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The IRS expects you to report every dollar of side hustle income. But here’s the real mistake most gig workers make: skipping deductions that could save hundreds — even thousands — of dollars in taxes. That’s what makes side hustle tax deductions more important than ever. Notably, business deductions lower both income tax and self-employment tax. They’re separate from the standard deduction, so you can take both. Let’s look at the kinds of side hustle […]
A recent Globe & Mail article laid out a retirement and investment challenge? A couple in their mid-fifties had a combined million dollar portfolio. They wondered if they could retire at age 65, while maintaining their annual income. How much would they have to save and invest to allow for that income level in retirement? I read through the comment section of that post. It became apparent that many or most Canadians who are DIY […]
In response to my recent article about RMD timing, a handful of people wrote in with comments/questions similar to this one: “Maybe I am missing something, but to the extent that there is significant equity in the retirement account, then isn’t it better to take the RMD earlier in the year so that growth is ultimately taxed at capital gains rates rather than as ordinary income from future RMDs? Thanks for any clarification.” A key […]
Budgets often get a bad reputation. Many people associate them with restrictions, cutbacks, or endless spreadsheets. But at its core, strict budget management isn’t about limiting what you can do — it’s about enabling what matters most. When handled with intention, a disciplined budget becomes a powerful roadmap for stability, growth, and adaptability in both … Read more
The Economic Impact of Daylight Saving Time: Why Permanent Standard Time Makes Financial Sense Did you know Benjamin Franklin first proposed daylight saving time in 1784, but it was first implemented during World War I as a way to conserve coal. The Uniform Time Act of 1966 standardized daylight saving time across the United States. The energy crisis of the 1970s prompted further changes, and the law has been modified several times since then, most […]
We are both pretty frugal, which has been our saving grace when it comes to our FIRE journey. We were always able to live on one income, saving (and later investing) the remainder. It got us where we are today, which is pretty darn awesome. So you’d expect us to only have good things to say about being frugal. But the downside of frugality is also becoming clear to us. We can’t spend money…. The downside of frugality Frugal vs cheap There is a fine line between being frugal (which is generally a positive thing, with a balanced approach to spending money wisely) and being cheap (which is a negative thing, where the only goal is to minimise spending at all costs). We all have our cheap moments, but we generally are actually frugal by nature. However, there are moments you just don’t want to be frugal. There are moments you just want to spend money. Just because you can or because it just feels damn good! But you can’t, because some little voice in your head is putting on the breaks… What works Okay, so I’ve been testing my boundaries the past year or so. So far I have been able to drop €225 on a weather station, which I gave myself for last Christmas. I’ve also spend about €1.000 on three Lego Technics sets in the past two years (albeit via Marktplaats). More recently I have dropped €220 on two tickets and a night our with Mrs CF at the Amsterdam Dance Event. And I’ve spent about €200 on bird food for the coming winter. This might go up too, as I’m being generous and return on investment is awesome! The whole yard is buzzing with life. Everyone that is visiting is noticing this too, and they love it, and obviously so do we. But as you can see, I’m able to fairly easy drop up to about €500 on stuff I don’t really need, but that do give me a lot of joy in the short or longer term. However, this seems to be the limit as to my frivolous spending ability. And what doesn’t… Lately I decided to see if I could up this a nudge (or more). I’ve been looking at a new (used) electrical car. Do we need one? No, the Prius is still going strong with no major issues. Damn you Japanese build quality! Would I like a new (used) car. Yes, of course! Who doesn’t?! In the past I always wanted an Aston Martin DB9, still think this is one of the prettiest cars ever made. Having said that, we actually sat in one and now know why Jeremy Clarkson was complaining about the space. Now, a DB9 can now be bought for around €40-60k. Mind you, you would have a 20 year old car, with very expensive spare parts and hydraulic hoses and seals that are slowly disintegrating. Financially not a great choice, duh! Nor a practical one either, with a
The holidays have a way of magnifying everything…our joy, our generosity, and sometimes…our stress. Between the pressure to find perfect gifts, attend every event, and make the season “magical,” it’s easy to feel like the true meaning of the holidays gets lost in the chaos. But here’s something interesting: studies and real-life stories alike show that frugal people are happier during the holidays. I’ve learned over the years that being frugal during the holidays doesn’t mean missing out…it […]
If you lost your job today or had some sort of emergency that required some extra cash, would you be able to cover the costs and how long would you be able to pay your bills without landing a new job? If the answer is I couldn’t then it’s time to start putting money into […] Continue Reading The post Monday Money Tip-Emergency Funds appeared first on My Worthy Penny.
If you’ve already been planning around taxes in retirement, you’re in good company. Many retirees already manage withdrawals carefully, balancing tax brackets, Medicare premiums, and the taxation of Social Security benefits. But the One Big Beautiful Bill Act (OBBBA) has changed the landscape. With new provisions that link more tax rules to adjusted gross income (AGI), the familiar reference points that retirees once used now require a closer look. At first glance, the new law […]
If the firm you hired hasn’t moved your case, you can disengage cleanly, protect yourself with the IRS, and switch to a team that actually executes—today. Your fast switch plan (CuraDebt does the heavy lifting) Why CuraDebt (use the “11 Musts” checklist to vet any provider) 2025 reality check: enforcement actions & why switching promptly […] The post How to Exit a Tax Relief Company That Isn’t Delivering—and Switch to CuraDebt (What to Do + […]
We look at ways to save money on printer ink, including the best printers that may save you some additional cash. The post How to save money on Printer Ink appeared first on The Financial Wilderness.
The post Dividend Tax Rates: What to Know appeared first on Dividend Power. Taxes are a reality for dividend growth investors and, for that matter, any investor. You will pay taxes on the dividends you earn. But fortunately, dividend tax rates may be lower than ordinary income taxes from your regular salary if you receive qualified dividends. As Ben Franklin famously said, “In this world nothing is certain but death and taxes.” The Internal Revenue Service […]
Tax free shopping in Iceland explained. Learn how to claim your VAT refund at Keflavik Airport, minimum spend rules, and what tourists need to know. Good news! Tourists can get a VAT refund in Iceland on qualifying purchases over 6,000 ISK. To claim your tax refund, you’ll need to request a tax-free form at the […] The post Tax Free Shopping in Iceland: How To Claim Your Iceland VAT Refund appeared first on The Thought […]