Category Archives: Taxes

Did I Just Find Another Great Retirement Saving Strategy? Understanding the SEP IRA Rules

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I think I may have found another good one. A few weeks ago when I laid out my ultimate plan for becoming financially independent, I thought I had really done a pretty good job of optimizing every single angle of my retirement savings options. My 401k.  My IRA.  Is there anything else I’m possibly missing where I could find even MORE tax-deferred savings? Apparently there is! And as it turns out it has a lot to do with […]

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We Saved Over $1,000 in Taxes This Year By Contributing to Our Vanguard SEP IRA

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One of the coolest things I discovered last year in terms of retirement planning was that I have the option to contribute to yet another tax-deferred savings plan – the SEP IRA. What’s even better is that not only was this contribution above and beyond everything I was already saving with my 401k and Roth IRA, but it also accomplished one VERY important task – saving me a boat load of money in the amount of taxes […]

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Extra Income Taxes – How I Messed Mine Up and What You Can Do to Get It Right

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Even financial bloggers don’t always get everything right. This year I found out there is a dark side to earning a decent amount of passive income.  While making money outside your job is absolutely great, you have to remember that at some point you have to report it all to the IRS.  And that means paying a whole lot of extra income taxes! While the concept of having to paying taxes on your earnings is no secret […]

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The Now or Later Tax Refund

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Yea! I got my income taxes done. Any day now I should be expecting both my Federal and State return to direct deposit into my bank account. I’m not getting back as much this year as I had hoped, but it will still be quite a handsome amount. Just like back-to-school signs and Christmas decorations, you can almost pin-point the time from December on when a swarm of tax-filing hysteria starts to show up in our lives. […]

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