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Investment income is a good problem to have. It means your money is working for you, even while you’re sleeping, vacationing, or pretending you understand market commentary on the news. Unfortunately, the IRS is awake for all of it, and different types of investment income are taxed in different ways. Understanding those differences can help you avoid surprises and make smarter decisions throughout the year. First, not all investment income is created equal. Interest income (

If there’s one tax myth that just won’t retire despite being well past its usefulness, it’s the idea that “moving into a higher tax bracket means you take home less money.” This is not how tax brackets work (thankfully).  But frequently I hear from a client some good news about a raise or bonus, and their first question for me is whether the IRS is going to be waiting with a vacuum hose to suck up all their joy. So let’s clear the air and explain how tax brackets really work.

It’s back to school time! This can be one of the most stressful times of year for parents, students, and teachers. The costs of supplies alone are often enough to overwhelm you, so we created a list of 5 ways to help you manage your money and save a little extra during this season. Everyone’s life is a little different so you may want to adjust it to fit your needs. 1. Create a budget and stick to it. Making a budget is the easy part. Sticking to it is the hard part. To bu

We are told to scrimp and save by financial gurus, shamed for buying a coffee by advisors, and still expected to not feel like we’re missing out when we decline dinner invitations with friends. There must be a better way to balance a strong budget and still have fun in life. Didn’t someone once say that the best things in life are free? I believe that it is fully possible to find the right balance between saving and living a life you enjoy. I’ll share what’s worked for me ove

It’s great to receive, I don’t care what they say. It’s good to give as well, but that’s a topic for another day. The question I get a lot about receiving a gift from a relative or friend, or an inheritance or bequest from a passed family member, is “Do I have to pay taxes on this?” The answer depends on the circumstances – who gave, what did they give, why did they give? But by far the most common situations that I see (life insurance proceeds, gifts by will or bequest,

Co-written by Kevin Clark Everyday people get phishing or scam phone calls from someone impersonating an IRS official, but it may get even worse during and right after tax season. It can really help to know how to spot the difference, so you don’t find yourself in a panic or handing over valuable financial information to a scam caller. The forms of payment they request are often unretrievable and the stress from their threats can be overwhelming. We don’t want to see good peo

Would you like the short answer first? YES! Here’s the “BUT”: Your benefits could be reduced if your total income for the year exceeds a certain amount, and your income may increase to the point that more of your benefits are taxable. It also makes a difference whether you’re receiving benefits before the full retirement age (67). Here are some details and examples of when your earnings may cause your benefits to be reduced: 1. For 2023, you can earn up to $21,240 i

You’ve been staring at the same dated artwork for the past 5 years. The office chair you once found comfort and support in has lost its integrity. Maybe the entire atmosphere of your office just feels “off” lately and it’s killing your motivation. Go ahead and spruce up your workspace. Wait. Do not take the company card and rush out for an afternoon shopping spree though. Try some of these little refreshers first: Move things around . Sometimes rearranging furniture or reconf