I remember thinking of income taxes as this magic art that only my mother, with her copy of TurboTax, could figure out for me and my siblings. She would buy the software every year and then run our numbers through the program and figure out what we owed. Most years it was nothing or a small (under $50) refund. One year I made the mistake of letting a few venues pay me directly with checks for gigs that the band…
In a recent post from an online financial independence community someone was asking about how the federal EV (electric vehicle) tax credit works to “reduce the price” of new EVs. Officially known as the “Plug-In Electric Drive Vehicle Credit (IRC 30D)”, the way this works is that if you buy a new EV or PHEV (Plug-In Hybrid Electric Vehicle) with a large enough rechargeable battery (over 5 kWh) from a qualified manufacturer, you are able to claim a $7,500 tax…
As I mentioned in our How We Plan on Reaching FI post, when we started to map out our journey to financial independence, we were basing our calculations of our “stash” as only the money available in our taxable brokerage accounts. This was probably the result of me discovering the prospect of FI through the blog of Mr. Money Mustache and being so feverish with excitement to consume all of the content that I glossed over the fact that we…
