It has been said that the only two things we can depend on in life are death and taxes. The latter are the subject of this post, particularly in regards low income earners and federal income tax. There is quite a bit to know here. Needless to say that low income earners do not pay nearly the same amount of tax as their higher income counterparts.

Federal wage taxation occurs directly through two kinds of taxes – income taxes and FICA. Both are withheld from employee paychecks and submitted to the federal government along with the employer’s share. As such, it is not unusual for consumers to not even think about their federal taxes until preparing their returns in the spring.

Income Taxes and FICA

The first thing to note about federal taxation is the difference between income tax and FICA. The former is a tax levied directly against your income. Income tax in this country is progressive, meaning that you pay a higher percentage of your income the more money you make. More on that in just a minute.

FICA is a pair of taxes assessed to pay for Social Security benefits and Medicare. In standard employment relationships, FICA is split down the middle. Both employee and employer pay half. All workers in this country pay FICA regardless of how much money they make.

Income Tax Brackets

Now, let us get back to income tax and its progressive nature. If you are single and make up to $9,700 annually, your income is taxed at a rate of 10%. From $9,701 up to $39,475, your income would be taxed at 12%. There are seven individual tax rates ranging from 10% to 37%. The amount collected depends on whether you file as a single taxpayer, married filing jointly, married filing separately, or the head of a household.

Progressive tax systems like ours are intended to level the playing field by requiring those who earn more to pay a larger percentage of their income. Likewise, low income earners pay a lower percentage of their income. Whether this system is right or wrong is irrelevant. It is what it is.

Low Income Earners and Federal Income Tax

What many people do not understand is that the vast majority of low-income earners end up paying no federal income tax at all. There are several reasons for this. At the top of the list is the standard deduction which now stands at $12,000 per person for those filing as singles or married filers filing separately.

Simple math shows that if you earned $9,700 and then subtracted $12,000 to cover the standard deduction, you would have a negative taxable income $2,300. You would also be eligible for a number of low-income tax credits. Rather than paying income taxes, you would get a refund check from Uncle Sam.

Standard Payroll Deductions

One last thing to understand about federal income tax is that it is assessed through standard payroll deductions. It doesn’t matter whether you have your paycheck direct deposited into your bank account or you receive a paper check that you cash at the bank or a local check-cashing store. Federal taxes are deducted before your employer pays you.

If you are a low-income earner able to take full advantage of the standard deduction and a litany of low-income tax credits, it is likely you do not pay any income tax at all. You do pay FICA. And if you are self-employed, remember that you are responsible for paying your taxes yourself. You don’t have the luxury of payroll deductions and automatic payments.

 

Why are smart investors starting to invest in precious metals, instead of purchasing additional shares on the stock market? If you’re curious as to why a growing number of investors are now turning their attention to precious metals, such as gold and silver, simply continue reading.

For the last few years, many respected financial experts and economists have predicted that the stock market bubble is about to burst. Which is a key reason as to why investors are choosing to start diversifying their investment portfolios by purchasing precious metals, such as gold and silver.

If there is a stock market crash in the next 10 years, expect share prices to plummet overnight and the price of precious metals such as gold to skyrocket overnight. History shows that every time there has been a major stock market crash which has caused a worldwide depression, ordinary investors have chosen to sell their shares at rock bottom prices. In order to purchase precious metals, which are seen as a safe storage of value in a depression. As a result of an increased demand in precious metals, gold and Lear silver prices rise dramatically in recessions.

So if you believe that the financial experts are right and that the stock market can’t continue to rise forever, it’s well worth purchasing precious metals now. While they are still priced cheaply, so that if there is a stock market crash your gold and silver collection will rise dramatically in value, over night.

Precious metals are scarce and as a result will increase in value:

Another reason why investors are turning to investing in precious metals is that precious metals such as gold and silver are scarce. As there is a limited supply of gold and silver in the world. So as gold and silver demand is likely to increase over time and the amount of gold and silver which is on the open market will decrease each year, both precious metals are great, financially sound investments.

It’s become a far simpler process to invest in precious metals:

Historically individuals who were interested in purchasing precious metals, would need to visit a gold or silver broker in person. In order to negotiate a deal. This process made it extremely challenging for first time gold and silver buyers to purchase gold and silver at a fair price. As many brokers would try and over charge new clients, who didn’t have the skills to negotiate a fair price.

