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Marginal Tax Rate or Effective Tax Rate?

January 19, 2021 by Mike

A reader writes in, asking: “I am tentatively starting to think how taxes affect retirement especially for the ACA purposes, in case it somehow survives the latest current court fight. So, which kind of tax should we be concerned about? When I google this, I can find someone saying ‘marginal tax’ whereas somebody else saying ‘effective tax rate’. So, which is it? Could you direct me to some easy to understand tutorial about it? I certainly cannot plan anything (e.g. 401k to an IRA and then Roth IRA conversions) and staying under ‘the cliff’ unless I understand the basics on this subject.” Broadly speaking: Effective tax rate is useful for budgeting; Marginal tax rate is useful for tax planning. For example, … [Read More...]

2021 Tax Brackets, Standard Deduction, and Other Changes

January 13, 2021 by Mike

The IRS recently published the annual inflation updates for 2021. If you have questions about a particular amount that I do not mention here, you can likely find it in the official IRS announcements: Rev. Proc. 2020-45 contains most inflation adjustment figures, and Notice 2020-79 contains figures relating to retirement accounts. Single 2021 Tax Brackets Taxable Income Tax Bracket: $0-$9,950 10% $9,950-$40,525 12% $40,525-$86,375 22% $86,375-$164,925 24% $164,925-$209,425 32% $209,425-$523,600 35% $523,600+ 37% Married Filing Jointly 2021 Tax Brackets Taxable Income Tax Bracket: $0-$19,900 10% $19,900-$81,050 12% $81,050-$172,750 22% $172,750-$329,850 24% $329,850-$418,850 32% $418,850-$628,300 35% $628,300+ 37% Head of Household 2021 Tax Brackets Taxable Income Tax Bracket: $0-$14,200 10% $14,200-$54,200 12% $54,200-$86,350 22% $86,350-$164,900 24% … [Read More...]

Estimated Tax Payments and Roth Conversions

January 12, 2021 by Mike

A reader writes in, asking: “I was wondering if you’ve discussed taxes on Roth conversions before. Specifically, I’m really confused on whether or not I would need to make estimated tax payments to the IRS. Does it matter when I do the conversion, January vs. December, for instance? Would I make a single estimated payment, or would I have to make four during the year? I do NOT currently make estimated payments. My wife and I file jointly and have taxes withheld from our paychecks and typically may owe a few grand at most in taxes in April. Maybe a post about estimated taxes in general would be helpful.” Yes, a Roth conversion could cause you to need to make estimated tax payments. … [Read More...]

Health Care Flexible Spending Accounts: Don’t Lose Your FSA Money

January 5, 2021 by Jonathan Ping

Updated for 2020. Here’s my annual year-end reminder – to myself, really – to get back all the money sent into Healthcare Flexible Spending Accounts (HC FSA) before it disappears forever (see possible extensions below). The maximum salary deduction limit is $2,750 for 2020. You choose your deduction amount during Open Enrollment season, but it can also be adjusted during “qualifying life events” like the birth of a child, marriage, or divorce. Quick ideas. If you didn’t exhaust your funds with insurance copays or deductibles, here are eligible items that you can still buy over-the-counter without a prescription. Just order things online and then submit the receipt. Amazon even has a special FSA-eligible page that accept FSA/HSA debit cards, complete with… [Read More...]

4 Questions to Ask Yourself During the 2020 Tax Season

January 4, 2021 by Tom Wheelwright

Here’s the FYI on why you need to call your CPA ASAP. [Read More...]

Health Savings Account (HSA) for Dividend Investors

January 4, 2021 by

I recently signed up for a Health Savings Account (HSA) with my employer. A Health Savings Account is a tax-advantaged medical account which is available to individuals in the US who have enrolled into a high-deductible health plan (HDHP). For 2021, individuals cannot contribute more than $3,600/year, while families cannot put more than $7,200. There is a catch-up contribution of $1,000 for those… To read the whole article, please click on the article title above. [Read More...]

Bitcoin news

Former US Treasury Secretary Larry Summers Says Bitcoin ‘Is Here to Stay’

January 21, 2021 by

Breaking: Bitfinex and Tether Seek 30-day Extension to Produce Critical Financial Document Before NYAG

January 21, 2021 by Bitcoin Warrior

Will bitcoin end the dollar’s reign?

January 21, 2021 by

  • [Guest Post] The True Use Cases for Bitcoin and Its Role in Banking the Unbanked
  • Charted: Ripple (XRP) Signaling Bullish Breakout, Why It Could Retest $0.35
  • Daily Discussion, January 21, 2021
  • Former Ripple Board Member Tapped to Lead Biden’s OCC: WSJ
  • Bitcoiners Run Hardware

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Financial Markets Breaking News

Daily Forex Signals

Forex for January 21, 2021. Prediction and Analysis

January 21, 2021 by GainScope

Nasdaq Hits Record High as Biden Takes Office, Hang Seng Eyes 30,000

January 21, 2021 by

NZDUSD Breaks the Support, Bearish movement is Expected

January 20, 2021 by R.Roy

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World Markets Watch

Market Data by TradingView

Forex Research & Tech. Analysis

Indices Recover Lost Ground

January 21, 2021 by

Day 51 of $QQQ short term up-trend–but QQQ breaks out of channel–possible bearish signal?

January 21, 2021 by Dr. Wish

Bank Nifty Weekly Expiry Trading Plan

January 21, 2021 by Bramesh

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Macro Economics

Starve a kid to save a quid [1]

January 21, 2021 by Mainly Macro

The First Saturday in May.

January 21, 2021 by

Covid Vaccination one dose or 2 II

January 21, 2021 by Robert Waldmann

  • How the electoral system in the US, and to a lesser extent the UK, is biased towards social conservatism.
  • Fun at the Breeder’s Cup.
  • Trump on his own terms
  • The Best of the Funny Economist: Marshall Gramm and Randy Parker have a new friend.
  • Debt and Taxes II





Stocks Markets

Strategies to Stay Ahead in a Market Bubble

January 21, 2021 by

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January 21, 2021 by Tram Anh Ton Nu

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January 21, 2021 by

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Equities

Bullish Trend Continues for WTI Crude Oil as February Futures Expire

January 21, 2021 by Jace Jarboe

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January 21, 2021 by Amit Arora

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January 21, 2021 by Brian D. Wodar

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Business News

DealBook: How to Fix America

January 21, 2021 by THE NEW YORK TIMES

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January 21, 2021 by Harpreet Munjal

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January 21, 2021 by Samson Haileyesus

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