How Do You Calculate Estimated Taxes When You Quit Your Job

How Do You Calculate Estimated Taxes When You Quit Your Job

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When you quit your job, the last thing you are probably thinking about is your tax bill. But, as they say, there are two things certain in life: death and taxes. And given the changes that quitting your job can bring, it's best to be prepared when tax time comes. So, how do you calculate estimated taxes when you quit your job? Follow these simple steps: How To Calculate Estimated Taxes When You Quit Your Job Get a copy of your last pay stub. If while working at your company you logged into a software to get your paystub, you might not have access anymore once you’ve left the company. You should get a copy of your final paystub by mail or email (or both) within 2 weeks of your…
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Surprise!  The Big Reveal

Surprise! The Big Reveal

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I’m ready to let you in on a secret. Remember Sam’s Sabbatical Sunday series? Starting a little over a year ago, “Samantha” wrote weekly articles for Women’s Money.  She wrote about why to take a sabbatical, how she saved $100,000, signs of burnout, and how to get health insurance while on sabbatical. You can find the whole series here.  Well, the truth is “Sam” was not Samantha - but me - Elizabeth. For various reasons, a pseudonym was the best choice for me writing those posts at that time. But now, I’m ready to be out. (Not out as gay, I was that many years ago!) But out as someone who left her corporate career behind to take some much needed time to refresh. When much of your identity is wrapped…
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Should You Take Money Out of a 529 Account While the Market is Down?

Should You Take Money Out of a 529 Account While the Market is Down?

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When the market is down, it’s worth reviewing everything in your portfolio. Even your child’s 529 plan. Are you comfortable with your allocation of funds? How does your risk tolerance feel given the bear market? Is tax loss harvesting worth it for you?  But I have another more unique strategy to consider: taking money out of your kid’s 529 plan. That’s right. I’m suggesting selling off the college savings fund for your precious child. And not just at any time, but when the market is down! Hear me out. Perhaps you’ve been investing diligently in your son or daughter’s 529 account for the past few years.  Let’s assume you already have invested $30,000 in the account. But due to market timing and the downturn, you now have just $33,000 in…
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How to Buy I Bonds for Kids

How to Buy I Bonds for Kids

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With inflation extraordinarily high, and interest rates on general accounts quite low, you may be asking yourself “how can I buy more I-Bonds?”  I-bond rates right now are over 9%. Unfortunately, the amount you can purchase is capped at $10,000/individual. So you can only purchase $10,000/year in I-Bonds. If you’re married, your spouse can also purchase $10,000. We use I-bonds as part of our cash management/long-term emergency savings fund.  Since you can cash the bonds in at any time after holding for 12 months, and have to just pay a 3-month interest penalty on them (when held for under 5 years); it’s a great way to keep long-term emergency savings. Side note, I wouldn’t recommend putting all of your emergency savings into I-bonds though as if you need some cash…
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Wimbledon’s Best Kept Secret: How to Get Cheap Tickets without Queuing

Wimbledon’s Best Kept Secret: How to Get Cheap Tickets without Queuing

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I’m a lifelong tennis player and have always dreamed of going to Wimbledon; so when we had flights booked to London during the tennis tournament, I had to go, right? Absolutely. The only problem? No ticket. I spent easily 50+ hours over the months leading up to Wimbledon trying to figure out how to get tickets to the event. I read hundreds of articles, websites, blog posts, forums on TripAdvisor. And yet, I couldn’t bring myself to cough up the $1000+ to spend on a ticket for the famous Grand Slam tennis tournament. I wanted to bring my son, if not my whole family, and the value just didn’t seem worth it for a single day of tennis.  Stubhub Tickets and Amex Tickets to Wimbledon Were Too Expensive When I…
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How Find More Time Each Day: 7 Tips

How Find More Time Each Day: 7 Tips

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I can't find a scientific survey to back me up on this, but I'm fairly certain that women have less time than men in their lives to do the things they want to do. Or at least they think and feel that they do. Why is this? Women tend to do more of the household upkeep than men do - whether it's cleaning the house or taking a larger share of parenting responsibilities. In the last few years, the struggle women have to do it all has been further underscored with COVID, and increasingly, women have been leaving their jobs. Then there are stories about women in corporate America who seem to actually be doing it all. Maybe you know them; or maybe you read about them.  When you read…
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Speaking Up on Gun Violence

Speaking Up on Gun Violence

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Where I live, it’s cloudy and rainy today. Yesterday, when I was looking at the weather forecast, the cold rainy weather seemed appropriate - we had planned to put our dog to sleep today. Why shouldn’t the weather reflect my emotions? And yet, I had no idea the amount of grief I would face today in confronting yet another school shooting. The tragedy of it is so indescribable and it comes to me at a particularly challenging time. You see, I have been reflecting quite a bit on death lately given some news in our family as well as the death of our 13-year-old beloved pet. We have been talking with our kids about the certainty of death. We all die.  In the best of ways, confronting the absoluteness of…
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Make Ready December — Prepare, Work, Recover

Make Ready December — Prepare, Work, Recover

Goals / Taking Action, Uncategorized
December is the ultimate month of preparations. In a normal year, we spend time and effort getting ready for the holidays and the new year. We make cookies, throw holiday parties, send cards, and attend gatherings with friends and family. For those who celebrate Christmas, nearly the entire month of December is spent in a dizzying display of preparations. In fact, the season of Advent is considered to be the season of “preparation” or “expectant waiting.” We also use December as a month to wind down the current year and get ready for the coming year. Most of us don’t wake up on New Year’s Day and spontaneously have a resolution the moment we open our eyes. Rather, we use the month of December to start to think about what…
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19 Things I Wish I Knew Before Starting a Business

19 Things I Wish I Knew Before Starting a Business

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Thinking of starting your own business? Here are 19 things I wish I knew before I started my own business.  1. Starting a Business is Really Easy  You don’t need anything fancy to start a business. You don’t need start-up capital. You don’t need an office. You don’t need a website. Or even your own domain name. You don’t need business cards. You don’t need a bank account. You can just start working. 2. Find Someone Who Will Buy Your Product or Service (Before You Do Anything Else)  The only thing you need to start a business is someone to buy your product or service. And then you need the ability to provide that product or service. It’s that simple. 3. Don’t Google for Answers Google can serve up a…
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Check Your Tax Withholdings with a Withholding Calculator

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About This Week's Action "Taxes, didn't I just finish dealing with those for the year?" is probably what you'll ask yourself  when I mention that this week's take action step deals with taxes. And while April 15 does seem like just yesterday, the reality is that it's already halfway through the year and it's time to ensure that your tax payments are on tract. So, this week's action is to check your tax withholdings and adjust them as needed. Why Take This Action You'll Take Back Control (and Prevent Surprises) The most important reason to check your withholdings is to prevent any surprises when it comes to tax time next year. Most people overpay their taxes and get a refund - but wouldn't it be nice to be able to…
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