Archive - August 25, 2020

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Planning to give to charities: should you consider a donor-advised fund?
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Learn From the Retirement Planning Regrets of Others

Planning to give to charities: should you consider a donor-advised fund?

It hasn’t been covered much, but charitable donation deductions were almost eliminated for the middle class in the tax “reforms”. You can only deduct your charitable contributions if you decide to itemize, and your allowable itemized deductions exceed $12,000 for a single and $24,000 for married filing jointly—and remember, all state and local taxes are capped at $10,000, no matter what your property tax is. If your mortgage interest is significant or your itemized deductions will exceed these caps, your charitable deductions will still be deductible. If not, nada.

There’s one exception. For the 2020 tax year, you can separately …

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Learn From the Retirement Planning Regrets of Others

While you can learn a lot from financial experts, there is also plenty to be learned from regular people how have been where you are. In “Retirees Confess What They Wish They’d Done With Their Money” on Yahoo.com, retirees discuss what they wish they had known and done in the years before they stopped working. 

The article quotes a woman who expressed regrets that she hadn’t even put a small amount, such as twenty dollars each pay period, into a 401(k). She  and her spouse were under the impression that saving for retirement required a commitment of hundreds …

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