Qualified Tips Deduction — $25,000 Cap, W-2 Code TP
How the temporary deduction for qualified tips works. The $25,000 cap, MAGI phaseout, tipped occupations list, W-2 box 12 code TP, and why FICA still applies.
- tax
- paycheck
- guides
Guides
Explainers behind the calculators. Each one should end in a number you can run yourself — brackets after the standard deduction, a mortgage PITI split, a 401(k) match formula, or a Roth versus traditional compare on the same paycheck dollars. Guides are written and updated by Greg at Finance Maxx; they are educational, not advice.
Qualified Overtime Deduction — $12,500 Cap, W-2 Code TT
How the temporary deduction for FLSA overtime premium works. The $12,500 cap, MAGI phaseout, W-2 box 12 code TT, and why only the “half” of time-and-a-half counts.
- tax
- paycheck
- guides
Car Loan Interest Deduction — $10,000 Cap, Who Qualifies
How the temporary deduction for interest on a new US-assembled car loan works. The $10,000 cap, first-lien and personal-use tests, negative equity, and why the tax savings are smaller than the interest you paid.
- loans
- tax
- guides
Extra Loan Payment vs Investing the Extra
Same extra dollar each month — pay the loan down or invest it — and compare net worth at a horizon, including leftover debt.
- debt
- investing
- guides
FIRE Number, Savings Rate, and Years to FI
How a withdrawal-rate target turns annual spend into a nest-egg goal, and why a constant real return is only a planning shortcut.
- investing
- planning
- guides
HSA Contribution Limits and Catch-Up
Self-only vs family HDHP limits, the age-55 catch-up, and why employer deposits count toward the same IRS ceiling.
- investing
- hsa
- guides
Itemize or Take the Standard Deduction?
How SALT, mortgage interest, and charity stack against this year’s standard deduction — and when itemizing actually cuts federal tax.
- tax
- deductions
- guides
Roth vs Traditional — Same Paycheck Dollars
Why the fair compare is tax now versus tax later on the same pre-tax contribution, not two equal account deposits.
- investing
- retirement
- tax
- guides
Take-Home Pay After Federal Tax and FICA
How a paycheck is split into Social Security, Medicare, federal income tax, and optional 401(k) deferrals — and what this model leaves out.
- tax
- paycheck
- fica
- guides
Trump Accounts Explained — $1,000 Seed, Contributions & Growth
What Trump Accounts are for kids in 2026, who gets the $1,000 pilot seed, the $5,000 annual contribution limit, tax treatment, and how compounding can grow balances by age 18.
- investing
- family
- tax
- guides
401(k), SIMPLE IRA & IRA Contribution Basics
Elective deferrals, employer match formulas, SIMPLE IRA, IRS limits, and Roth IRA MAGI phase-outs in plain language.
- investing
- retirement
- guides
The 50/30/20 Budget Guideline
Needs, wants, and savings — a flexible split for take-home pay, not a hard rule.
- planning
- budget
- guides
Emergency Fund Basics
How big a cash buffer to target and how long contributions take to get there.
- planning
- savings
- guides
Future Inflation and Purchasing Power
Why the same dollars may buy less later — and how to read a simple future inflation projection.
- planning
- inflation
- guides
Refinance Break-Even Basics
When a lower rate is worth the closing costs — cash-flow break-even vs total interest.
- mortgage
- home
- guides
How Mortgage Payments Are Built
Principal, interest, taxes, insurance, and PMI — what goes into a monthly housing payment and how fixed-rate amortization works.
- mortgage
- home
- guides
Mortgage Approval Estimate Basics (Without the Hype)
Housing and total DTI rules of thumb, why max home price is not a pre-approval, and how down payment, debts, APR, and taxes change the estimate.
- mortgage
- home
- guides
How to Track Net Worth Without Spreadsheet Hell
Assets minus debt, a simple goal bar, and why a lightweight snapshot is often enough to stay honest about progress.
- net-worth
- planning
- guides
How Extra Payments Cut Debt Faster
Why paying more than the minimum shortens payoff time, how interest is calculated each month, and when a payment is too low to ever catch up.
- debt
- credit-cards
- guides
How Fixed Loan Payments Are Calculated
How a loan payment calculator estimates monthly payment from principal, APR, and term — and why total interest grows with longer terms.
- loans
- finance
- guides
How Compound Interest Actually Grows Your Money
Why time and recurring contributions matter more than chasing the perfect interest rate — for savings, bonds, stocks, and more.
- finance
- investing
- guides
How Federal Tax Brackets Actually Work
Federal tax brackets explained — they apply after the standard deduction. Marginal vs effective rates, and why a higher bracket does not re-tax all your income.
- tax
- federal
- guides