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Tax season is no one’s favorite, but it’s a part of life for all of us. So you’re probably getting ready to file your 2020 income tax returns sometime within the next month or so. But what happens if you don’t receive all of the important documents you need to…
For most workers, Form W-4 (filed with your employer) allows you to claim exemptions and accurately estimate your income tax liability pay period. But sometimes, changes during the year such as marriage, divorce, or a raise can throw off those estimates. If you’re pushed into a higher tax bracket, you…
At the end of December 2020, Congress passed a large spending bill addressing many of the problems we faced in the last year. For taxpayers, one aspect of that bill might hold promise in lowering income tax liability, both now and for many years to come. In response to the…
After decades of planning, you might expect your retirement years to unfold just as you imagined. Hopefully that will be the case, but we wanted to warn those of you still in the planning stages: These six things often take retirees by surprise. You might still work. Some retirees simply…
Over the past year, we’ve all been reminded of the importance of preparing for emergencies. Now, it’s time to put those lessons to work. The following resolutions can help you get your finances in order now, so that you’re better prepared to weather any storm that comes your way in…
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…
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