3 Seemingly Innocent Social Security Mistakes That Could Really Hurt You

Maurie Backman of The Motley Fool, warns of blunders to steer clear of. They may seem minor, but they could end up having more of an impact than you’d think. You’ll probably rely on Social Security to pay your retirement expenses to some degree. It may be a minor degree if you have a lot of money in savings and investments, or it may be a significant degree if you kick off your senior years with no pension and little money in an IRA or 401(k). But either way, your goal should […]

Surprising Ways Gen X and Millennials Are Worlds Apart Financially

There is a lot of overlap in the experiences of the two demographics, who together shepherded the country into the 21st century, the new millennium and the digital age. There’s also, however, a lot that sets them apart. Andrew Lisa of Yahoo!Finance lists the ways these two generations differ. Although they’re still commonly lampooned as naive kids, the oldest millennials are now 40 years old. The earliest-born Gen Xers are drifting out of middle age and toward retirement. Along the way, each group developed ideas, attitudes and strategies about money and finances […]

Tax Season 2021: IRS Form 1040 Changes Include Where You Report Capital Gains

Bruce Brumberg, JD, contributor to, explains key tax-return topics that can apply to executives and employees who have income from stock compensation—such as stock options, restricted stock units, or an employee stock purchase plan (ESPP)—or who have gains from sales of company stock. Tax Season 2021 has begun. When you dig into your tax return for reporting 2020 income, you’ll notice that Form 1040 has changed yet again. In 2018, the IRS condensed Form 1040 significantly, completely revamping the prior traditional version, and introduced additional schedules that funnel information […]

Everything You Need to Know About Self-Employment Tax

When you start working for yourself, you might have to pay different taxes, including the federal self-employment tax. Michael Keenan of Yahoo!Finance explains. The IRS considers you self-employed when you’re in business for yourself, such as an independent contractor or if you have a sole proprietorship, or are a partner in a partnership, including an LLC that is taxed as a partnership. Read on to learn how to calculate self-employment taxes, no matter which state you live in.