Today you’re able to purchase a wide variety of precious metals, such as gold and silver online. For a fair transparent price. So if you’ve ever considered collecting precious metals, such as gold and silver, it’s well worth dipping your toes into the precious metal market. As purchasing precious metals today, could earn you a fortune in the near future. So it would be a shame to miss out on the opportunity of a lifetime.

 

Several provisions from the Tax Cuts and Jobs Act of 2017 and the Bipartisan Budget act of 2018 went into effect in 2019 – in a recent article, Tax Audit reviews what you need to know before filing your return. TaxAudit delivers affordable and effective tax audit defense solutions, protecting and defending thousands of clients in tax audits each year.

Several statutes from the 2017 Tax Cuts and Jobs Act were implemented in 2019, changing many of the filing rules. Here are some noteworthy modifications.

Senior Tax Return Form 1040-SR

This new tax return option for seniors was implemented by the Bipartisan Budget Act of 2018, and it gives seniors – aged 65 and up – a streamlined version of form 1040, with no restrictions to type of income reported or income limits. The form also allows filers to either itemize their deductions on Schedule A or claim the standard deduction. The online version of this form is also easier to read, with a larger font and improved color contrast.

No More Federal Individual Mandate

Failure to have health insurance will no longer result in a federal penalty starting with the 2019 tax year. However, certain states do require residents to have health insurance, and will charge a penalty. These states include Massachusetts and New Jersey, as well as the District of Columbia.

Changed Tax Brackets

The tax brackets have been altered for the 2019 tax year. The new brackets for individual filers are as follows:

• 37 percent: Incomes over $510,300
• 35 percent: Incomes from $204,101 to $510,300
• 32 percent: Incomes from $160,726 to $204,100
• 24 percent: Incomes from $84,201 to $160,725
• 22 percent: Incomes from $39,476 to $84,200
• 12 percent: Incomes from $9,701 to $39,475
• 10 percent: Incomes of $9,700 and under

Alimony Deductions Eliminated/Alimony Payments No Longer Income

Filers paying alimony starting in 2019 will no longer be able to claim alimony payments as a deduction. Additionally, those receiving alimony will no longer be required to claim those payments as income.

TaxAudit: Reviews Effective Audit Protection and Defense Solutions

TaxAudit reviews and defends thousands of federal and state tax returns each year. For more information about TaxAudit’s suite of services, please visit TaxAudit.com.

 

Forex provides numerous ways to make money, which include trading in currency pairs, indices and precious metals. One popular tool is a contract for difference. The CFD is based on an underlying asset. These can be stocks, indices, and other stock products. CFD trading in South Africa lets a trader make money on price fluctuations, speculating on its increase or falling.

To trade on the stock or commodity market in South Africa and any other country, you need a fair amount of capital (after all, blocks of shares and consignments, even minimal ones, are pretty expensive). Moreover, it is necessary to understand not only the trading mechanism for success in these markets but also the economic processes under the influence of which prices change. To trade stocks, you need to know at least something about the issuing companies and their business areas; to trade goods, you need to get insight into the agricultural and industrial raw materials or energy markets.

Introduction to History

CFD appeared in England in the early 90s to avoid paying stamp duty. Since this method of concluding transactions does not imply ownership of shares, the contracts for difference were not taxed. Hedge funds began to use this tool first, a little later it became available for retail traders. Then the trade involved only the purchase and sale of stock price differences.

Before the advent of CFDs, only participants with large capital could trade on instruments of international trade exchange, since the cost of entering into a transaction on exchanges was estimated at hundreds of thousands of dollars. Stock CFDs opened access to trading on exchange-traded instruments to a wide range of individuals with completely different levels of capital. To conclude such contracts, it is enough to have reserves: $2,000 on the account. Today, brokers offer CFDs for almost all commodities.

Effective Profit Mechanism

CFD is one of the most effective and convenient mechanisms for speculating on rates of stock prices, futures, commodities and various stock indexes. To be completely objective, it should be noted that hedge funds are also actively using the CFD market in their interests. A similar trading tool near you lets you earn money without having to buy certain trading instruments, such as stocks or commodities, indices or futures. CFD trading online is supposedly the acquisition of one of these assets using credit funds.

