Janet Berry-Johnson , Author at Money Crashers

Wealth Tax – What It Is, Pros & Cons of Current Proposals

Janet Berry-Johnson — Sun, 12 Mar 2023 18:40:00 +0000

During the 2020 presidential primary, multiple candidates drew attention to the concept of a wealth tax. While wealth taxes can come in many forms, there’s a lot of misinformation and misunderstanding about them. Find out how they work and who they really impact.

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5 Education-Related Tax Credits & Deductions for College Tuition & Expenses

Janet Berry-Johnson — Wed, 15 Sep 2021 02:53:00 +0000

For people without wealthy parents or a full-ride scholarship, paying for a college education is often a financial challenge. According to The College Board, for the 2019 to 2020 school year, the average annual cost of tuition and fees at a public, four-year in-state university is $10,560. At a private university, that figure jumps to

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Real Costs of Buying a Home – How Much Can You Afford to Purchase?

Janet Berry-Johnson — Tue, 14 Sep 2021 22:13:00 +0000

For generations of middle-class Americans, homeownership has been a significant rite of passage to adulthood. After all, mortgage payments are often cheaper than rent, and homes tend to gain value, so you might someday sell the property for a profit. There are plenty of perks to owning a home, but it’s an expensive endeavor. The

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529 College Savings Plan – Best Way to Save for Your Child’s College Education?

Janet Berry-Johnson — Tue, 14 Sep 2021 21:57:00 +0000

For many parents these days, saving for their child’s college education seems like a necessity. Financial aid and scholarships rarely cover 100% of the cost of higher education, and with the price of a college education rising along with awareness of the burden of student loans, some parents consider saving for their child’s college a part

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Capital Gains vs. Income Tax — Why Investors Pay Less Than Employees

Janet Berry-Johnson — Sun, 09 May 2021 17:01:03 +0000

Billionaire Warren Buffett once famously said he pays a lower tax rate than his secretary. How is that possible? The answer lies in the difference between how capital gains and income from employment are taxed. Learn how and why capital gains and ordinary income are taxed differently here.

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Moving for a Job: Tax-Deductible Expenses & Relocation Assistance

Janet Berry-Johnson — Tue, 20 Apr 2021 13:00:10 +0000

Did you move to take a new job this year, or are you considering moving for work soon? Unfortunately, thanks to new tax legislation, moving expenses are no longer deductible for most people. Are you one of the lucky ones who still qualify? If so, this is how you make sure you don’t overpay.

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UGMA vs. UTMA Account – Which Is Better to Save for My Child’s College?

Janet Berry-Johnson — Mon, 12 Apr 2021 19:08:41 +0000

There are several ways to save for education. People often think of 529 plans when it comes to saving for college, but you can also use UTMA and UGMA accounts. Each account has different benefits and drawbacks. Before choosing, learn more about how these accounts work and what features they offer.

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Cash Basis vs. Accrual Accounting – Differences Between These Methods

Janet Berry-Johnson — Thu, 08 Apr 2021 18:58:07 +0000

When you file a tax return for your small business, one of the questions on the form asks about your accounting method: cash or accrual. Deciding whether your business uses the cash or accrual accounting method is a pretty significant decision. Which should your small business use? Learn more here.

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The Many Benefits of an Employer Tuition Reimbursement Program & Policy

Janet Berry-Johnson — Wed, 07 Apr 2021 13:00:30 +0000

Employees are your company’s most important asset, and a tuition reimbursement program is an employee perk that shows you’re invested in their long-term success. Read on to learn the benefits of offering an employer tuition reimbursement program and some common eligibility conditions you can set.

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Taxes on Retirement Accounts – IRA & 401(k) Distributions & Withdrawals

Janet Berry-Johnson — Fri, 12 Mar 2021 15:00:56 +0000

You must understand the tax implications of your retirement accounts so you know how much money you’ll have available when you need it. When you retire and start withdrawing money from your IRA and 401(k), the taxes you owe can take a big chunk out of your total. Learn what to expect here.

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State Tax Rates Comparison – Property, Sales, Income & Social Security Tax

Janet Berry-Johnson — Wed, 03 Mar 2021 21:00:56 +0000

Each state can set its own tax rules that apply to its residents. If you’re thinking of relocating to a new state for a new job or a change of scenery, it’s worth it to consider the total tax burden in that state before you make a major move.

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Tax Refund Anticipation Loans (RALs) – Why You Should Stay Away

Janet Berry-Johnson — Tue, 02 Feb 2021 17:00:27 +0000

A cash tax refund anticipation loan, also known as a RAL, is a way for a tax filer to get their refund immediately. Millions of tax filers take advantage of these quickie tax loans every tax season. But there are several reasons why this kind of loan is not a wise financial decision.

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What Is the FairTax Act? Pros & Cons

Janet Berry-Johnson — Fri, 22 Jan 2021 15:00:22 +0000

Anyone who’s filed a tax return knows the U.S. tax system is complex and difficult to understand. Many say corporations, wealthy individuals, and special interest groups use loopholes to avoid paying their fair share. One idea for fixing the system is called FairTax. But would it really work?

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Investment Expense Tax Deduction – Which Fees Can You Deduct?

Janet Berry-Johnson — Wed, 09 Dec 2020 15:00:02 +0000

Thanks to the Tax Cuts and Jobs Act of 2017, most investment-related expenses are no longer deductible. But in certain circumstances, you may still be able to get a tax break. Learn which investment-related expenses you can still deduct and how to qualify for them.

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What Are Capital Gains & Losses – How to Calculate Tax Rates & Deductions

Janet Berry-Johnson — Tue, 08 Dec 2020 21:33:52 +0000

When you sell an investment, you pay tax only on the profit you make, rather than the full proceeds from the sale. A few different factors influence how much you’ll pay. Here’s what you need to know about tax rules for capital gains and losses.

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How Different Types of Debt are Treated in Bankruptcy (Chapter 7 & 13)

Janet Berry-Johnson — Tue, 03 Nov 2020 23:00:59 +0000

Many people who file for bankruptcy look at it as a chance to erase their debt and start over. Although that’s true for some bankruptcy cases, not all debts are treated equally. Read on to learn how different types of debt are treated in bankruptcy and how you can avoid any surprises in the process.

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How to Protect Your Small Business From Identity Theft

Janet Berry-Johnson — Tue, 29 Sep 2020 17:00:16 +0000

You know how important it is to protect your personal identity. But are you taking similar precautions to protect your business's identity from theft? You should be. Learn how you can protect your business from identity theft, and what you should do if your business becomes a victim.

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