Your Personal Finance Wizard
Less generous tax breaks, child tax credit changes, and Recovery Rebate Credits getting expired are some of the reasons behind low tax refunds this year. With the tax filing deadline approaching, you might be busy calculating your tax return and wondering why is my tax return so low this year. Well, good old pandemic-era tax … Read more
You can find your 2022 Tax year AGI or Adjusted Gross Income on page 1 line 11 in form Form 1040, 1040-SR, and 1040NR. However, AGI is not available for W2 forms. If you are electronically filing your tax return or filing tax for the first time then you might be wondering, where do you … Read more
No, personal loan interest is not tax deductible. However, if you use the loan money for your business, taxable investment, or higher educational purpose then the interest might be tax deductible. Thinking about taking a personal loan but not sure whether personal loan interest is tax deductible or not. Well, you are in the right … Read more
Yes, net income is after taxes. Because net income is your take-home pay. It is calculated by subtracting taxes and other deductions like insurance, and retirement contributions from your paycheck. If you are a young adult or a new business owner then you must be hearing net income a lot. But what is it? Is … Read more
You can have as many Roth IRAs as you want. However, your contributions to the Roth IRAs can not exceed $6000 annually. Roth Individual Retirement Arrangements are a great way to save for retirement. However, IRAs can be pretty complicated. That’s why there is so much confusion regarding them. One such confusion is how many … Read more
Each pension type is subject to federal income tax. However, some states have retirement-friendly laws and these states do not impose a tax on pension income. Close to retirement and thinking about tax on pension? Then this post is for you. Because here I am going to provide an in-depth overview of what pensions are … Read more
Yes, property tax is included in most mortgage payments. Because it protects lenders in property foreclosure cases and saves borrowers from the hassle of paying property tax in one installment. Owning a new home comes with a lot of responsibilities. One such responsibility is paying property tax. You may not like it. But you … Read more
Generally, every homeowner receives a notice of property tax bill even if the owner has an escrow. However, if this is the first time you received it in years, then there can be an error with your property tax this time. So, contact your escrow agent with a copy of the bill immediately. You have … Read more
No, you can not go to jail for not paying taxes or for simple tax mistakes. However, you can end up in prison for major tax fraud offenses. Moreover, if you did not file taxes for a long time then you will end up paying a hefty fine. Wondering whether you can go to jail … Read more
Yes, it’s possible that someone can take your property by paying the taxes. Because it’s possible to bid and take over your property via Tax deed sale or Tax lien purchase in almost all US states. Worried about whether someone can take your property by paying the taxes? Well, as a property owner you should … Read more
