If you’re like many small business owners, running your own business is an all-consuming endeavor. In the face of everyday demands, choosing a retirement strategy for your business can become a casualty. The idea of establishing a plan could evoke worries about complicated reporting and administration. If this sounds familiar, then you ...

By May 15, 2023, over 142 million taxpayers had dutifully filed their federal income tax returns. And they all made decisions about deductions and credits – whether or not they realized it. When Middle-Class Millionaires take the time to learn more about how it works, you may be able to put ...

Artificial intelligence is unlikely to replace plain old human intelligence any time soon, but you might be surprised at how many programs are now using it to make our lives easier. If you thought that having a human-like interaction with ChatGPT and DALL-E was the beginning and end of today’s ...

By all accounts, the U.S. economy is humming along on all cylinders. Inflation is down (but not out), unemployment is still low by historical standards and GDP growth is healthy. Worker wages continue to rise. What should Middle-Class Millionaires be concerned about? If you feel the need to worry, then consider ...

Social Security can be complicated, and as a result, many Middle-Class Millionaires don’t have a full understanding of the choices they may have. Here are five facts about Social Security that are important to keep in mind. 1. Social Security Is a Critical Source of Retirement Income Some have the perception that ...

We’re all reading headlines telling us that the stock market has reached all-time highs, something that never happened in 2023.  Many investors who have a worrisome mindset will think that means that there’s a high likelihood that we’ll see a downturn in the near future. The markets have nowhere to ...

Most children stop being “and-a-half” somewhere around age 12. Kids add “and-a-half” to make sure everyone knows they’re closer to the next age than the last. When you are older, “and-a-half” birthdays start making a comeback. In fact, starting at age 50, several birthdays and “half-birthdays” are critical for Middle-Class Millionaires ...

When the Tax Cuts and Jobs Act (TCJA) Act passed in 2017, we were told that all of the provisions—lower tax rates, much more generous estate tax exemption—would sunset at the end of 2025. That seemed a long way off back then.  But now it’s 2024, less than two years ...

The Internal Revenue Service (IRS) has released new limits for certain retirement accounts for the coming year. Individual Retirement Accounts (IRAs) Traditional IRA contribution limits are up $500 in 2024 to $7,000. Catch-up contributions for those over age 50 remain at $1,000, bringing the total limit to $8,000. Remember, once you reach age ...

What you think is your tax rate may not actually BE your tax rate. For instance, if you report just over $182,000 in adjusted gross income, the tax table says you’re in the 32% tax bracket. But you aren’t going to be paying anywhere near 32% of your reported income ...