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Retirees Face Unexpected Self-Employment Tax Burden Impacting Retirement Funds

Retirees Face Unexpected Self-Employment Tax Burden Impacting Retirement Funds

Many retirees in the United States are encountering unexpected financial challenges due to self-employment taxes. As retirees often seek part-time work as independent contractors, consultants, or freelancers to supplement their income, they are required to pay self-employment taxes on their earnings. This tax obligation can be surprising for those who previously held W-2 jobs, where employers typically covered part of the Social Security and Medicare costs. The IRS mandates that self-employed individuals pay both the employer and employee portions of these taxes, amounting to a 15.3% tax rate. This is in addition to any federal and state taxes owed. The situation highlights the need for retirees to plan for these taxes by setting aside a portion of their income and consulting with accountants to manage quarterly estimated taxes and potential deductions.
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Congressional Proposal for 401(k) Changes Gains Momentum with Bipartisan Support

Congressional Proposal for 401(k) Changes Gains Momentum with Bipartisan Support

Congressional Proposal for 401(k) Changes Gains Momentum with Bipartisan Support
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Your Taxes, Your Way: Making Online Filing Less Stressful This Year

Your Taxes, Your Way: Making Online Filing Less Stressful This Year

Tax season hits differently when you file online. No waiting rooms, no appointment scheduling, no driving across town with a shoebox of receipts. Over 94% of American taxpayers now file electronically, according to the IRS. The average refund arrives in 8-10 days for e-filing versus 6-8 weeks for paper returns. But choosing the right online platform matters. TurboTax dominates with 37% market share, while H&R Block claims 16%. FreeTaxUSA and Credit Karma Tax offer competitive free options that many overlook.
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Your Taxes: Choosing the Right Software to Simplify Your Filing Process

Your Taxes: Choosing the Right Software to Simplify Your Filing Process

Tax season hits different when you realize that one missed deduction could cost you $800. The average American leaves $460 on the table each year by filing incorrectly or missing credits they qualify for. Tax software isn't just about convenience anymore. It's about protection from costly errors that the IRS catches months later, triggering audits and penalty fees that can reach $1,200 for moderate-income households. Choosing the right tax software means balancing cost, features, and your specific tax situation. A freelancer in Austin with 1099 income needs different tools than a Denver family claiming childcare credits.
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5 Financial Freebies Every Investor Should Claim

5 Financial Freebies Every Investor Should Claim

How to increase wealth without the IRS taking a penny
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Top Crypto Tax Software 2026: Integrations, Pricing, and Supported Exchanges

Top Crypto Tax Software 2026: Integrations, Pricing, and Supported Exchanges

Tax season 2026 brings new crypto reporting requirements that make manual tracking nearly impossible. The IRS now requires detailed cost basis reporting for all digital asset transactions, including DeFi swaps and NFT sales. CoinTracker leads the market at $199/year for unlimited transactions, supporting over 300 exchanges including Coinbase, Binance.US, and Kraken. Koinly offers similar coverage for $179/year, while TaxBit targets high-volume traders at $250/year with advanced DeFi tracking. | Software | Annual Price | Exchanges Supported | DeFi Integration | Free Transactions | | CoinTracker | $199 | 300+ | Yes | 25 | | Koinly | $179 | 350+ | Limited | 10,000 | | TaxBit | $250 | 200+ | Advanced | 100 | | CryptoTrader.Tax | $49 | 150+ | No | 100 | | TokenTax | $65 | 100+ | Basic | 100 | The right choice depends on your trading volume and complexity. Most casual investors with under 500 transactions can use CryptoTrader.Tax for $49/year.
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Congressional Proposal for 401(k) Changes Gains Momentum with New Co-Sponsor

Congressional Proposal for 401(k) Changes Gains Momentum with New Co-Sponsor

A bipartisan proposal aimed at reshaping the way Americans utilize their 401(k) savings is gaining traction in Congress. The Retirement Simplification and Clarity Act, reintroduced by Democratic Representative Jimmy Panetta of California and co-sponsored by Republican Representative Darin LaHood of Illinois, seeks to provide older workers with more flexibility in managing their retirement savings. The bill would allow workers aged 50 and older to move part of their 401(k) funds into an annuity without having to leave their job, offering a way to secure predictable income as they approach retirement. This legislative effort also addresses the complexity of retirement plan paperwork by mandating clearer, plain-language explanations from the IRS. The proposal builds on previous changes made under the SECURE 2.0 Act, which expanded retirement savings options.
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Your Taxes, Your Way: Making Online Filing Less Stressful This Year

Your Taxes, Your Way: Making Online Filing Less Stressful This Year

Tax season hits differently when you file online. No waiting rooms, no appointment scheduling, no driving across town with a shoebox of receipts. Over 94% of American taxpayers now file electronically, according to the IRS. The average refund arrives in 8-10 days for e-filing versus 6-8 weeks for paper returns. But choosing the right online platform matters. TurboTax dominates with 37% market share, while H&R Block claims 16%. FreeTaxUSA and Credit Karma Tax offer competitive free options that many overlook.
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IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Investment Decisions

IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Investment Decisions

IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Investment Decisions
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Tax Expert Offers Tips for Last-Minute Filers Ahead of Deadline

Tax Expert Offers Tips for Last-Minute Filers Ahead of Deadline

Mark Steber, Chief Tax Officer at Jackson Hewitt, provides guidance for individuals preparing to meet the upcoming tax-filing deadline. Steber emphasizes the importance of organization and readiness, advising taxpayers to gather necessary documents and review their financial information carefully. He suggests utilizing available resources and seeking professional assistance if needed to ensure accurate and timely filing. As the deadline approaches, Steber's advice aims to alleviate stress and prevent common filing errors.
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IRS Guidance on Qualified Production Property Offers New Tax Incentives for Manufacturers

IRS Guidance on Qualified Production Property Offers New Tax Incentives for Manufacturers

IRS Guidance on Qualified Production Property Offers New Tax Incentives for Manufacturers
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IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Business Strategy

IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Business Strategy

IRS Issues New Guidance on Manufacturing Facility Tax Planning, Impacting Business Strategy