Jamtsho Tax and Financial Services

02/06/2025

Tax season is here……

How do refunds work?
If you paid more through the year than you owe in tax, due to withholding or other reasons, you should get money back. Even if you didn't pay excess tax, you may still get a refund if you qualify for a refundable credit, like the Earned Income Tax Credit (EITC) or Child Tax Credit.
To get your refund, you must file a return, and you have three years to claim a tax refund.

Do I qualify for the Earned Income Tax Credit (EITC)?
To qualify for the EITC, you must have under $11,600 in investment income and earn less than a specific income level from working. If you're single with no children, your income level must be $18,591 or below.
And if you're married filing jointly with three or more children, you must make $66,819 or below.

09/11/2024

Imagine you have a money printing machine in your back yard that gives you fixed amount everyday like $200, and that’s your family’s only source of income. What would happen to your family if suddenly that machine stopped working.

September is life insurance awareness month. Learn to protect your family if that machine stopped working one day.

08/26/2024

Sometimes it’s not all about winning, it’s all about participating. It’s not about how you started, it all about how you finish it. Congratulation….

Bhutan’s Kinzang Lhamo, who was her nation's flag bearer at the Opening Ceremony, fulfilled her promise to finish an Olympic marathon. Though she finished in...

08/20/2024

Who gets w2? who gets 1099? What are the differences? Which one is better? ……are you one of those who is all confused….i am presenting tomorrow in my office….come to learn…like I always say, how will you win if you don’t know what you don’t know.

08/15/2024

How long does it take for your money to double with a 7.2% interest rate? It's simple to calculate using the Rule of 72. Just divide 72 by the interest rate, which gives you 10 years in this case. Other day, an organization was presenting a bond that will provide 10% interest, meaning your money will double every 7.2 yrs. With a $10,000 investment today it will result to $40,000 in 15 years. If you don’t know, what you don’t know, how will you win.

08/09/2024

Have you ever realized how inflation and taxes affects our savings? If not see below example. Ask yourself how much is your rate of return afterwards? If you don’t know what you don’t know how can you win in money game.

07/28/2023

The S&P 500 Price Index returned -19.64% in 2022. This is bad to most people but worst thing is do you know how much do you need to gain to come back to your original level. You need to gain 24.44% to come back to your original.

Most of people think if you loose -10% and gain 10%, you breakeven. That’s not true.

Empower yourself with knowledge so you can win in your race.

12/24/2022

Do you know your numbers?
1) what’s your Cash Flow: Income v/s Expenses
2) what’s your Balance sheet: Asset v/s Liabilities
3) what’s your Tax liability: Tax Bracket