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You can send the Advance Child Tax Credit payment back to the IRS if for any reason you don’t want it. Maybe you know that you won’t qualify for it or you just want to send it back and claim it on your next tax return. Whatever the reason you may have for not wanting […]
The short answer is yes and it depends. First, let’s clarify who we’re talking about here. If you are earning money as a side hustle, independent contractor, 1099, sole proprietor, or schedule C filers which are really all the same thing, you may be eligible based on these types of income to contribute to a […]
Welcome to my blog, The Incredible Penny, your personal finance journey starts here. I don’t care if you have a little or a lot of money, experienced or a newbie at money management, my goal is to help you navigate and become financially better than you were yesterday. Most of my posts will have a […]
The fidelity report shows how much people are saving in their retirement accounts. These retirement trends are broken down into 401k and 403b accounts, noted as DC Plans, and IRA’s which include Roth and Traditional IRA retirement plans. Even with the pandemic, economic and financial changes fidelity points out that, “Q2 2021 participants continued to […]
In this video I’m talking about Vanguard taking on the FIRE movement with updates to the 4% rule. If you want to retire early or retire by 40 this video is for you. Vanguard uses a new dynamic spending strategy to help increase your likelihood of retiring early. By retiring early your retirement can increase […]
The EIDL Grant Programs are still going. You can potentially qualify for up to $15,000 from all programs. The amounts are for the grants as long as you use the money correctly and of course apply. Here is the page to apply on the SBA’s website. Click the button to apply and complete all of […]
Here is the link to the Advanced Child Tax Credit portal to opt out of the monthly payments. https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 You can also checkout the IRS form W4 online estimator. This is a great tool to help you keep track and calculate your tax withholdings. If you have questions on the W4 checkout my YouTube […]
Here is the link for the calculator for compound interest.
https://www.theincrediblepenny.com/wp-content/uploads/2020/03/Net-Income-Attributable-Calculation-4-2015.pdf In this video I’m talking about how to fix excess Roth IRA contributions. There is a worksheet to help you figure out how much of your contributions plus the grow you need to take out. The penalty for excess contributions could be 6% per year until you fix the error. The growth will […]
In this video I’m talking about the Solo Roth 401k deduction worksheet found in IRS publication 560. The calculation worksheet is for the contributions to the Solo Roth 401k and include pre-tax contributions based on your self employment income. The Solo Roth 401k calculation is the maximum pre-tax deduction with maximizing the direct contributions to […]