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Tax Resources+



A helpful toolbox at your fingertips.

From tax forms and tax organizers to business and personal toolkits, our list of resources will give you more on key topics. Look them over or contact us to find out how we can help answer your questions.

Important Business Tax Update

Responding to a noted increase in identity theft involving business-related tax returns, the IRS will be asking tax professionals to gather more information on their business clients beginning with the 2018 filing season. For returns files after that date (including Trusts, Estates, and K-1 Partnerships), your preparer may be required to gather any of the following data:

  • The name and Social Security Number of the company individual authorized to sign the return
  • Estimated tax payment history (when were they made, how were they made, and how much was paid)
  • Potential parent company information
  • Additional information based on deductions claimed
  • Filing history (Form(s) 940, 941 or other business related tax forms)

We welcome you to contact Henry & Peters with any questions you may have.

The Tax Cuts and Jobs Act

The Tax Cuts and Jobs Act passed both the House and Senate on Wednesday, December 20, 2017. This historic tax reform contains numerous provisions that that could have significant impacts to taxpayers. You can find relevant information below on how this tax reform may affect you. Please contact our professionals with any questions you may have.

Tax Law Changes – Individuals
Tax Law Changes – Businesses
Tax Law Changes – Pass Through Income Entities

Events Calendar

Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.

A tax organizer can facilitate the process of pulling together your tax information. This basic tax organizer is designed for new clients and allows you to enter your information right on the screen. You can then print the completed tax organizer and fax or mail it to the office. Current clients should contact the office to request a “proforma” tax organizer that includes prior year information and carryover data.

Looking for a federal tax form? Browse this online tax forms library to find downloadable IRS forms. The forms are presented in PDF format and are acceptable for filing with the IRS. You may also choose from dozens of helpful tax publications developed by the IRS to help taxpayers have a better understanding of various tax issues. Available in PDF format, these publications are written in a plain language format geared specifically to taxpayers.

Tax News

IRS To Allow Recipients of Ineligible ERC Funds To Pay Them Back at a Discounted Rate

The Internal Revenue Service announced a new Voluntary Disclosure Program that gives at employers who received erroneous Employee Retention Credit funds the opportunity pay them back at a discounted rate.

IRS Provides Penalty Relief on 2020 and 2021 Tax Returns; Restarts Collection Notices in 2024 Ending Pandemic-Related Pause, Notice 2024-7, FS-2023-28, IR-2023-244

The IRS has provided certain eligible taxpayers with automatic relief from additions to tax for failure to pay income tax for tax years 2020 and 2021. Relief is only available to taxpayers who filed an eligible return during the relief period, which begins on either the date the IRS issued an initial balance due notice or February 5, 2022, whichever is later, ends on March 31, 2024.

Final Regulations Issued on De Minimis Error Safe Harbors for Failure to File Information Returns and Payee Statements, T.D. 9984

The IRS has issued final regulations regarding the de minimis safe harbors from the penalties under Code Sec. 6721 for failure to file information returns and Code Sec. 6722 for failure to furnish payee statements. The regulations also include the time and manner a payee may elect out of the safe harbor, as well as rules on reporting basis of securities by brokers as it relates to the de minimis safe harbors. The final regulations adopt the 2018 proposed regulations with only minor modifications.

Guidance Issued on the Incremental Cost for Commercial Clean Vehicle Credit, Notice 2024-5; IR-2023-245

The Treasury Department and the IRS have issued guidance pertaining to the new credit for qualified commercial clean vehicles, established by the Inflation Reduction Act of 2022 (P.L. 117-169). Notice 2024-5 establishes a safe harbor regarding the incremental cost of certain qualified commercial clean vehicles placed in service in calendar year 2024.

Proposed Regulations to be Issued on Product Identification Numbers and Energy Efficient Home Improvement Credit, Notice 2024-13; IR-2023-253

The IRS and the Department of Treasury (the Treasury) have announced that they intend to propose regulations to implement the product identification number (PIN) requirement with respect to the energy efficient home improvement credit under Code Sec. 25C as amended by the Inflation Reduction Act of 2022 (IRA) (P. L. 117-169). The IRS has also requested comments on the PIN requirement under Code Sec. 25C(h) (PIN requirement) by February 27, 2024.

