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If you didn’t save as much for retirement as you wanted last year, you have until July 15 to make contributions
The deadline to contribute to IRAs and HSAs is Tax Day. mixetto/Getty Personal Finance Insider writes about products, strategies, and tips to help you make smart decisions with your money. We may receive a small commission from our partners, like American Express, but our reporting and recommendations are always independent and objective. The federal tax deadline is July…
Read More2020’s Tax Burden by State
Adam McCann, Financial Writer • Jun 24, 2020 This year, Uncle Sam will take his cut of the past year’s earnings a bit later than usual, on July 15. This three-month delay gave Americans some extra time to get their financial situation in order following the economic devastation caused by the COVID-19 pandemic. However, many taxpayers are…
Read MoreThe Fun Stuff: Deductions & Credits
The Story Doing taxes probably isn’t your idea of a good time. Deductions and credits are here to change your mind. I’ll bite… We’ll start with some definitions. Tax deductions indirectly lower your tax bill by lowering your taxable income – by subtracting eligible costs you’ve paid throughout the year. Tax credits are even better. Because it’s a…
Read MoreTax Day is coming soon. What you need for July 15
KEY POINTS Earlier this spring, the Treasury Department moved the deadline for 2019 individual income tax returns to July 15. Other deadlines, including the June 15 due date for second quarter tax estimates, were also pushed to July. Accountants and tax preparers are gearing up for the new tax season, gathering documents and preparing returns.…
Read MoreIRS urges quick action to register children for $500 coronavirus payment by Wednesday
By Michael Cohn The Internal Revenue Service and the Treasury Department are urging recipients of Social Security benefits, as well as railroad retirement and veterans benefits recipients, to act quickly to register their children online with the IRS by noon Eastern Time on April 22 if they haven’t already filed a 2018 or 2019 tax return,…
Read More5 Things To Know About The COVID-19 Stimulus Payments
The federal government is providing stimulus checks to Americans in the coming weeks. GETTY Editor’s note: The portion of this story related to claiming the stimulus payment based on you 2020 income has been clarified to make it clear that if you don’t get a check now, but qualify for a payment based on your…
Read MoreA retirement savings hack thanks to this year’s delayed deadline for filing tax returns
The deadline to file taxes and contribute toward last year’s IRA limit was delayed to July 15 Taxpayers can contribute to their individual retirement accounts on behalf of last year until July 15. MarketWatch photo illustration/iStockphoto The government’s decision to delay the deadline for filing 2019 tax returns allows some people to hold on to…
Read MoreThe Tax Implications of Supporting Adult Children
There are a number of hurdles to clear before you can claim an adult kid as a dependent. “To claim your child as your dependent, they must be under age 19 or a full-time student under age 24.”(GETTY IMAGES) MANY, IF NOT MOST, empty nesters are probably glad to have their adult children return to live…
Read More2020 TAX CHANGES: WHAT YOU NEED TO KNOW
Overview In November 2019, the Internal Revenue Service announced inflation adjustments for more than 60 provisions for the 2020 tax year. The following is a guide for changes that will affect the greatest number of taxpayers. “While it’s been more than a year since the Tax Cuts and Jobs Act went into full effect, many…
Read MoreMeet the new IRS tax form specially designed for people 65 and older
Yes, it has larger type than the traditional Form 1040 Getty Images/iStockphotoFor the 2019 tax year, your friends at the IRS have introduced the new Form 1040-SR (U.S. Tax Return for Seniors). This exciting development is proof that the Feds care deeply about the tax-filing needs of older folks. Not quite. Actually, Congress required the…
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