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  • 2020 & 2021 Federal Income Tax Brackets: A Side by Side Comparison The IRS released the 2021 Tax Rate Brackets recently. Here is a side-by-side comparison with the 2020 brackets. Hope it helps!
  • Mi Lean FIRE FI My FI Number – LeanFIRE In this edition of determining my FI number, I’ll be aiming for more of a leanFIRE. Let’s walk through the steps again, after making some spending cuts.
  • 2019 & 2020 Tax Brackets Image 2019 & 2020 Federal Income Tax Brackets Side by Side Comparison The IRS released the 2020 Tax Rate Brackets. I couldn’t find a side-by-side comparison with 2019, so I decided to create one that I could look at and that will hopefully help you out.
  • IRS Form 1040 with Tax Deductible Stamp What Is The Standard Deduction? Updated For 2024 Navigating the complexities of tax filing can often seem daunting, especially when it comes to understanding deductions. One critical aspect of the tax filing process is the decision between itemizing deductions and opting for the standard deduction.  What Is The Standard Deduction? The standard deduction is a fixed amount that taxpayers can subtract from their income before income tax is applied, varying based on their filing status. It simplifies tax preparation by eliminating the need to itemize individual deductions. The standard deduction, a pivotal component of the U.S. tax system, offers a straightforward approach to reducing taxable income, simplifying the filing process for millions of taxpayers. Join me as we look into the intricacies of the standard deduction, exploring its definition, benefits, and the factors that influence its amount each year. Here is the table showing the standard deduction amounts for different filing statuses in 2024: Filing StatusStandard Deduction Amount ...
  • 401a vs 401k 401(k) vs. 401(a): What’s The Difference Between a 401k And a 401a? Most people are familiar with 401(k)'s, but what about 401(a)'s? Are they the same thing? What's the difference? In this article, we'll explore the differences between 401(k)'s and 401(a)'s and discuss the benefits of each. 401(k)'s and 401(a)'s are both types of retirement savings accounts found in the same section, section 401 of the Internal Revenue Code, but there are a few key differences between the two. As of 2024, employees can contribute 100% of their income, up to $23,000 annually to a 401(k). Employee and employer can be a maximum of $69,000. Employees can contribute 25% of their income, up to $66,000 for a 401(a). The IRS has a "help" page on governmental 401(a) plans that provide some information if you don't want to read through the tax code. It can be found here. 401(a)401(k)SponsorGovernment and Non-ProfitPrivate-sector & For-ProfitIncome Limit$345,000 NoneContributionsMandatory for employer. Employer determines employee contributionsVoluntaryEmployee Contribution Limit$69,000$23,000Catch-Up ...