IRS Describes Forthcoming Proposed Regulations for Alternative Fuel Vehicle Refueling Property Credit, Notice 2024-20; IR-2024-16

Taxpayers may rely on an IRS notice that describes forthcoming regulations for the alternative fuel vehicle refueling property credit. The notice focuses on the census tract requirement added by the Inflation Reduction Act of 2022 (P.L. 117-169). 

Partnerships Get More Time to Provide Form 8308 for 2023 Section 751(a) Exchanges, Notice 2024-19

The IRS has provided relief from the failure to furnish a payee statement penalty under Code Sec. 6722 to certain partnerships with unrealized receivables or inventory items described in Code Sec. 751(a) (Section 751 property) that fail to furnish, by the due date specified in Reg. §1.6050K-1(c)(1), Part IV of Form 8308, Report of a Sale or Exchange of Certain Partnership Interests, to the transferor and transferee in a Section 751(a) exchange that occurred in calendar year 2023.

E-File Exemption Guidance Issued, Notice 2024-18

The IRS has issued a notice addressing the availability of administrative exemptions from the requirement to file certain returns and other documents in electronic form. The notice also addresses the availability of information about the procedure to request a waiver of the requirement to file electronically Forms 1120, 1120-S, 1120-F, and 1065. In addition, thr IRS has provided information about resources pertaining to failed attempts to electronically file Forms 1120, 1120-S, and 1120-F using IRS filing systems.

After Year of Transition, National Tax Advocate Collins Optimistic for 2024, IR-2024-7

Although 2023 was a year of transition for the IRS and taxpayers, National Taxpayer Advocate Erin Collins has reason to be more optimistic for 2024.

IRS’s Increased Compliance Efforts Yield More Than $500 Million to Date, IR-2024-9

An increased emphasis on millionaires who may be evading taxes by Internal Revenue Service compliance staff has resulted in collection of $482 million to date, agency Commissioner Daniel Werfel reported.

Yellen Touts BOI Reporting Benefits

Department of the Treasury Secretary Janet Yellen touted the corporate transparency that will come with the new beneficial ownership reporting requirements, which went into effect at the start of 2024.

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Tax Alerts

Calculators

Should I refinance my mortgage? How much do I need to save for my child’s college education? As accounting professionals, these are some of the questions that are posed to us on a daily basis. We are providing these interactive financial calculators and other tools to assist you with some of the day-to-day questions and concerns that may arise. While these financial tools are not a substitute for financial advice from a qualified professional, they can be used as a starting point in the decision making process.

