Due to the tax law changes implemented in 2018 that included a significant increase in the standard deduction, far fewer taxpayers are itemizing their deductions. For most taxpayers who take the standard deduction, charitable contributions are not deductible. However, if you are 70 1/2 or over, you may still be able to reduce your tax […]
The IRS released the inflation adjusted tax credits for 2020. See if you may qualify. Earned Income Tax Credit – This is a refundable tax credit for those with earned income that meet the eligibility requirements. The maximum Earned Income Credit for 2020 is $6,660 for qualifying taxpayers who have three or more qualifying children, […]
Are you dreaming about your retirement? It is important to save for your golden years so your golden years are golden. The IRS has increased contribution limits for various retirement savings accounts for 2020. Here are some key figures: 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan The 2020 contribution limit […]
The Social Security Administration released key figures for 2020. Social Security and Supplemental Security Income Benefits – Social Security and Supplemental Security Income recipients should see an increase in their benefits for 2020. Social Security and Supplemental Security Income (SSI) benefits for nearly 69 million Americans will increase 1.6 percent in 2020. The 1.6 percent […]