Trading CFDs is very popular. This tool has several pros:

• CFD is an excellent tool not only for the long-term but also for short-term investments;
• you can trade with a low deposit;
• low requirements for start-up capital — it is enough to have a nominal fee to trade contracts for difference;
• you can earn on different assets: stocks, precious metals, indices;
• a huge selection of commodities — the principle of CFD opens access to the shares of the world’s largest brands.

It is important to remember: CFDs on shares are not traded on the exchange market; this is only a reflection of the agreements between the buyer and seller, which are traded on the OTC market. Thus, traders work bypassing commissions and exchange rules, Forex signals. CFDs make it easy to conclude deals to price improvement or decline, regardless of all possible exchange directions. The broker acts here as an intermediary.

As you know, stockholders receive dividends as a profit. In the case of CFDs, various stocks are replaced by dividend adjustment. It should be noted that when buying a CFD, the amount of money will increase due to such an equivalent of dividends and decrease when selling. Dividend adjustment indicators fully coincide with the size of the real dividend per share, which is why CFD traders can consider themselves real investors.

 

It’s not easy to decide that you will buy a car, especially if you’re in a difficult place financially. Considering all the expenses you currently have, it’s difficult for you to conclude that you need to buy a car. Even if you want to buy used cars like the ones offered by car dealerships in Layton Utah, you might still have second thoughts. The price is more affordable than a brand-new car, but it requires you to spend a lot.

Even if you choose to go for car financing, you need to spend a huge amount each month over several years. Despite that, you shouldn’t cancel your plans to buy a used car. These are some tips to help make it a reality.

Change your spending plans 

Make sure you spend your money wisely. Budget your salary each month and avoid going beyond your allotted budget for each item on the list. If there are items you can let go of, you need to identify them. It doesn’t matter if it’s only a few dollars. If you combine the entire amount that you can save, it might be enough for your monthly car loan payment.

Look for a reasonable financing plan

Check every financing option possible before you decide which one to use. Make sure that you’re getting a reasonable plan with an interest rate that won’t make you suffer. You also have to check the repayment scheme to see if it’s convenient for you.

Just go for it

Stop making excuses that you can’t afford the cost. Find a dealer who can give you the vehicle you want at a price you can afford. Once you have the car, you will do your best to finish paying off the loan. If you keep making excuses, it will be difficult for you to make your plans to buy a car happen. There will be obstacles along the way, but you can’t let them stop you from having your desired car. Besides, you’re starting with a used car. You can choose a new car in the future when you’re ready to pay the cost. Keep researching and you will find what you deserve.

Finish your loans first

When you have a lot of pending loans, you have to finish all of them first, or at least come close to it. You will find it difficult to have another expense on your list, especially if it’s something as expensive as a car. It also means you need to stay disciplined; otherwise, you won’t get anything done. Your loan will remain the same without any effort to pay it off.

It takes time for you to have the courage to buy a used car, but you eventually will. Don’t let any financial difficulty stop you. There will be financial constraints at any point in your life, and it’s normal. You have to overcome them and accomplish your major goals. It takes sacrifice and patience before getting there, but it’s possible

Does it seem all too often that life is costing you too much money?

While you may be upset that your bills are too high, doing fun things in life can seem too costly too.

So, is it time you helped your wallet out a little bit by finding more discounts? In doing so, you can make your life more affordable.

Where to Search for Discounts?

Finding discounts does not have to be a 24/7 job.

For instance, you might be in search of discount Disney tickets. If this is true, your best option would be to start online.

In today’s digital age, many consumers will end up going directly to a brand’s website to find discounts.

As you turn to the Internet to help your life, see where the savings are with businesses and their websites. If this does not work, there are approved ticket resellers and money-saving offers too.

The bottom line is finding those discounts whether it means travel or buying goods.

Second, it would behoove you to sign up for rewards programs.

An example here would be your area grocery store.

Many stores offer programs for those customers making regular appearances at their businesses. Over time, a rewards program can help you save money when shopping.

Still another area of focus should be with your outside family and friends.

Given they are consumers as you are, there is a good chance they are coming across deals in their daily lives. As a result, they could point you in the right direction.

