BREAKING: If you own an LLC or Corporation, you need to file the Beneficial Ownership Information by March 31 to avoid up to $591 penalty PER DAY.

Here's everything you need to know (and how to file): With the February 18, 2025, decision by the U.S. District Court, beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act (CTA) are back in effect.

FinCEN is extending the deadline 30 days from February 19, 2025, for most companies.

Want to keep more of your income?

Then you must understand how tax brackets work in 2025.

Here's everything you need to know about it: You probably know that your income will determine your tax rate percentage.

However, not ALL of your income is taxed at that percentage higher percentage.

In fact, it's a mix...

"Renting is a waste of money!"

You've probably heard this before. But is it true?

I created an in-depth analysis on buying vs renting.

Here's what I found: The concept of analyzing buying vs. renting comes down to the idea of recoverable vs. non-recoverable costs.

All costs, regardless of whether you are buying or renting, can be put into these two categories.

Quitting your job?

You need to decide what you do with your 401(k) plan.

Here are 3 options (and how to choose): Option 1. Leave as is.

This is fully dependent on how good your current plan is.

For example, through my current 401(k) plan I can invest in an S&P 500 fund with a 0.01% expense ratio.

BREAKING: Vanguard just released 2 ETFs that can replace your high yield savings account.

Here's everything you need to know about it: Vanguard just launched 2 funds:

- Vanguard Ultra-Short Treasury ETF ($VGUS) and
- Vanguard 0-3 Month Treasury Bill ETF ($VBIL)

These 2 funds can be used similarly to a savings account.

Ever wonder how the wealthy avoid paying taxes?

It’s all in the "Buy, Borrow, Die" strategy.

Here's exactly how it works in-depth: You probably heard of this strategy where the rich just borrow against their equities and use loans to live off and avoid taxes.

But it's way too simplified.

Here's how it works in practice (p.s. you should definitely bookmark the first post for reference).

Many people don't realize this but you can use Roth IRA as an emergency fund.

It sounds unconventional, but it's actually really good in some cases.

Here's how it works (and when it makes sense): Let's say you have a $10,000 emergency fund in a HYSA.

You are also contributing to a 401(k) but not enough to max out both 401(k) or Roth, and you don’t really have extra funds to invest.

1 in 500 tax returns is audited each year.

But how does the IRS select whom to audit?

Here are 10 audit red flags to know about: 1. Incomplete filing

The IRS receives copies of all W-2s and 1099s, so failing to report income creates automatic discrepancies.

If the amounts are significant, this could lead to an audit.

Your high yield savings account is extremely tax inefficient.

You pay net investment income tax, federal, state, and local taxes on the interest.

Here are more tax-efficient saving options: Let me explain..

Say you are a high earner with 32% federal marginal rate, 6% state, and a 3% local tax.

Your HYSA is paying you 4.30%.

But after taxes, your yield is 2.53% (4.3% * (1-.41%)

Major tax bills were recently introduced in the House:

- Abolish the IRS
- No taxes on tips & overtime

Here are the 12 most impactful ones you need to know about: 1. H.R. 25 - Abolish the IRS

Under current law, the U.S. tax system is based on various taxes (like individual, corporate, payroll) administered by the IRS.

The proposed legislation abolishes the IRS and implements a national sales tax.

Did you own Money Market Funds, like Vanguard's $VMFXX or Fidelity's $SPAXX, or Treasury ETFs like $SGOV in 2024?

If so, you must report them on your taxes correctly to avoid state and local tax. Many people miss this...

Here's how to do it correctly: Most of these funds hold U.S. Treasury Bills.

Treasuries are exempt from state and local taxes.

But, you have to report them correctly in order to get this benefit and avoid paying taxes.

Married couples can withdraw $126,700 from investments and pay $0 in federal taxes in 2025.

This is equivalent to earning ~$165,000 in salary.

Here's exactly how it works: First, the standard deduction in 2025 is $30,000 for married couples.

So, the first $30,000 you pull out of your investments or salary is tax-free from a federal tax standpoint.

Yesterday, President Trump called for replacing federal income taxes with tariffs during House GOP speech.

But it wouldn't happen.

Here's everything you need to know about tariffs and taxes: According to Internal Revenue Service data for tax year 2023, it shows that they collected ~$2.1T in net income taxes:

If you own or plan to own a home, you must understand how taxes work.

Here's everything you need to know about homeownership taxes: 1. Mortgage interest

If you have a mortgage, you can deduct the interest you pay on the loan up to $750,000 ($1M if taken before Dec 16, 2017) but only if you itemize your deductions (Schedule A)

Big IRS update for 2024 - Venmo, PayPal, CashApp, Stripe, and others now have a much lower 1099-K threshold.

It dropped from $20,000 and 200 transactions in 2023 to $5,000 in 2024.

Here's everything you need to know (and how it impacts your taxes): First, make sure to bookmark the post above for this tax season.

Now, Form 1099-K is a report of payments you received for goods or services during the year through payment apps or online marketplaces, also known as third-party settlement organizations (TPSOs).

If your savings aren't generating at least 4% APY, you're falling behind.

I researched the 7 best options to park your cash.

Here's the list: First, make sure to bookmark the above post.

Now, if you don't need the money for the next 10-20 years, you should invest it.

The following options are just for the short term, liquid savings (i.e. emergency funds)

Capital gains taxes can drain your investment returns.

But 90% of people don't know how to legally minimize or even avoid these taxes.

Here are 9 strategies to help you keep more of your money: 1. Hold your assets until they meet long-term gains criteria.

If you sell assets one year after acquisition, you will qualify for long-term treatment.

This would shift the tax rate from the maximum 37% rate to a maximum of 20%.

Trump is back in the office.

Here's what you can expect for your taxes in 2025 and beyond:
🧵 First thing to note is that the Tax Cuts and Jobs Act (TCJA) is expiring at the end of 2025.

This will have a huge impact on businesses & individuals.

In particular, 3 things stand out:

Republicans on the House Budget Committee just revealed 45 potential tax law changes.

I reviewed them all so that you don't have to.

Here's everything you need to know: First, make sure to bookmark the post above.

Now, here are the potential changes, along with budgeting considerations.

Let's get into it.

The IRS audits over 500,000 people every year.

They often use the "Net Worth" method to uncover hidden income.

Here's exactly how the IRS does it (and how you can protect against it): First, make sure to bookmark the above post.

Now, to prove unreported income, the government could use different methods.

The net worth method, which is an indirect method, is one of such ways.

Did you know the U.S. tax code has a marriage penalty?

It happens because taxes for married couples are based on their combined income.

Here are 7 situations you need to know about: 1. Tax Brackets

Most tax brackets double when you get married.

For example:

- If you are single, you pay 24% on income over $103,350.
- If you are married, you pay 24% on income over $206,700.