cody79+FollowHome Office Tax Deduction: Worth the Risk?Thinking about writing off your home office on your taxes? It sounds tempting, but the IRS is watching this deduction closely. If you’re self-employed and truly work from home, you can claim a chunk of your rent or mortgage—but only for the space you use exclusively for work. Overstate it, and you might get a not-so-friendly letter from the IRS. Play it safe: measure your workspace, keep receipts, and don’t get greedy! #Business #MakeMoney #TaxTips00Share
nkent+FollowWhat Can the IRS Actually Take?Ever wondered what happens if you ignore those IRS tax bills? Turns out, the IRS can actually take your stuff—think cars, boats, and even your favorite watch—if you don’t pay up. They’ll even auction it off to cover your bill! But don’t panic: everyday essentials like your couch and clothes are safe up to a certain value. If you get a scary letter, act fast—setting up a payment plan can save your stuff from the auction block. #Business #MakeMoney #TaxTips67Share
nkent+FollowRetirement Rules Just Got a MakeoverIf you’re eyeing retirement, heads up: you can now wait until age 73 (and soon 75!) before you have to start pulling money from your 401(k) or IRA. That means more time for your nest egg to grow and less stress about tax penalties. Plus, Roth 401(k)s are now RMD-free, just like Roth IRAs. Translation: more control over your cash, fewer surprise tax bills. Perfect for anyone who wants to stretch their savings or leave a little extra for the grandkids! #RetirementHacks #MoneyMatters #TaxTips #Business #MakeMoney21Share
Christine Baxter+FollowHow the Rich Play the Tax GameEver wonder how the rich seem to keep more of their money? Turns out, it’s not all secret islands and movie-villain moves. Most wealthy folks use everyday tools like retirement accounts, investments, and trusts to lower their tax bills—just like you might with your 401(k). The real drama? They’ve got teams to help them play the game, while most of us are figuring it out over coffee. Pro tip: Some of these strategies are available to everyone, so it pays to learn the rules! #MoneyHacks #TaxTips #PersonalFinance #Finance00Share
Joseph Livingston+FollowDid Your Tax Bracket Just Change?Heads up: The IRS is bumping up tax brackets and the standard deduction for 2025 to keep up with inflation. Translation? You might keep a bit more of your paycheck next year, unless Congress shakes things up again. The standard deduction is getting a nice boost, so single filers get $15K and couples filing together get $30K. But that $10K cap on state and local tax deductions isn’t going anywhere. Time to check if your tax plans need a refresh! #TaxTips #MoneyHacks #IRS #Finance10Share
James Cook+FollowDon’t Let Roth Conversions Sneak Up on YouThinking about moving your 401(k) money into a Roth IRA? Before you hit that transfer button, double-check your tax bracket! If you convert too much at once, you could end up paying way more in taxes than you expected—like filling up your gas tank in a pricey state. Timing is everything: sometimes waiting until you’re in a lower tax bracket (like after you retire) can save you big bucks. Always peek at the long-term, not just this year’s bill! #MoneyHacks #RetirementReady #TaxTips #RothIRA #PersonalFinance #Finance00Share
Kathryn Olsen+FollowRetirees Might Get a Tax Break BonusHeads up if you’re 65 or older: Congress is cooking up a new tax break that could mean an extra $4,000 off your taxable income. That’s on top of your usual deduction, so more cash could stay in your pocket. But here’s the catch: it’s only for four years and only if you make under $75k (single) or $150k (married). If you’re living on Social Security, every dollar helps—just don’t spend your savings yet, since this is still just a proposal! #RetirementHacks #TaxTips #MoneyMatters #SocialSecurity #PersonalFinance #Finance10Share
Christine Baxter+FollowHow One Farmer Beat a $300k Tax BillImagine getting a bill for $300,000 in back taxes—yikes! That’s what happened to Bill Griggs, a Massachusetts farmer, who spent eight years proving his land was overtaxed. Turns out, the town was charging him commercial rates instead of farm rates. After a closer look, he got a $31,000 refund instead. Lesson? Double-check your property tax assessments—mistakes happen, and it could save you big bucks! #TaxTips #MoneyHacks #LifeLessons #PropertyTax #Finance10Share
cody79+FollowCan You Donate to Lower Roth Rollover Taxes?Thinking about moving your IRA to a Roth and worried about the tax hit? Here’s the scoop: you can’t just send your tax bill to your favorite charity, but you can donate directly from your IRA to a nonprofit and shrink your taxable income. It’s called a QCD (qualified charitable distribution). So, if you’re feeling generous and want to save on taxes, consider giving straight from your IRA before you convert. It’s a win-win for you and your cause! #MoneyHacks #TaxTips #RothIRA #Charity #PersonalFinance #Finance00Share
Samantha Casey+FollowSmall Biz Tax Surprises & AI FixesDid you know small businesses are the backbone of the U.S., but payroll taxes can trip up even the savviest owner? The IRS is spotlighting this during National Small Business Week. One big headache: missing payroll tax deadlines can mean big penalties. But here’s a hack—AI tools can help catch mistakes before the IRS does, saving you time and stress. Plus, watch out for those sneaky credit card fees—they’re adding up for both shoppers and shop owners! #SmallBusinessWeek #TaxTips #AIMoneyHacks #CreditCardFees #PayrollTax #Shopping100Share
