What scares the folks in Belize the most may just surprise you. Ian Peter Morton / Shutterstock.com
Is Belize safe? I get asked this all the time. Belize can be a wonderful, sun- and fun-filled place to live, but, like anywhere, there are some issues to be aware of.
Changes to the tax code could see you owing the IRS less next year. Keep reading for what you need to know. [[{“value”:”
Image source: The Motley Fool/Upsplash
For many Americans, November is much too early to start thinking about filing their tax returns. However, the IRS recently announced changes to the tax code that will affect earners throughout the new year. These new rates may not apply until Jan. 1, but they could affect how Americans earn, save, and spend in 2025.
What’s changed and what can you expect to pay? Read on to find out.
Let’s be clear: taxes are not dropping across the board in 2025. The tax rates shown below are the same as they were in 2024 and will still apply to filers next year. This may change with upcoming legislation, but for now, many filers can expect to pay the same marginal income tax rate as in previous years.
However, that does not rule out tax relief for many Americans, as the income thresholds to qualify for each tax bracket will increase next year. For example, a single earner with taxable income of $48,000 would find themselves in the 22% marginal tax bracket in 2024. But the same earner would be in the 12% marginal tax bracket in 2025.
This change in income thresholds creates an opportunity for workers to optimize their tax liability. If you’re in a lower tax bracket in 2025, you might consider increasing your Roth IRA or HSA contributions, which will be taxed at a lower rate than in 2024. If you’re slightly above an income threshold, you might reduce your taxable income by increasing your tax-deductible contributions to a traditional IRA or 401(k).
Need a retirement account? Click here for our picks for the best brokers for IRAs.
Another factor in how much Americans will owe lies in the standard deduction. This deduction is used by the vast majority of Americans and gives a filer a “haircut” on how much of their income is taxable. Changes to tax bracket thresholds are helpful for taxpayers, but a higher standard deduction, which cuts down on the total dollars that are taxed, can have a greater impact for some.
The standard deduction is the largest deduction available to many taxpayers, and can greatly reduce or even eliminate a filer’s bill. In 2024, the standard deduction is $14,600 for single filers and $29,200 for married taxpayers filing jointly. In 2025, the deduction will increase almost 3% to $15,000 for single taxpayers and $30,000 for married, joint-filing taxpayers.
Some taxpayers elect to itemize deductions in order to minimize their tax bill. Itemized deductions can include state and local income taxes paid during the tax year, and could amount to a greater total deduction than the standard deduction. Itemizing deductions can be complicated, and taxpayers should consult with a qualified tax advisor before taking this route.
The best tax software can make filing easier — click here to compare your options.
While changes to marginal tax brackets and the standard deduction are meaningful to many Americans, they are not a significant change to the tax code itself. Since the 2017 Tax Cuts and Jobs Act, the tax code has remained largely unchanged outside of annual inflation adjustments. Throughout the life of the current tax code, the strategies used by taxpayers to minimize taxes have largely remained the same.
However, that could all change next year, when the tax provisions of the Tax Cuts and Jobs Act are set to expire. While the tax code could be extended as is, there seems to be an appetite on both sides of the aisle to substantially change tax law. Members of the 119th Congress, including some who are seeking re-election this November, will ultimately be those who pass the next tax act into law.
Thanks to increased tax bracket thresholds, Americans may find themselves paying less in taxes on more income next year. The standard deduction will further help an estimated 9 in 10 filers to reduce their taxable income. However, taxpayers should be aware that the tax code is likely to change in future years, and should consult with a qualified tax advisor ahead of filing.
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We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
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If you’re worried that you live too far from Costco to be worth having a membership, don’t be. See our picks for great Costco buys on big-ticket items online. [[{“value”:”
Image source: Getty Images
Even if you live far away from your nearest Costco location, getting a Costco membership can still be worth it. That’s because Costco is not just for weekly grocery trips or eating hot dogs at the food court — it’s an everything store, with great deals on online shopping and big-ticket items like furniture and appliances.
Let’s look at a few reasons why Costco membership is worth it, even if you rarely go to the local warehouse.
(All deals were available for online shopping with prices shown for my local Costco warehouse in West Des Moines, Iowa, as of Oct. 26, 2024. Prices may vary by location.)
