The beginning of a new year is a great time to review your financial plan, including your goals for retirement savings. By setting your goals early in the year, you can save for them throughout 2020 and reduce the pinch that is sometimes felt when people try to “make up Read more…
The IRS recently updated tax brackets and some limits for 2020, using information based on the Consumer Price Index published by the Department of Labor. Use these early figures to start developing your tax strategies for next year. Tax Brackets in 2020 Marginal Rate Single Filers Joint Filers 0% Less Read more…
This year is quickly coming to an end, so now is the right time to do a quick review to make sure that you’ve done everything you need to in this calendar year. Here are a few items to consider: Take required minimum distributions (RMDs). If you are age 70½ Read more…
The Social Security Administration announced a 1.6 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2020. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2019. For those still contributing to Social Security through Read more…
The end of the year is coming on fast, but there’s still time to reduce your potential tax obligation and save money this year (and maybe even next). Here are some ideas to consider: Estimate your 2019 and 2020 taxable income. With these estimates you can determine which year receives Read more…
In 2018, the government attempted to “simplify” the tax-filing process by drastically shortening Form 1040. The result was six new schedules that created a lot of confusion. Now the IRS is attempting to ease some of that pain by revising the form and removing some schedules. Here is what you Read more…
Each year thousands of people fall behind in paying their bills, oftentimes due to circumstances outside of their control. If you find yourself in that situation, you may end up dealing with aggressive debt collectors. If you do, realize that there are strict rules in place that forbid any kind Read more…
As you approach your retirement years, it’s important to have a basic understanding of the IRS gift giving rules. Once you understand them there are opportunities to leverage this tax law without creating a tax problem. The rules You can give up to $15,000 to any individual (the “donee”) in Read more…
There are a variety of scams and fraudulent schemes that target older adults. IRS impersonation scams are the most prevalent scams targeting older adults, but financial scams can take a variety of forms. Unfortunately, funds stolen as a result of these scams are often never recovered. You can ensure this Read more…
Everybody likes getting something for free, and taxes are no different. Investing in securities like municipal bonds (sometimes referred to by the nickname “munis”) or municipal bond funds generates tax-free interest income. Here is what you need to know. Tax advantages of municipal bonds You pay zero federal tax on Read more…