Roth IRA

If you've been debating about contributing to your Roth IRA, this incentive may make your decision a bit easier: a Saver's Credit. Formally called the Retirement Savings Contributions Credit, this perk was designed to encourage more low- to middle-income taxpayers to stash cash away in qualified retirement accounts.   The Saver's Credit is probably one of the biggest secrets in … [Read more...] about Surprise! Your Roth IRA Savings Could Grant You a Tax Credit

Employers aren't required to contribute money to employees' retirement account. Although the city will administer it, this private-sector program is unrelated to city public employee retirement plans. The law covers employees age 21 or older who work at least 20 hours a week. The New York City program will default to a Roth IRA with a contribution rate of 5% of annual salary … [Read more...] about New York becomes latest to offer plan for private-sector workers

To significantly reduce your taxes now and in the future, you need to plan ahead. There are several strategies you can adopt to lower your tax bill. When I was studying for the Certified Financial Planner™ certification, I was amazed at the volumes of strategies we are allowed to take to reduce our tax bill. Most of them involved setting up trusts, but unfortunately, they only … [Read more...] about Blog: 6 Strategies to Reduce Your Taxes

Editorial IndependenceWe want to help you make more informed decisions. Some links on this page — clearly marked — may take you to a partner website and may result in us earning a referral commission. For more information, see How We Make Money.College is expensive: $35,720 per student, according to data from educationdata.org.Many personal finance experts follow the airplane … [Read more...] about Saving For College – 5 Accounts You Use to Diversify Savings

The extended tax-filing deadline gives many Americans extra time to contribute to certain investment accounts for 2020.The IRS in March moved the due date for individual returns to May 17 from April 15 due to the coronavirus pandemic. It also confirmed in March that moving the filing deadline also pushed back the last day to contribute to individual retirement accounts and Roth … [Read more...] about There’s one week left to contribute to IRAs ahead of May 17 deadline

Video above: Tax changes amid COVID-19 pandemic that could impact you Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances, their state tax return, too.It's a month later than usual, thanks to the pandemic. But the filing deadline's not the only thing that's changed. Many of the upheavals over the past year … [Read more...] about Tax Day is Monday. Here’s what you need to know after a year of pandemic stimulus checks

Video above: Tax changes amid COVID-19 pandemic that could impact you Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances, their state tax return, too.It's a month later than usual, thanks to the pandemic. But the filing deadline's not the only thing that's changed. Many of the upheavals over the past year … [Read more...] about Tax Day is Monday. Here’s what you need to know after a year of pandemic stimulus checks

Video above: Tax changes amid COVID-19 pandemic that could impact you Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances, their state tax return, too.It's a month later than usual, thanks to the pandemic. But the filing deadline's not the only thing that's changed. Many of the upheavals over the past year … [Read more...] about Tax Day is Monday. Here’s what you need to know after a year of pandemic stimulus checks

Question: Clyde in Oxford: I just turned 71 and work part time so I have some extra “fun money.” Even though I’m older than 70 ½, can I still continue to contribute to an IRA? And will I get a tax break?A: The answer to the first part of your question is ‘yes’ thanks to the 2019 SECURE Act. Prior to this law’s passage, anyone age 70 ½ or older could not contribute to a … [Read more...] about Can you still contribute to an IRA in your 70s?

Video above: Tax changes amid COVID-19 pandemic that could impact you Next Monday, May 17, is the official deadline for individuals to file their 2020 federal tax return, and in most instances, their state tax return, too.It's a month later than usual, thanks to the pandemic. But the filing deadline's not the only thing that's changed. Many of the upheavals over the past year … [Read more...] about Tax Day is Monday. Here’s what you need to know after a year of pandemic stimulus checks