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Find out how much interest you can save by increasing your monthly auto loan payment.
Use this calculator to help you determine whether you should take advantage of low interest financing or a manufacturer rebate.
Use this calculator to see how much interest you can save by refinancing your auto loan.
This calculator shows you possible savings by using an accelerated bi-weekly payment on your auto loan. This simple technique can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest.
This calculator shows you possible savings by using an accelerated bi-weekly payment on your auto loan. This simple technique can shave time off your auto loan and could save you hundreds or even thousands of dollars in interest.
Determine your car loan payment based on your purchase price or find out how much you can buy based on your monthly payment.
Use this calculator to help you determine whether you should take advantage of low interest dealer financing or credit union financing combined with a manufacturer rebate.
Use this calculator to determine if a home equity loan makes sense for your next automobile purchase.
Should you lease your next automobile or finance it? Find out with this calculator!
Low, promotional interest rates can save you a great deal of money when you finance your car or truck. Use this calculator to help find the best monthly payment and how much interest you could save.
Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.
Getting a consolidation loan can do more than payoff your debt. Use this calculator to see the results of paying off your debt and investing your payment savings.
Use this calculator to see just how expensive paying interest on your debt can be.
Use this calculator to determine how long it will take you to payoff your credit cards if you only make the minimum payments.
The Credit Card Optimizer helps you determine the best distribution of your credit card debt.
Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.
This calculator is designed to help determine whether using your home equity to consolidate your debt is right for you.
Use this calculator as a starting point for your debt management plan.
Should you consolidate your debt? This calculator is designed to help determine if debt consolidation is right for you.
The Credit Card Roll-Down Calculator applies two simple principles to paying off your credit card debt.
This Debt Calculator applies two simple principles to paying off all your Debt that can cut years off of your repayment schedule.
The Student Loan Consolidation and Debt Payoff calculator applies two simple principles to paying off your Debt; Consolidate your student loans, and use the monthly savings to pay off your other outstanding debt.
Use this calculator to determine the annual return of a known initial amount, a stream of deposits, plus a known final future value.
Use this calculator to project how much a series of annual stock option grants could be worth to you.
Your age, ability to tolerate risk and several other factors are used to calculate a desirable mix of stocks, bonds and cash.
Even a small difference in the fees you pay on your investments can add up over time. Use this calculator to see how different fees impact your investment strategy!
Use this calculator to determine the number of futures contracts you may wish to purchase based on your account equity and trading plan.
Use this calculator to determine the future value of an investment which can include an initial deposit and a stream of periodic deposits.
Use this calculator to determine an Internal Rate of Return (IRR). It calculates the IRR on an annual basis of an irregular stream of up to 20 payments and withdrawals.
This calculator helps you determine either how long or how much periodic distributions can be taken out of an investment before it runs out.
Use this calculator to see if your investment plan is on track to meet your investment goals – and receive suggestions on how to change it if you are falling short.
This calculator helps illustrate the effect of using a loan to purchase an investment or appreciable asset. Using debt as leverage to purchase investments can magnify your return. The downside is that you also increase your risk.
An investment property can be an excellent investment. This calculator is designed to examine the potential return you might receive from an investment property.
The Investment Questionnaire is designed to help you create a balanced portfolio from a broad range of investment classes.
This questionnaire is designed to help you create a balanced portfolio of the three basic investment classes: Cash, Fixed Income and Equities.
There is more to investing than knowing your annual rate of return. Use this calculator to help you see how inflation, taxes and your time horizon can impact your bottom line.
Use this calculator to see how long your investment savings can last once you begin taking distributions.
Use this calculator to determine the annual rate of return of known lump sum starting and ending amount.
Use this calculator to determine the future value of a lump sum.
Use this calculator to determine the present value of a future lump sum.
Income generated from municipal bond coupon payments are not subject to federal income tax and often are exempt from state taxes. Use this calculator to estimate the tax-equivalent yield (TEY) for a municipal bond.
This calculator can help you analyze the costs associated with buying shares in a mutual fund. By entering a few pieces of information, found in your fund’s prospectus, you can see the impact of fees and operating expenses on your investment.
This calculator can help you determine exactly what it might take to return your to your original investment balance.
Use this calculator to determine the present value of a known final future value plus a stream of deposits.
Use this calculator to determine the how much needs to be invested now to achieve a future goal. The total amount required immediately is reduced by the present value of a stream of additional deposits.
