TMc: Inflation & Taxes for Seniors | Beaufort County Now

In finance the rule of 72 is a method for estimating an investment's doubling time. TMc, inflation, taxes, seniors, investment, march 16, 2020
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TMc: Inflation & Taxes for Seniors


    Inflation and the rule of 72:

    72 divided by 5 (5% or whatever the current rate) inflation reveals prices will double in 14 years.

    In finance the rule of 72 is a method for estimating an investment's doubling time.

    Gains on investment's are taxed.

    Summary: If you do nothing, inflation will eat your lunch. If you are a successful investor, IRS will share your wealth.

    I worked part time for a tax preparation firm...trained in Summer School then assigned to a high volume location doing easy returns. The customers knew all the rules and many had small businesses or low income jobs with enough kids to file for EIC. (google that).

    Conclusion: I suggest acquiring a working knowledge of tax regulations and hiring a tax preparer review your situation in September giving time to react to new or unknown regulations.

    People get upset when they owe money.

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