Retiring soon? Recent law changes may have an impact on your retirement savings

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Retiring soon? Recent law changes may have an impact on your retirement savings

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March 2, 2021 , , , ,

retirement savings

If you’re approaching retirement, you probably want to ensure the money you’ve saved in retirement plans lasts as long as possible. If so, be aware that a law was recently enacted that makes significant changes to retirement accounts. The SECURE Act, which was signed into law in late 2019, made a number of changes of interest to those nearing retirement.

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Didn’t contribute to an IRA last year? There still may be time

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February 23, 2021 , , ,

IRA Contribution

If you’re getting ready to file your 2020 tax return, and your tax bill is higher than you’d like, there might still be an opportunity to lower it. If you qualify, you can make a deductible contribution to a traditional IRA right up until the April 15, 2021 filing date and benefit from the tax savings on your 2020 return.

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Life Insurance Loan: Yay or Nay?

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February 21, 2021

life insurance loan

Did you make donations in 2020? There’s still time to get substantiation

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February 16, 2021 , ,

charitable deduction

If you’re like many Americans, letters from your favorite charities may be appearing in your mailbox acknowledging your 2020 donations. But what happens if you haven’t received such a letter — can you still claim a deduction for the gift on your 2020 income tax return? It depends.

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2021 individual taxes: Answers to your questions about limits

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February 9, 2021 , , , ,

2021 tax limits

Many people are more concerned about their 2020 tax bills right now than they are about their 2021 tax situations. That’s understandable because your 2020 individual tax return is due to be filed in less than three months (unless you file an extension).

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The power of the tax credit for buying an electric vehicle

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February 2, 2021 , , ,

EV tax credit

Although electric vehicles (or EVs) are a small percentage of the cars on the road today, they’re increasing in popularity all the time. And if you buy one, you may be eligible for a federal tax break.

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Don’t forget to take required minimum distributions this year

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January 26, 2021 , , , , ,

required minimum distribution

If you have a traditional IRA or tax-deferred retirement plan account, you probably know that you must take required minimum distributions (RMDs) when you reach a certain age — or you’ll be penalized. The CARES Act, which passed last March, allowed people to skip taking these withdrawals in 2020 but now that we’re in 2021, RMDs must be taken again.

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One reason to file your 2020 tax return early

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January 20, 2021 ,

tax identity theft

The IRS announced it is opening the 2020 individual income tax return filing season on February 12. (This is later than in past years because of a new law that was enacted late in December.) Even if you typically don’t file until much closer to the April 15 deadline (or you file for an extension), consider filing earlier this year. Why? You can potentially protect yourself from tax identity theft — and there may be other benefits, too.

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Educate yourself about the revised tax benefits for higher education

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January 12, 2021 , , , ,

higher education tax credit

Attending college is one of the biggest investments that parents and students ever make. If you or your child (or grandchild) attends (or plans to attend) an institution of higher learning, you may be eligible for tax breaks to help foot the bill.

The Consolidated Appropriations Act, which was enacted recently, made some changes to the tax breaks. Here’s a rundown of what has changed.

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The COVID-19 relief law: What’s in it for you?

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January 5, 2021 , , , ,

COVID relief law

The new COVID-19 relief law that was signed on December 27, 2020, contains a multitude of provisions that may affect you. Here are some of the highlights of the Consolidated Appropriations Act, which also contains two other laws: the COVID-related Tax Relief Act (COVIDTRA) and the Taxpayer Certainty and Disaster Tax Relief Act (TCDTR).

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