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If we’ve all learned anything this year, it’s that unexpected events can really throw us for a loop. Throughout 2020, some people have experienced financial hardship, whereas others have enjoyed smooth sailing so far. But we can all learn some important lessons from these turbulent times. Never assume anything and…
As far as tax years go (and in every other sense) this year has been a pretty wild ride. 2020 has roughed us up, and yet we’ve all come together to help each other, perhaps like never before. Those of you who are able to make charitable contributions are truly…
If you enjoy contributing to charitable causes, and appreciate the tax deduction you earn each year, then we have good news for you: This year, the IRS has suspended the limit for charitable contributions. Normally, your charitable contributions only count up to a certain limit – 60 percent of your…
Retirement plans such as the 401(k) and IRA are popular choices, due to certain tax incentives offered by the IRS. Of course, the agency can and does occasionally make adjustments to the rules, so it’s important to stay on top of these changes. Here’s what you need to know about…
Although 2020 has been a hard year, seeing people come together and help one another has been a beautiful thing. If you’ve been making charitable contributions, or are considering doing so for the holiday season, you might be happy to know that you can also earn a tax deduction for…
Many of us have experienced stress this year, and the economic fallout from the pandemic is at least partly to blame. If money matters are triggering disagreement and disruption with your spouse or other family members, remember that respectful conversation is the key to solving spats. Use these strategies to…
Toward the end of September, reports began to circulate indicating that Congress might finally reach an agreement on a second stimulus bill. But with Republicans and Democrats still not in full agreement, here’s what you need to know about the chances of the bill passing soon. What’s the problem? The…
Once you enter your fifties, it’s time to get (even more) serious about retirement planning. In your last decade or so of your career, start tackling these seven goals to get yourself on better footing. Pay down debt. You might be earning more money than ever before in your career,…
If you receive a notice from the IRS, notifying you that your payment is late and assessing you with a penalty, don’t panic just yet. This situation is common this year, and in many cases does not actually indicate a problem with your return. When the economy shut down in…
Everyone wants to maximize their retirement income, so you will often hear that you should avoid claiming Social Security until at least your full retirement age. At age 66 or 67 (depending upon your date of birth) you can claim your full scheduled benefits, and if you wait beyond those…
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