Details on the Tax Deadline Extension The I.R.S. is giving you three additional months to file and pay. The Internal Revenue Service knows that many taxpayers have had a stressful spring. So,it has reset the federal tax deadline. You now have until July 15 to file your 1040 form. July 15 is also the deadline to pay any federal taxes owed for 2019.1 Beyond these important details, there are others to note. Keep in mind: this article is for informational [...]
FAQs About the 2020 Stimulus Checks Answers to some frequently asked questions. The federal government is providing a little economic relief to many taxpayers. The Internal Revenue Service is sending millions of Economic Impact Payments – or as they are commonly called, stimulus checks – to households. Here are some facts to know about these payments. Keep in mind: this article is for informational purposes only. It’s not a replacement for real-life advice, so make sure to consult your tax [...]
Federal Student Loan Relief How does it work? What should you do? Are you or someone you know currently making federal student loan payments? In light of the COVID-19 pandemic, some welcome relief may be on the way. Thanks to the recent passage of the CARES Act, the U.S. Department of Education will allow you to temporarily halt your federal student loan payments from March 13, 2020 until September 30, 2020.1 What should you do next? At this time, no [...]
Tax Considerations for Retirees Are you aware of these potential tax breaks and tax-saving opportunities? The federal government offers some major tax breaks for older Americans. Some of these perks deserve more publicity than they receive. At age 65, the Internal Revenue Service gives you a larger standard deduction. For 2020, standard deductions look like this for taxpayers 65 and older: single filer or married filing separately, $14,050; head of household, $20,300; married filing jointly or qualifying widow(er), $26,100 [...]
A Roth IRA’s Many Benefits Why do so many people choose them over traditional IRAs? The IRA that changed the whole retirement savings perspective. Since the Roth IRA was introduced in 1998, its popularity has soared. It has become a fixture in many retirement planning strategies because it offers savers so many potential advantages. The key argument for going Roth can be summed up in a sentence: Paying taxes on your retirement contributions today may be better than paying [...]