This calculator shows a REIT’s hypothetical yield and how ROC impacts tax equivalent yield.
Use this calculator to determine the value of your stock options for the next one to twenty five years.
This calculator is designed to help compare a normal taxable investment vs. a tax deferred investment.
This calculator is designed to help compare a normal taxable investment, a tax deferred investment and tax-free investment.
This calculator helps you to determine what your adjustable mortgage payments will be.
Use this calculator to find the APR on your adjustable rate mortgage.
Use this calculator to compare a fixed rate mortgage to two types of ARMs, a Fully Amortizing ARM and an Interest Only ARM.
A balloon mortgage can be an excellent option for many home buyers, use this calculator to see if a balloon mortgage might fit your needs.
Using bi-weekly payments can accelerate your mortgage payoff and save you thousands in interest. Use this calculator to compare a typical monthly payment schedule to an accelerated bi-weekly payment.
This calculator shows you the possible savings by starting to pay your current mortgage with bi-weekly payments, instead of monthly payments.
This calculator helps you determine the effective, or blended, interest rate you would pay if you use a first and a second mortgage to finance the purchase of a home.
Use this calculator to determine your maximum FHA mortgage and cash needed for closing.
Use this calculator to compare a fixed rate mortgage to Interest Only Mortgage.
Use this calculator to compare a fixed rate mortgage to a LIBOR ARM.
Interest only mortgages can provide you with very low monthly payments, however you are not paying off any principal during the interest only period.
Use this calculator to generate an amortization schedule for an interest only mortgage.
Use this calculator to determine your maximum mortgage and how different interest rates affect your how much you can borrow.
Use this calculator to find the APR on your mortgage.
Use this calculator to compare these two mortgage terms, and let us help you decide which term is better for you.
This calculator is designed to help determine whether using a mortgage to consolidate your debt is right for you.
Use this calculator to determine your monthly payment and amortization schedule.
Use this calculator to determine your monthly mortgage principal, interest, taxes and insurance payment (PITI) and amortization schedule.
Save thousands of dollars in interest by increasing your monthly mortgage payment.
Should you buy points? Use this calculator to find out.
Can you buy your dream home? Find out just how much you can afford!
Should you refinance your mortgage? Use this calculator to determine when you will break even.
Use this calculator to determine how much income you need to qualify for a mortgage and how different interest rates affect your required income.
Interest and points paid for a home mortgage are tax deductible. Use this calculator to determine how much your mortgage could save you in income taxes.
Use this calculator see how a minimum payment on an Option ARM Mortgage can save you money on your monthly mortgage payment.
Use this calculator to see how much interest you can save by refinancing your mortgage!
Are you better off buying your home, or should you continue to rent?
This calculator is specifically designed to show you how the outstanding balance of a reverse mortgage can rapidly grow over a period of time.
A 401(k) can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.
Use this calculator to how a 401(k) with profit sharing plan can help you save for retirement..
There are several ways to manage your 401(k) when you leave an employer. Making the wrong decision can cost you thousands of dollars both in taxes and lost earnings.
If you are an employee of a non-profit tax-exempt organization, a 403(b) can be one of your best tools for creating a secure retirement.
Use this calculator to see how increasing your contributions to a 457 plan can affect your paycheck as well as your retirement.
Use this calculator to see what your net 457 plan withdrawal would be after taxes are taken into account.
Use this calculator to help determine whether a Roth or Pre-tax 457 might be best for you.
A 457 plan can be one of your best tools for creating a secure retirement. Use this calculator to see why this is a retirement savings plan you cannot afford to pass up.
The IRS Rule 72T allows for penalty free, early withdrawals from retirement accounts. Use this calculator to determine your allowable 72T Distribution and how it can help fund your early retirement.
This calculator is designed to examine the affects of 72T distributions on your retirement plan balance.
Use this calculator to determine your Required Minimum Distributions (RMD) as a beneficiary of a retirement account.
If you own company stock in a retirement plan you may be able to take advantage of using the long term capital gains tax rate rather than your ordinary income tax rate on this investment.
Use this calculator to determine how losing this important retirement asset could affect you.
Use this calculator to see how long your retirement savings will last based on your retirement savings and your inflation adjusted withdrawals.
Use this calculator to determine your maximum Individual 401(k) contribution as compared to three other possible plan options.
Use this calculator to see the benefits of an Individual 401(k) for the self-employed.
Spending your IRA before your retire can be a costly decision. See how taking your out IRA early could cost you thousands of dollars both in taxes and lost earnings.
Use this calculator to help decide between joint survivorship and single survivorship pension options.
Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account. This financial calculator will also look at potential future year’s distribution requirements.
Use this calculator to determine your Required Minimum Distributions (RMD) as an account owner of a retirement account for the current year.
