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.
When you sell shares of a stock, ETF, or mutual fund, your broker uses a cost basis method to calculate gains or losses. Choosing the right cost basis method can help you cut taxes and simplify your recordkeeping without needing to be a tax expert.
How to Cut Taxes With the Right Cost Basis Method Read Post »
Ever noticed that imported items ring up at the register for more than you expected? You’re probably paying state and local sales tax on top of the tariff that was already baked into the price, literally a tax on a tax.
Double Taxation on Imports: What You Need to Know Read Post »
If you are age 50 or older, you may have relied on catch-up contributions in your 401(k) to boost your retirement savings. These extra contributions can make a real difference in the final stretch before retirement.
Prepare Now for the 2026 Roth 401(k) Catch-Up Shift Read Post »
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 »
