As the year comes to and end, it is good to know the limits for 2021 contributions to IRA’s and employer retirement plans. Many IRA and retirement plan limits are indexed for inflation each year. While some of the limits remain unchanged for 2021, other key numbers have increased. IRA contribution limits The maximum amount […]Read More
The Huffington Post writes, “You might still be focused on surviving 2020, but when it comes to taxes, it doesn’t hurt to plan ahead.” There are some people who plan all year and work with professionals like an accountant and a Fee-Only financial advisor. Others might start thinking about the following year’s taxes after the winter […]Read More
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 […]Read More
When the Finance101 article “Why donating your travel miles is a good idea” was written, during the holiday season last year, some of us would have no idea that we would, in a sense, be grounded for months in 2020 due to the Coronavirus pandemic. While we mourn our canceled trips and travel opportunities, we still may […]Read More
When the tax returns are completed for the year, don’t just put them in the file drawer and forget about them. Use the data provided to make some good decisions about 2020 withholding and saving patterns.
This is a good time for you to review a recent…