Tag Archives | taxes

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Compare Your Charitable Giving to Other Contributors by Age and Income [2015 IRS Data]

When it comes to making gifts, US households are generous. The Giving USA Foundation estimates that in 2016 donations by individuals totaled $390.05 billion, which reflects a 2.7 percent increase from the amounts reported in 2015. If you’re a kind soul who donates to charity, you might want to see how your household stacks up against […]

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How the 2017 Tax Bill Impacts Early Retirees

Current laws bestow many lucrative tax breaks upon early retirees. But does the 2017 Tax Bill undercut any of these helpful rules? To explore this issue—a “burning” one for FIRE fanatics—here’s a rundown of ten favorable tax provisions I’ve followed for years (see my 2015 article here and my 2016 article here). As you’ll see, […]

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How the Standard Formula for Net Worth Overstates Your Wealth—and How to Fix it

You’ve worked hard. You’ve avoided debt. You’ve saved and invested. Through the years, you’ve regularly updated your net worth using the standard formula: Assets – Liabilities = Net Worth. According to this calculation, you’ve made substantial progress. The stock market’s done well and so have you. But if you’ve only been looking at your net […]

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My Early Retiree Tax Plan for 2017

Note: On November 9, 2017, I modified this post to correct an error that caused my 2017 Colorado state taxes to be under reported by $114. Thanks to reader Mark from Minnesota for emailing me about this mistake! As I plan my household’s tax returns for 2017, I’m pursuing four major goals: (1) obtain the […]

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Here’s a List of Every Tax My Family Paid Last Year—What it Shows Can Save You Thousands

Governments are clever. They rarely collect taxes directly—that would draw too much attention from voters. Instead, they deputize others to do the collecting for them: employers to withhold income taxes from paychecks, stores to add sales taxes on receipts, banks to escrow property taxes from mortgage payments, and utilities to include city surcharges in monthly bills. Because […]

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Ten Amazing Tax Breaks that Await Your Early Retirement [2016 Edition]

If you’re on a path to retire early, it makes sense to acquaint yourself with some wondrous tax savings. When you’re approaching retirement, these savings deliver motivation to stay the course (there’s a pot of gold at the rainbow’s end). When you’re already retired, these savings point to lucrative tax strategies (there’s a pot of gold sitting on the doorstep). Because […]

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Ten Amazing Tax Breaks that Await Your Early Retirement [2015 Edition]

Note: I update this post each year. For the 2016 version, click here. If you’re on a path to retire early, it makes sense to acquaint yourself with some wondrous tax savings. When you’re approaching retirement, these savings deliver motivation to stay the course (there’s a pot of gold at the rainbow’s end). When you’re already retired, these savings point to lucrative […]

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2015 Obamacare Premium Tax Credit Calculator

Note: Greetings! You’ve reached the Obamacare Premium Tax Credit Calculator for tax year 2015. This calculator has been updated. For tax year 2016 click here and for tax year 2017 click here. Thanks for visiting! The federal government offers a Premium Tax Credit (PTC) to qualifying taxpayers who comply with the mandate to buy health insurance. To receive […]

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