For those people in your life who you do not see or talk to on a daily basis, are you following their social media feeds? Such social media pages can be great for learning about how people you know are saving money on a regular basis.

Last, you may find discounts with smaller businesses as opposed to bigger companies.

Many small business owners work with budgets. As such, they may be more willing to provide discounts for you if you shop with them regularly.

 

Do You Travel Regularly?

If you are someone with a tendency to travel regularly, are you getting deals when doing so?

Remember, your travel needs oftentimes revolve around your finances. As a result, it is important to find deals when traveling.

Among the areas you want to hone in on depending on the logistics and needs of your trips:

· Airlines

· Hotels

· Rental cars

· Attractions and events

If you will be flying to your destination or destinations, book your flights early. Waiting too long to book them can lead to higher costs and potentially missing out on seats.

When it comes to hotel lodging, you have a little more leeway. That said don’t wait until a few days before your trip to find rooms.

Last, getting away from home a few times a year is good from both a physical and emotional standpoint. With that in mind, do not let money get in the way of you having some fun on the road.

If you need to find more discounts to make life more affordable, where will you begin the search?

 

The number of people that want to buy Bitcoin with cash deposit is quickly growing. This is not going to change in the future. As more and more people learn about cryptocurrencies and the advantages associated with them, it is normal to have the number increase. We are looking at the possibility of making a lot of money for those that take the right steps. Everyone wants more money.

The problem is that buying Bitcoin is not something that is as easy to do as buying foreign currency. With this in mind, here are the main ways in which you can buy Bitcoin with cash right now.

Using Peer-To-Peer Exchange Sites

Numerous sites give you access to the possibility of trading cryptocurrencies. They practically act as escrow services. The buyer will talk with the seller and will start the transaction. The mentioned websites act as escrow services. The Bitcoin coming from sellers is held. It is only released to the accounts of the buyers after payment was officially confirmed by sellers.

The big advantage, in this case, is that the transaction is completely safe. Neither the seller or the buyer can be tricked or scammed. The amounts that are paid are discussed and then met.

Bitcoin ATMs

At the moment, there are over 5,000 Bitcoin ATM machines that can be used to buy Bitcoin with cash. The way in which they work is pretty self-explanatory. You put in the money in the machine and you tell it to what account the Bitcoin is to be deposited. This process is instant and really simple.

The only problem with the Bitcoin ATM is that you have to agree to pretty large fees. Cryptocurrency is volatile and the price keeps changing. In order for the machine to deal with this, it needs to charge larger fees. However, the simplicity of the process is something that you absolutely need to consider. You get Bitcoin in your account instantly, which is a huge advantage, especially for beginners.

Buying Bitcoin With Cash During A Face-To-Face Meeting

Alternatively, this can also be done through forums or social media. In fact, this is where you often find people interested in such exchanges. When you meet, you start the Bitcoin buying process. The problem, in this case, is that there is a much higher possibility you will be robbed or scammed.

When you start an in-person transaction, the best thing you can do is do so in a public area like a mall or a coffee shop. If possible, you can do so at a bank, which quickly speeds up everything.

Buying Bitcoin With Regular Cash Deposits

There are different platforms that have this option available for clients. The buyer deposits cash into the bank account of the seller in order to buy Bitcoins. The platforms usually have banks that are linked to them. In this case, you deposit in a specific bank that is suggested by the platform you use.

Buying Bitcoin With Cash Through Email

This is not at all a recommended method. However, it can be utilized in the event that you have to deal with small transfers.

 

Offset mortgage calculators are helpful tools for determining loan payments after you open an offset mortgage account. Offset mortgage calculators use the loan amount, property taxes, and the interest rate to calculate your monthly payments on an offset mortgage.

And opening an offset account is extremely beneficial, since it allows loaners to reduce interest payments on a part of the mortgage when there’s credit in the account. Therefore, instead of paying a mortgage loan in full, loaners are only responsible for paying a portion of it.

With that in mind, here’s a guide to using an offset calculator to determine how much you can save.

What is an offset account?

An offset account is a bank account tied to a home loan. In other words, each dollar kept in your offset account can reduce (or offset) the remaining loan balance. This allows loaners to pay off loans more quickly while accruing less interest.

