myGPS Login
Taxes
5 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…
Read MoreWill retirement affect your taxes?
The deadline for filing your taxes is right around the corner on April 15. Although most of us have filed taxes for decades, retirement can change things. Social Security benefits and withdrawals from certain types of retirement accounts potentially could affect your tax bracket. If tax season has stirred up questions about your financial plan,…
Read MoreMark your calendars, here’s when tax season starts
It’s the second year since Trump administration’s tax-code changes took effect Jan. 27 is the start of this year’s tax season, the Internal Revenue Service announced Monday. Beginning in three weeks, the agency will start accepting and processing tax returns. This is the second season since the Trump administration’s tax-code overhaul took effect. Some people…
Read More10 Ways to Reduce Your 401(k) Taxes
How the pros help clients minimize their tax burden If you have a traditional 401(k), you will have to pay taxes when you take distributions. Unfortunately, that 401(k) money is subject to the worst kind of taxes—ordinary income taxes. The amount you pay is based on your tax bracket, and if you’re younger than 59½, add 10% (for early withdrawal) in…
Read MoreSpending Bill Includes Seismic Retirement Changes, Curtails Stretch IRAs
GETTY The just-released, 1,773-page, $1.4 trillion 2020 spending bill means many Americans will be rewriting their retirement plans—if the budget gets signed into law before the holidays as expected.  It includes the SECURE Act—Setting Every Community Up for Retirement Enhancement Act of 2019—which passed in the House 417-3 in May but stalled in the Senate. Basically, the…
Read MoreHow to Take Advantage of 401(k) Catch-Up Contributions :usnews.com
The 401(k) Catch-Up Contribution Limit for 2019 WHEN YOU TURN 50, YOU become eligible to contribute more money to your 401(k) plan. The tax deduction you can claim on these catch-up contributions could save you over $1,000 on your annual tax bill. Here’s how to take advantage of 401(k) catch-up contributions: Workers can defer paying income tax on…
Read More