A tax deduction reduces your taxable income by the amount of the deduction. So if you receive a $5,000 deduction, then your taxable income is reduced by $5,000. The tax savings is the product of the deduction and your marginal...
Read MoreWith the first presidential debate of 2012 now over, I’m a bit surprised to say that the fiscal cliff was not mentioned. Perhaps this is a topic for an upcoming debate. I expect it to become a campaign issue over the next...
Read MoreI will never be one to “punish” people for becoming wealthy. I don’t believe that obtaining wealth is some type of sin. But when Warren Buffet speaks, I tend to listen. In 2010, Warren Buffet paid $6,938,744 in...
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I’m Will, the creator of HackingTheBank. No, this site isn’t about actually hacking banks. This blog is all about maximizing personal finance decisions so that we win instead of the banks.
I started this blog in 2010 when I graduated college with $43k of student loans and a negative net worth. Since then I’ve achieved milestones like getting married, buying a house, and tripling my income. During this time my wife and I managed to earn over 12,000,000 miles and points and used those points to travel to over 50 countries. And all of these points came from banks; neither of us travel for work.