Use this calculator to see how increasing your contributions to qualified retirement plan help save for your retirement.
Use this calculator to see how increasing your contributions to a 401(k), 403(b) or 457 plan can affect your paycheck as well as your retirement.
Use this calculator to determine how much monthly income your retirement savings may provide you in your retirement.
Do you know how much it takes to create a secure retirement? Use this calculator to help determine what size your retirement nestegg should be.
Plan your retirement with a company pension, find out if you are on track – and learn how to stay there.
Use this calculator to see what your net withdrawal would be after taxes and penalties are taken into account.
Quickly determine if your retirement plan is on track – and learn how to keep it there.
Plan your retirement with pension and possible retirement employment income. Find out if you are on track – and learn how to stay there.
Running out of your retirement savings too soon is one of the biggest risks to a comfortable retirement. Use this calculator to find a potential shortfall in your current retirement savings plan.
Use this calculator to help determine how you can stretch out your retirement plan distributions for as long as possible.
Starting in 2006, you may have the option to contribute to Roth account. Use this calculator to help determine which retirement plan option might be best for you.
Use this calculator to determine which 401(k) contribution type might be right for you.
Use this calculator to determine which 403(b) contribution type might be right for you
Use this calculator to compare the Roth IRA to an ordinary taxable investment.
This calculator will show the advantage, if any, of converting your IRA to a Roth.
Use this calculator to help determine how you can stretch out your retirement plan distributions for as long as possible.
Use this calculator to determine which IRA may be right for you.
See how a Roth vs. Traditional 401(k) might affect your take home pay as well as your retirement savings.
The majority of 401(k) plans and a growing number of 403(b) plans let you borrow money from your account. Use this calculator to help you determine if you should borrow, and the potential impact on your retirement savings.
Use this calculator to estimate your Social Security benefits.
How can contributing to a regular IRA help you in your retirement?
Enter your filing status, income, deductions and credits and we will estimate your total tax. Based on your projected withholdings for the year, we can also estimate your tax refund or amount you may owe the IRS next April.
Use this calculator to help you determine the impact of changing your payroll deductions.
Use this calculator to determine if you qualify for the Earned Income Credit and if so, how much it might be worth.
Knowing your potential estate tax liability is a great place to start your estate tax plan. Use this calculator to estimate your estate tax liability.
Use this calculator to see how participating in Flexible Spending Account (FSA) contributions can help you pay less tax, and increase your net take home pay.
Use this calculator to help you determine your paycheck for hourly wages.
Use this calculator to determine your marginal and effective tax rates. This calculator sorts through the tax brackets and filing options to calculate your true tax liability.
Determine the gross paycheck needed to provide a required net amount.
Use this calculator to help you determine the impact of changing your payroll deductions.
If you are self-employed, operate a farm or are a church employee use this calculator to determine your self-employment taxes for tax year 2019.
Many people can use the 1040EZ tax form instead of the more complicated 1040 to calculate their taxes. Containing only seven required inputs, the 1040EZ is one of the quickest forms to calculate your tax bill.
Find out how many and what price you must sell your product at to make a profit.
Should your business consolidate its debt? Use this calculator to find out.
This tool calculates a business valuation based upon the discounted cash flow methodology – illustrating how changes in projected growth rates and capital assumptions impact the business Net Present Value.
Having adequate cash flow is essential to keep your business running. Use this calculator to help you determine the cash flow generated by your business.
Use this calculator to estimate your debt service coverage with a new loan. If your debt service coverage is high enough, including your new loan payment, you have a good chance of being approved.
This tool calculates debt service and illustrates how debt service coverage ratios are impacted by changing income and capital assumptions.
Should you lease your equipment or finance it? Find out with this calculator!
This calculator helps you to zero in on areas of your business that may need attention. Areas such as solvency, liquidity, operational efficiency and profitability.
Use this calculator to determine how much inventory you should hold, and efficient timing of your inventory orders.
This calculator is designed to calculate and the recognized loss, gain and the basis for a Like Kind Exchange.
This calculator can help you determine the selling price for your products to achieve a desired profit margin.
If you have repossessed personal property from a deferred payment sale, you can this calculator to determine the gain or loss.
If you have repossessed personal property with installment payments, you can this calculator to determine the gain or loss.
If you have repossessed real property, you can this calculator to determine the gain or loss as well as its new basis.
Working capital essential to running your business. This calculator assists you in determining your working capital needs for the next year.
How much life insurance do you need? This comprehensive life calculator includes detailed net worth analysis, budgeting and college savings helps you find out.