Depositing money into an offset account is similar to making additional mortgage payments. However, offset accounts allow loaners to withdraw money to spend when necessary. They operate like traditional savings accounts, but money does not generate interest.

Loaners looking to reduce their loan balance can transfer savings to their offset account and withdraw money if needed. It’s important to keep in mind that withdrawing money leads to a higher interest payment, while keeping money in the offset account for a longer period of time provides more benefits.

If you’re interested in opening an offset account, make sure to do research beforehand to figure out which type of account is best for you. Most accounts are 100 percent offset, meaning that each dollar in the account offsets the principal loan balance in full.

Other accounts are partial accounts, meaning that depositing one dollar into the account would only offset the principal loan by a portion of the dollar. Partial accounts are less common and are typically associated with fixed-rate mortgages.

When should you use a calculator?

A calculator can be used when shopping for a home loan or when considering an offset mortgage. Using a calculator can help you figure out how much opening an offset account can save you in comparison to a traditional home loan.

Make sure to use an offset mortgage calculator in the initial stages of loan shopping, in order to help you decide if an offset mortgage is worth the investment. In addition, these calculators are useful for anyone interested in switching their home loan from a traditional mortgage to an offset account.

Is personal information required?

Unlike most loan calculators, an offset mortgage calculator does not require any personal information, such as your name, date of birth, or tax identification number. However, you’ll need information relating to your home loan, including the loan amount, loan term, interest rate, repayment frequency, and (if applicable) the offset account balance. However if you are staying in California, it might be easier and more convenient if you can check out hard money loans Los Angeles for more information.

Are the results accurate?

This type of calculator offers homeowners a convenient way to determine whether an offset mortgage is the best option for their current financial situation. Another option to ease finance situation is to get a mortgage bridge loan. More details can be found on the website.

Offset mortgage calculators require you to enter information related to the loan, and the results are accurate so long as the information entered into the calculator is correct. Since each borrower and loan varies, a calculator should only be used to obtain an estimate.

For anyone interested in switching to an offset mortgage, a calculator can give you an idea of how much money it can save. On the other hand, if you’re looking for professional advice, consider contacting a local broker to talk through mortgage options moving forward.

Opening an offset account and using an easy mortgage offset calculator can help you save money on your mortgage while accruing less interest. Whether you want to order canvas prints or new furniture, you’ll be able to focus on finding and decorating your dream home while avoiding the stress of high mortgage payments.

 

If you’re looking to make a few changes, in regards to your finances, continue reading to discover a few helpful financial tips that everyone needs to know.

Financial tips everyone needs to know:

1. Don’t put off paying your bills

While it may be tempting to put off paying your monthly bills such as your smartphone bill, your power billl, and your internet bill, if you accidentally miss a payment, you’ll most likely be made to pay a late fee. Which will decrease your disposable income, unnecessarily.

So do yourself a favor and set up automatic payments for all of your monthly bills, to ensure that you’ll never have to pay another late fee again!

2. Save a minimum of 10% of your income for your eventual retirement

As while individuals can survive on a government pension, the money which you’ll receive as part of a government pension is unlikely to be enough to live as comfortable a lifestyle as you’re probably used to.

In order to be able to afford overseas holidays, premium food and trips to the movies, you’ll need to start saving to supplement your retirement pension by putting away a minimum of 10% of your income per month.

Although if you have a large disposable income, that’s not currently being put to good use you may want to save 20% of your disposable income towards your retirement fund.

3. When it comes to investing don’t assume that past results are a clear indication of the future

As an example, just because a company’s shares have skyrocketed in the past three months, does not guarantee that they will continue to soar in the future.

4. When picking shares look at how a company’s shares have performed over the past 5 years

To get a better picture of how a company’s shares may perform, it’s well worth tracking a company’s share price over the past five years.

As if a company’s shares have a general upward trend with a few ups and downs, you may want to consider investing a small portion of your monthly disposable income into purchasing some shares in the company in question!

5. Don’t rely on other individuals to provide your future

Never make the mistake of waiting for a supposed inheritance or relying on another individual such as a spouse to provide for your future as when it comes to finances, the only person you can rely upon is yourself.

If you want to transform your finances, start off by implementing the tips listed above.