedness. Today, according to the IRS, the maximum mortgage amount you can claim interest on is $750,000 on first or second
Mortgage Interest Deduction Limit and Income Phaseout Read More »
Did you know that you can make a lot more by working overseas and save a significant amount in taxes at the same time? Now that you know, why not work overseas? The US tax system is not the most lenient by any means. American tax payers shell out effectively almost 50% of their incomes to
Why Not Work Overseas, Make More And Pay Less Taxes! Read More »
If you own a business, you should know the tax rules for buying a SUV or a truck. You can and should deduct the operating expense of your vehicle if you use it for your business. But you can also deduct the cost of your SUV or truck as well. As an SUV owner and
Tax Rules For Buying A SUV Or Truck To Deduct As A Business Expense Read More »
