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Category: Taxes

Monthly Update · Taxes

February 2021 Update

February 26, 2021February 20, 2021 David4 Comments

Tax Season – In Progress I finished filing the tax returns for both of my oldest two children. Both made well under $30k for the year. I laughed at how simple they were and also the sheer number of dark patterns that Turbotax employed to trick us into paying for what should have been a… Continue reading February 2021 Update

401(k) · Taxes

401(k) Deduction-vs-Credit

December 18, 2020December 20, 2020 David5 Comments

During the presidential election, one proposal put forth by the Biden campaign was to switch traditional 401(k) contributions from a tax deduction to a tax credit. With today’s current tax regime, when you make a contribution it reduces your taxes at your marginal rate, which for me is 22%, or 22 cents for every dollar… Continue reading 401(k) Deduction-vs-Credit

529 · Taxes

529 Example Scenarios

August 7, 2020August 4, 2020 DavidLeave a comment

I jog regularly with two guys who, like me, both have college age kids like me. During our most recent jog, I explained the benefit of paying for college through a Virginia 529, even if you don’t have much time for the contribution to grow. After the run, I realized that a blog post with… Continue reading 529 Example Scenarios

Taxes

Twenty Years of Tax Lessons

April 10, 2020April 9, 2020 DavidLeave a comment

My previous twenty tax returns are a treasure trove of lessons learned. In many ways, my experience can provide a road map for young, up and coming professionals that are fresh out of college and embarking on the rest of their life. Here’s a one sentence, Jeopardy-summary-plus-commentary for each of the previous twenty tax seasons.… Continue reading Twenty Years of Tax Lessons

Free Money · Taxes

A Tale of Two ESPPs

March 20, 2020April 9, 2020 David2 Comments

Despite complications to my taxes, I have personally found the financial benefits of participating in employee stock purchase plans (ESPPs) to outweigh the cons. What’s an ESPP? In a nutshell, ESPPs give employees the opportunity to buy company stock directly from the company at a discount. Employees choose a percentage of their salary to set… Continue reading A Tale of Two ESPPs

Parenting · Taxes

Taxes – 2019 Edition

March 13, 2020April 9, 2020 David4 Comments

Every year I learn something new when I complete my taxes. This year was no different. A Seventeen Year-Old Is Not a Child The first thing I found out this year was that my oldest, who turned seventeen in 2019, no longer qualifies for the Child Tax Credit. I had thought I had until the… Continue reading Taxes – 2019 Edition

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