Here are a few of the best Costco deals on appliances.
This stainless steel fridge is designed to blend in with your kitchen cabinets. It has a high-capacity indoor ice maker and all around cooling. This price includes special savings of $500, price valid through Nov. 17, 2024.
This is a smart, highly efficient, high-capacity washing machine, and it’s wifi-enabled and compatible with Alexa and Google Assistant. The $999.99 price includes $500 of special savings, price valid through Nov. 17, 2024.
This is a sleek-looking stainless steel dishwasher with adjustable racks, delay start, and a hidden control panel. The $629.99 price includes $320 of special savings, price valid through Nov. 17, 2024.
Buying appliances is not cheap, so now could be a perfect time to open a new credit card with Costco rewards. Click here to learn more about the best Costco credit cards that can help you earn an extra 2% to 3% (or more) of cash back on Costco purchases.
And remember: when you buy appliances at Costco (or online at Costco.com), you get valuable perks like free delivery and installation, free haul away, and a two-year warranty.
Here are a few of the best deals on Costco furniture.
This comfortable sofa has a modern farmhouse-style design. The built-in trundle mattress folds out into a queen-sized bed. Price includes delivery, setup, and packaging removal.
This is a handsomely constructed queen-size bed with two built-in storage drawers. It’s also available in kKing-size for a higher price. Price includes delivery, setup, and packaging removal.
This motorized standing desk gets rave reviews from Costco members (4.7 stars). It includes a programmable controller with four pre-sets, and it’s one of the largest adjustable standing desks on the market, with space and capacity to hold up to three monitors. (I might buy this myself!)
Costco offers great deals on a wide range of electronics, from TVs to smart watches. Here are a few of the best offerings.
This massive TV has a three-year warranty and is compatible with Alexa, Apple AirPlay 2, and Google Assistant. Price is valid through Nov. 3, 2024, while supplies last.
This lightweight laptop is surprisingly powerful, with an Apple M2 chip. Price includes $200 of special savings. Price is valid through Nov. 17, 2024, while supplies last, limit two per member.
Live a healthier, safer, more active lifestyle with the Apple Watch. This Series 10 model has a 30% larger screen size and monitors your heart rate with built-in notifications. It also can connect you with emergency services in case of a hard fall or severe car crash.
Costco has special pricing on valuable services that can make your home — or your next vacation — better.
Need to find a contractor for your next home improvement project? Trust Costco. Costco can connect you with reliable, vetted local contractors for projects like bath remodeling, cabinet refacing, solar panel installations, flooring, and more.
Costco Travel is like a built-in travel agency for Costco members. You can use Costco Travel to get special deals on vacations, especially for cruises and all-inclusive package resort deals.
The Costco Auto Program gives you special Costco member pricing on new or used vehicles from participating partner dealerships. If you want a no-haggle process, this could be worth trying for your next car purchase.
You don’t have to go to Costco every week or every month to get excellent value from your Costco membership. Costco offers a wide range of deals to make your life better, even if you only shop online or go to the warehouse a few times per year. And especially if you’re making a once-a-year big purchase, using the right credit card can help maximize your rewards.
We love versatile credit cards that offer huge rewards everywhere, including Costco! This card is a standout among America’s favorite credit cards because it offers perhaps the easiest $200 cash bonus you could ever earn and an unlimited 2% cash rewards on purchases, even when you shop at Costco.
Add on the competitive 0% interest period and it’s no wonder we awarded this card Best No Annual Fee Credit Card.
Click here to read our full review for free and apply before the $200 welcome bonus offer ends!
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool has positions in and recommends Alphabet, Apple, Costco Wholesale, and Maker. The Motley Fool has a disclosure policy.
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The flu shot can help you — and your budget — stay healthy this winter. Prostock-studio / Shutterstock.com
With the cold and flu season on the horizon and rising coronavirus rates, health experts urge Americans to begin protecting themselves with flu vaccinations. Here’s a roundup of retailers who’ll reward you for getting your flu shot.
