Tag Archives: Tax

Making the choice to pay more taxes … just to pay more taxes

That thought is the VERY first thing that entered my mind when our esteemed Senator Ray Lesniak suggested that we need to raise the gasoline tax by 5 cents per year for the next 3 years, so that we can … Continue reading

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Pay less taxes than you put into an IRA

Let’s see how a person could pay less taxes than they put away into an IRA (or 401k). We will use a simple scenario of a single person with a gross income (including interest earned) of $29,500 or less. You … Continue reading

Posted in 401k, Financial Arsenal, financial directive, Income Tax, IRA, thrift savings plan, tsp | Tagged , , , , , , , | 1 Comment

Tax season quickly approaches, have you checked your situation out

Now that we’re winding down the year, it’s getting closer to tax season. So in honor of that upcoming event, I thought I’d write an article regarding your W-4 and whether you may want to adjust it accordingly. That is … Continue reading

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Fill out your W4 Withholding Allowance Certificate

Can you claim more allowances when you fill out your W4 Withholding paperwork than you do on April 15th? The answer is yes. Can that result in an increase in the money you get back during the year? Again the … Continue reading

Posted in financial directive, Income or Pay, Income Tax, Retirement Savings, spending plan | Tagged , , , , , | 3 Comments

Choosing a Roth IRA or 401k for investment purposes Part 2

This is part 2 of a two-part series for choosing a Roth IRA or 401k for investment purposes. Part 1 is available here. This part uses math to reason out why we would want to choose a Roth as the … Continue reading

Posted in 401k, financial directive, Income or Pay, Income Tax, IRA, Retirement Savings, Roth IRA, Social Security | Tagged , , , , , , | 11 Comments

Early 2012 tax filing checkup

Does anybody else do this? I know that I usually start roughly a month before the end of the year so that I can adjust it a little to make sure that I owe nothing because I keep my W-4 … Continue reading

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Annual fiscal checkup

Our auto insurance policy is due very soon, so I thought I’d check and see what other options there were out there to save a little money. I contacted a few different traditional vendors. I mentioned that I would be … Continue reading

Posted in 401k, budget, Retirement Savings | Tagged , , , , | 5 Comments

Work overtime if possible, and is it worth it to max 401k

As I was examining my most recent paycheck, I noticed a peculiar thing. I currently have 10% of my pay taken out pre-tax for my 401k at work. I am lucky enough to get a dollar for dollar match up … Continue reading

Posted in 401k, budget, budgeting, Income Tax, Retirement Savings | Tagged , , , , , , | 4 Comments

Budget and spending for a nation

Well, the White House has released it’s estimated budget here. I’d like to take note on a couple of things on page 6 (S-4 Table): Social security spending – $773B, is higher than defense spending – $709B Defense and non-Defense … Continue reading

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To use a high deductible health plan or not

Well, it’s that time of year. Medical benefit plans are out and we have to make an informed decision based upon our situation. We need to determine if we will be going to use a high deductible health plan or … Continue reading

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