Category - Taxes

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Why your taxes went up
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Get Set Up for Less Stress at Tax Time Next Year
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That other retirement account: Financial planning for HSAs
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Potential new #401k and #IRA rules? #Taxes #Retirement
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Bring Clarity to Your 2020 Taxes

Why your taxes went up

Many of us are still pondering why we didn’t benefit from the alleged tax cut and worrying about what will happen this year, again. After all, tax brackets went down 3-4% for the first 4 tax brackets. But (and this continues this year) your taxable income most likely went up. Don’t expect that to improve for 2019. At a recent conference I attended, this was much discussed. Why?

You live in a blue state. Clever how that worked, huh? Because in many blue states and urban areas, your property taxes on a middle-class home probably exceeded the $10K cap. Add …

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Get Set Up for Less Stress at Tax Time Next Year

While you perhaps breathed a sigh of relief that it was over, experts began tax planning for 2020 right after the 2019 tax season ended (if they hadn’t started before). It’s okay if you didn’t start thinking about next year’s taxes that early, however, are still things you can do during the last quarter of the year to set yourself up for a less stressful tax season next year and the “5 Ways to Boost Next Year’s Tax Refund Now” offers tips.

Look at your tax deductions: If you find yourself in a tizzy each year trying to get …

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That other retirement account: Financial planning for HSAs

Health Savings Accounts (HSAs) may be the best deal out there, if you can get it. All of us like to beat the tax man, right? HSAs are what’s known as triple tax free: you get a deduction when you put money into the account, the account grows tax free, and as long as you make withdrawals for allowable health care expenses (pretty easy to do), you don’t pay any tax on that either. They’re like a traditional IRA or 401k going in, and a Roth coming out.
But like many good things, there are a few problems and things …

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Potential new #401k and #IRA rules? #Taxes #Retirement

The post Potential new #401k and #IRA rules? #Taxes #Retirement appeared first on Yardley Wealth Management, LLC.

There is recent breaking news on the retirement plan rules front. The House passed a bill that would change some of the rules around 401(k)s and IRAs.

It will do some nice things. The Senate still needs to pass it and the President still needs to sign it. Given how overwhelmingly the House passed it, it seems like there’s a good chance it could become law.

One change is that it would allow people to continue making IRA contributions past 70 1/2, …

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Bring Clarity to Your 2020 Taxes

Whether you just filed yesterday, filed earlier in 2019 , or have asked for an extension, as Policygenius.com says, you should “Start determining your 2020 tax strategy today.”  This is especially true if you filed an extension because you want to be better prepared next year: “Although Tax Day 2020 is a year away, remember that your taxes are a look back at the prior calendar year.”

This may seem like an obvious statement when you scramble to find receipts and documentation as the tax deadline approaches but have you considered that you do not have to struggle to account …

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