Thinking of forming an LLC? Learn the benefits, when it’s worth the effort, and why some sole proprietors might be better off sticking to a simpler setup. [[{“value”:”
Image source: Getty Images
If you’re starting a small business, generally the first step is setting up the legal structure of your business. There are several options, even if you’re running a solo operation, which can get confusing. Generally, a sole proprietorship (meaning a company owned by just one person who does all or most of the work on the business) will choose between remaining a sole proprietorship, which requires no paperwork at all, and an LLC.
But is it worth it to create an LLC? Do you have to? Let’s talk about what an LLC does and whether it’s worth filing the paperwork. (And paying the fees!)
LLC stands for “limited liability company,” which is a business structure that combines the pass-through taxation of a sole protectorship with the limited liability of a corporation. It’s a popular choice for small business structures because it provides some protection without the complexities of a full corporation.
The main benefits of creating an LLC include:
Liability protection: An LLC protects your personal assets by separating your business and personal assets. For example, if your business is sued, your personal savings wouldn’t be impacted. Also, if you take on business debt through a business loan or credit card, you won’t be held personally liable for those debts.Tax flexibility: By default, LLCs are considered “pass-through entities,” which means profits and losses are reported on your personal income tax form. However, they can also be taxed as an S corporation or C corporation, which can help reduce self-employment taxes.Credibility: For clients and customers, doing business with a company with “LLC” after the name might signal that you’re a legitimate, established company. If most of your competitors are also LLCs, it may help you land more contracts.
If you plan to scale your business and bring on partners later, those steps are easier if your business is an LLC. LLCs’ flexible structure allows you to issue shares of ownership to investors or partners. (Note: you cannot issue shares or stocks as an LLC.)
Ready to grow your small business? Check out the best small business loans for startups.
While there are plenty of advantages to creating an LLC, they aren’t the right fit for every business. If your company is low-risk, it might not be worth the paperwork. For example, I’ve never set up an LLC for my business as a writer and content marketer. My company is just my computer and me — I don’t have many overhead costs, and I don’t have a physical business location where someone might trip and fall.
While the decision to create an LLC is a personal one, here are a few signs sticking to a sole proprietorship might make more sense:
Your business is low-risk: If there is little chance of legal action, debt, or accidents, the cost and effort of setting up an LLC might not be worth it. If you don’t have a physical location or sell products, a sole proprietorship may be sufficient.You want to minimize paperwork: The process to set up an LLC varies by state, but it does require creating the LLC and filing annual reports. You may also need to pay a fee and set up a separate business checking account.Your customers don’t care: If your customers don’t care or want the LLC, it might not be worth the effort. Most of my customers want to work one on one with writers. Setting up an LLC would likely hurt my business because they would assume I am an agency that farms my work out to other writers.
The decision to form an LLC is a personal one that depends on your business goals, overall risk level, and the amount of time you’re willing to invest in your business.
In general, if you are a freelancer or digital content creator without a physical location and primarily work alone, you may not need the protection of an LLC. If you have a side hustle, it also might make more sense to stick with sole proprietorship, at least for now. If you are concerned about liability, consider purchasing business insurance to cover any legal actions against your business.
If your business involves selling physical products, operating a physical location, or hiring employees, creating an LLC might make more sense. You’re more likely to want legal protection, and having an LLC shows professionalism.
Before deciding if an LLC is right for you, think about your business’s overall setup, long-term goals, and how much time and money you’re willing to invest in legal structure. Still not sure? Consider setting up a consultation with a business or financial advisor for more advice.
Want to earn rewards and grow your business? These business credit cards for LLCs will help you maximize benefits and manage expenses more efficiently.
This credit card is not just good – it’s so exceptional that our experts use it personally. It features a 0% intro APR for 15 months, a cash back rate of up to 5%, and all somehow for no annual fee!
Click here to read our full review for free and apply in just 2 minutes.
We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers.
The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.The Motley Fool has a disclosure policy.
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Follow these strategies to the career of your dreams. PeopleImages.com – Yuri A / Shutterstock.com
Job searching can be stressful, which leads many job seekers to focus on landing a role as quickly as possible. It might be appealing to settle for something just to pay the bills, but doing so may leave you feeling disconnected and unmotivated at work. But what if, instead of just chasing the next opportunity, you focused on finding a position that will bring genuine fulfillment to your life?
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