Tag Taxes
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…
Saving for college with a 529 plan
What is a 529 plan? The 529 plan is a tax-advantaged state-sponsored investment plan that allows parents to save for their children’s college expenses. In the past twenty years, college expenses have skyrocketed exponentially, putting many families in difficult situation.…
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…
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…
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…
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…
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…
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.…
Roth IRA and why you probably need one – Updated for 2022
Roth IRA is a tax-exempt investment account that allows you to make after-tax contributions to save for retirement. The Roth IRA has a tax-free status. It is a great way to save for retirement and meet your financial goals without…
Tax Saving Strategies for 2022
As we approach the end of 2022, I am sharing my favorite list of tax-saving ideas to help you lower your tax bill for 2022. In my experience, the US tax rules change frequently. 2022 was no exception. 2022 has…
Ten Successful tips for surviving a bear market
Surviving a bear market can be a treacherous task even for experienced investors. If you are a long-term investor, you know that the bear markets are common. Since 1945, there have been 14 bear markets—or about every 5.4 years. Experiencing…
Inflation is a tax and how to combat it
Inflation is a tax. Let me explain. Inflation reduces the purchasing power of your cash and earnings while simultaneously redistributing wealth to the federal government. When prices go up, we pay a higher sales tax at the grocery store, restaurants,…
Tax brackets for 2022
There are seven federal tax brackets for the 2022 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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