Maximizing tax savings is key to keeping more of your hard-earned money. Discover strategies to minimize your tax burden, navigate deductions, and plan effectively throughout the year.
Have you ever felt the sting of an underperforming investment dragging down your portfolio? But here’s the silver lining: you can turn those losses into a tax-saving strategy called tax-loss harvesting.
Plan for Tax-Loss Harvesting Now! Read Post »
Have you ever noticed how the same razor or shampoo can cost more when marketed to women? This blog reveals the truth about the pink tax: why it exists, how it impacts your finances, and what you can do to challenge it.
She Pays More: The Truth About the Pink Tax Read Post »
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings sweeping changes to clean energy policy, as well as your finances. If you’ve been considering buying an electric vehicle, now is the time to act.
How to Beat the Clock on Expiring EV Tax Breaks Read Post »
The One Big Beautiful Bill Act (OBBBA) introduces a major tax change: the OBBBA SALT deduction limit increase raises the cap on state and local tax (SALT) deductions from $10,000 to $40,000 for itemized filers. Effective from 2025 through 2029, this increase offers significant relief to taxpayers in high-tax states by allowing them to deduct more SALT expenses on their federal returns.
New Tax Strategy After the SALT Deduction Limit Increase Read Post »
If you receive Social Security income, it’s important to understand how much of it may be subject to federal tax. This Social Security Taxable Benefits Calculator helps you estimate the taxable portion of your annual benefits based on IRS rules.
Social Security Taxable Benefits Calculator Read Post »
After the Social Security Administration (SSA) sent out a celebratory email about the new 887-page One Big, Beautiful Bill Act (OBBBA), many seniors are understandably excited, but possibly confused. The SSA claims that “nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits.
What is the Big Beautiful Bill Impact on Social Security Taxes? Read Post »
Most people think of a Health Savings Account (HSA) as a way to cover medical bills, but if you want to maximize your HSA for retirement and taxes, there’s a lot more to consider. Used strategically, an HSA can become one of the most tax-advantaged tools for long-term savings and healthcare planning.
How to Maximize Your HSA for Retirement and Taxes Read Post »
For a long time, I believed two things about gift tax rules: first, that I could only give up to the annual gift tax exclusion, which is $19,000 per person in 2025, without facing tax consequences; and second, that if I exceeded this amount, the recipient would be responsible for reporting and paying taxes on the excess.
Gift Tax Rules: The Unknown Facts You Must Know Read Post »
One of the goals of Raining Pennies is to take complicated topics and break them down into something more digestible for my readers. This post is a great example of that.
Understanding the Taxation of Social Security Benefits Read Post »
As the IRS releases key 2025 tax changes, it’s crucial to understand how these updates could impact your tax situation. Adjustments to deductions, tax brackets, and contribution limits can affect your tax-saving strategies this year.
Key 2025 Tax Changes to Plan for Right Now Read Post »
As the end of the year approaches, selling activity among institutional investors typically rises, largely driven by tax-loss harvesting tips to reduce your tax bill. This time of year presents an opportunity to assess your portfolio and potentially use losses to offset capital gains, reducing your tax obligations.
Act Now: Tax-Loss Harvesting Tips to Reduce Your Tax Bill Read Post »
Tax season can be stressful, but maximizing the deductions and credits available to you can make a big difference in how much you owe. Whether you’re self-employed, a homeowner, or a student, there are plenty of opportunities to reduce your taxable income and keep more of your hard-earned money.
10 Proven Ways to Cut Your Tax Bill Read Post »
