What is Qualified Business Income? The qualified business income (or QBI) tax deduction allows eligible business owners to deduct up to 20 percent of their qualifying business income from their income taxes. To qualify, total taxable income must be below the following thresholds for 2024: $191,950 for single filers $383,900
The First Step It was September of 2011 and I tipped the scales, didn’t like what I saw and decided it was time for a change – 282 pounds. I had decided I wanted to
Nobel laureate Daniel Kahneman is arguably the world’s leading authority on human decision-making and cognitive biases that exist due to irrational judgement. As part of his research on the mind, he created a list of
When it comes to making 401(k) contributions there are two sets of limits that an individual must be aware of – the first being the maximum deferral limit and the second being the total contribution
Retirement Account Types When saving in a retirement account an investor has two options, to save money pre-tax or Roth. Pre-tax savings result in a tax deduction of the amount contributed each year (assuming you
If you are a business owner in one of the top tax brackets, adding your kids to the payroll can be a great tax move that shifts income from your tax bracket down to your
IRS Section 280A(g), better known as the “Augusta Rule”, is a special rule in the tax code that allows for the rental of a personal dwelling for less than 15 days without being taxed on
For most people, the biggest challenge in retirement saving is maxing out their 401(k) plan. That said, for some – typically highly compensated employees – front-loading their 401(k) contributions can cost them some of their
As you embark on your journey toward financial independence and a secure retirement, it’s crucial to understand the intricacies of various retirement account rules. One such rule that comes into play is the Required Minimum
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