Tag Taxes
Roth IRA Contribution Limits for 2026. Boost your tax free savings.
The Roth IRA contribution limits for 2026 have increased from the previous year. For 2026, the limit is $7,500 per person, with an additional $1,100 catch-up contribution for those aged 50 or older. Roth IRA Income Limits for 2026 Your…
Your 401k contribution limits for 2026. Supercharge your wealth.
401(k) contribution limits for 2026 are $24,500 per person, up from $23,500 in 2025. All 401(k) participants aged 50 and over can make a standard catch-up contribution of $8,000, for a total of $32,500. Under the SECURE 2.0 Act, participants…
Know Your Tax Bracket in 2026
Tax Bracket in 2026. Understanding your 2026 tax brackets is crucial to managing your finances effectively. For the 2026 tax year, the IRS has adjusted income thresholds and standard deductions to account for inflation and new legislative updates under the…
Smart 401(k) moves to make in 2025
Smart 401(k) moves to make in 2025 to grow your retirement savings. Your 401(k) is one of the most effective vehicles for building long-term wealth, and the choices you make today can shape your financial future. As we step into…
Maximize the $40,000 SALT Deduction: Strategies for High-Tax Households
For many taxpayers, the State and Local Tax (SALT) deduction is one of the most critical factors in determining their overall tax liability. With the cap on this deduction having been temporarily increased to $40,000 (up from the previous $10,000…
Powerful Tax Saving Moves for 2025
Tax Saving moves for 2025. As the 2025 tax season approaches, it’s the perfect time to take stock of your finances and find ways to reduce your tax bill. The Big Beautiful Bill introduced many changes to the taxation of…
The Big Beautiful Bill and What It Means for Your Wallet
The “Big Beautiful Bill” (BBB) represents one of the most sweeping federal tax reforms since the 2017 Tax Cuts and Jobs Act (TCJA). It includes income tax cuts, new savings vehicles, expanded deductions and credits, as well as targeted provisions…
How much do I need to save for retirement?
“How much to save for retirement?” Planning for retirement can be overwhelming. Many times, you may find yourself with more questions than answers. The magic number is a complex formula that depends on a combination of factors such as personal…
10 Most Frequently Asked Questions About Retirement
Frequently Asked Questions About Retirement? Planning for retirement is one of the most important financial goals, yet many people have questions about how to prepare effectively. At Babylon Wealth Management, we help individuals navigate the complexities of retirement planning. Below…
Your Roth Contribution Limits for 2025. Boost your tax free savings.
The Roth contribution limits for 2025 are $7,000 per person, with an additional $1,000 catch-up contribution for people who are 50 or older. There is no change from 2024. Roth IRA income limits for 2025 Roth IRA contribution limits for…
Know Your Tax Bracket in 2025
Understanding your tax brackets for 2025 is crucial in managing your finances effectively and ensuring you make the most of your income. Tax brackets determine the rate at which your income is taxed, and knowing where you fall can help…
Make These Smart Moves In Your 401k In 2024
Smart 401k moves to make in 2024 to grow your retirement savings. Do you have a 401k? These six 401k moves will help you grow your retirement savings and ensure that you take full advantage of your 401k benefits. A…
Optimizing Retirement Wealth: A Complete Guide to Tax-Efficient Planning
Retirement is a milestone many of us look forward to—a time to enjoy the fruits of our labor. However, without careful tax planning, you could find yourself giving more of your hard-earned savings to the government than necessary. Maximizing tax…
Understanding Bitcoin Tax Implications for Investors
In recent years, the rise of Bitcoin and other digital currencies has captured the attention of investors worldwide. With promises of decentralized finance and the potential for astronomical returns, these assets have garnered both excitement and skepticism. However, amidst the…
Know your tax brackets for 2024
There are seven federal tax brackets for the 2024 tax year: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Every year, the IRS modifies the tax brackets for inflation. Your specific bracket depends on your taxable income and filing status.…
Tax Saving Moves for 2023
1. Know your tax bracket The first step in managing your taxes is knowing your tax bracket. 2023 federal tax rates fall into the following brackets depending on your taxable income and filing status. Knowing where you land on the…
Smart Strategies for Reducing Taxes on Required Minimum Distributions
What is RMD? Required Minimum Distributions (RMDs) are mandatory withdrawals that individuals with tax-advantaged retirement accounts like Traditional IRAs, SEP IRAs, and 401k must take after reaching a certain age. These accounts come with certain tax advantages. Typical contributions are…
Planning for Retirement with Stock Options and RSUs: A Comprehensive Guide
Planning for Retirement with Stock Options and RSUs can be complex and overwhelming. Retirement planning is a crucial aspect of your financial independence. And for individuals fortunate enough to have stock options and Restricted Stock Units (RSUs) as part of…
Tax-loss harvesting. How to maximize your after-tax returns.
What is tax-loss harvesting? Tax-loss harvesting (TLH) is a strategy that you, as an investor, can use to reduce your capital gains taxes and potentially maximize your future after-tax returns. The TLH strategy involves selling an investment in a taxable…
Know your tax brackets for 2023
There are seven federal tax brackets for the 2023 tax year: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Every year the IRS modifies the tax brackets for inflation. Your specific bracket depends on your taxable income and filing status.…
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