Use this calculator to determine how much disability insurance you may need to cover expenses if you are unable to work due to illness or injury.
A fixed annuity can provide a secure, tax-deferred investment. Use this calculator to see how a fixed annuity might fit into your retirement plan.
This Health Savings Account (HSA) calculator determines the amount you are allowed to deposit into an HSA account for the current tax year.
Are you looking at the Health Savings Account (HSA) as a retirement account? This calculator will help you determine what you need to do in order to reach your goal.
Use this calculator to help you determine how much your Health Savings Account (HSA) will be worth over time.
Compare an High Deductible Health Plan (HDHP) with a Health Savings Account (HSA) to a traditional health plan.
This calculator helps estimate the value of creating a High Deductible Health Plan (HDHP) with Heath Savings Accounts (HSA) for your employees.
One of your most important assets is your ability to earn a paycheck. This calculator is designed to help you understand today’s value of your future earning.
Estimate what your monthly payments might be from an immediate annuity.
Find out how much life insurance you really need!
Long term care is needed by those who can’t perform the basic tasks required to take care of themselves. This calculator can help you determine if you are financially prepared for this impending expense.
How can a variable annuity help you save for retirement? Use this calculator to find out.
How can a variable annuity help you save for retirement? Use this calculator to find out.
Use this calculator to determine your payment or loan amount for different payment frequencies.
Enter your desired payment – and let us calculate your loan amount. Or, enter in the loan amount and we will calculate your monthly payment!
A balloon loan can be an excellent option for many borrowers. Use this calculator to see how a balloon loan might work for you.
Should you consolidate your debt? Use this calculator to find out.
Use the slider controls to instantly change your monthly payment, loan amount, interest rate or term.
What will my monthly payments be for an interest only equity line of credit?
Use this calculator to analyze one of your existing loans. Calculate your remaining balance based on the number of monthly payments you have remaining.
How big of a home equity line of credit can you receive? Use this calculator to find out!
Use this calculator to see what it will take to pay off your line of credit, and what you can change to meet your repayment goals.
This calculator helps determine your loan or credit line payment.
This calculator helps determine your tax savings on loans or credit lines with tax deductible interest payments.
Use this calculator to sort through the monthly payments, fees and other costs when comparing loan options.
Use this calculator as your first step in determining your ability to qualify for a loan.
This works just like a pocket calculator.
This works just like a pocket financial calculator. In addition to arithmetic it can also calculate present value, future value, payments or number or periods.
Balance your checkbook with this quick and easy calculator.
How is your credit? Use this calculator for a quick assessment!
Analyze your budget, see where your money goes and find out where you can improve!
This calculator can give you an idea of your life expectancy based on your current age, smoking habits, gender and several other important lifestyle choices.
This calculator helps you determine your net worth. It also estimates how your net worth could grow (or shrink!) over the next ten years.
This calculator is designed to help you see the financial impact of having either one or two incomes for your household.
This calculator is specifically designed to help students understand their expenses and income while attending a university, college or other full-time educational institution.
Reducing your spending can be worth more than you might think. Use this calculator to see just how much your budget reductions may be worth.
Use this calculator to examine the benefits of investing in a series of Certificates of Deposits with different maturities, also called a CD Ladder.
Use this calculator to find out how much interest you can earn on a Certificate of Deposit (CD).
Use this calculator to help develop or fine tune your education savings plan.
Even a small difference in the interest you are paid on your savings can add up over time. Use this calculator to see how different savings rates can impact your savings strategy!
Find out how consistent investments over a number of years can be an effective strategy to accumulate wealth.
This calculator demonstrates how compounding can affect your savings.
Find out when your savings plan may make you a millionaire!
Use this calculator to find out how much you can earn on a Certificate. Just enter a few pieces of information and we will calculate your Annual Percentage Yield (APY) and ending balance.
Use this calculator to examine the benefits of investing in a series of Certificates with different maturities, also called a Certificate Ladder.
Waiting to begin your savings plan can have a huge impact on your results. This calculator helps show you how much postponing your savings plan can really cost.
This calculator helps you determine how much emergency savings you may need, and how you can begin saving toward this important goal.
Use this tool to help you calculate what it might take to save for your new house.
Use this calculator to see how a simple change such as bringing a bagged lunch to work can really add up.
Use this calculator to determine savings balance after a series monthly, quarterly or annual withdrawals.
What will it take to reach your savings goal? This financial calculator helps you find out.
Use this calculator to determine how much your savings will be worth with these two important variables in mind.
Use this calculator to see how a simple changes in your spending habits for common vices such as smoking, drinking or even eating out can really add up.