by Admin | Apr 26, 2022 | Individual Taxes, Retirement, Tax Planning
The annual inflation rate in the U.S. accelerated to 7.5% in January of 2022, the highest since February of 1982, hitting those on fixed retirement income, namely seniors, the hardest.On top of escalating living expenses due to inflation, some retirees are faced with...
by Admin | Mar 31, 2022 | Individual Taxes, Retirement, Tax Planning
Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for...
by Admin | Mar 17, 2022 | Individual Taxes, Retirement
Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are considering. But withdrawing money from a traditional IRA or qualified retirement account before you reach age 59½ may...
by Admin | Oct 8, 2021 | Individual Taxes, Retirement
Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the tax code, one of which was...
by Admin | Sep 28, 2021 | Individual Taxes, Retirement
Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your Social Security benefits. For this discussion, the term “Social Security...
by Admin | Dec 23, 2020 | Retirement
Some folks have been tapping or suspending their retirement savings to make ends meet during this COVID-19 pandemic, and although understandable, it is important that they continue saving for retirement as quickly as financially possible. Still other people have...
