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Want to Avoid Paying Taxes on Social Security? Here’s How
Throughout your working life, you pay taxes to earn Social Security benefits. That’s why it comes as such a surprise to many retirees that taxes don’t stop once you start collecting checks. In fact, a report from Senior Citizens League found around half of all Social Security beneficiaries owe federal taxes on their money. And it’s…
Read More‘Death taxes’: Do I have to pay taxes when I inherit money? Strategy for 401(k)s and IRAs on inheritance
You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options. “Death taxes” are somewhat misunderstood, as people can find the two types of death taxes confusing. Estate…
Read MoreHow to File Your Taxes for Free in 2021
As if doing your taxes wasn’t irritating enough, it often ends up costing you money. Tax prep and unexpected fees basically go hand in hand. But if you’re paying to submit your federal return this year, save your cash — you can probably file for free. The IRS estimates that some 70% of Americans, or roughly 100 million taxpayers,…
Read MoreUnemployed and already did your taxes? The IRS says you don’t need to file an amended tax return
If you received unemployment benefits in 2020 and you’ve already filed your tax returns, the Internal Revenue Service is saying you don’t have to file an amended return to claim the new tax waiver on up to $10,200 of your benefit payments. President Joe Biden signed the $1.9 trillion American Rescue Plan Act last Thursday, which…
Read MoreIRS to Delay Tax Deadline to Mid-May After Chaotic Year
The Internal Revenue Service is planning to delay the April 15 tax filing deadline by about one month, giving taxpayers additional time to file returns and pay any outstanding levies, according to three people familiar with the discussions. The IRS is still figuring out what the final deadline will be. The agency is considering setting…
Read MoreYour eligibility for a $1,400 stimulus check is based on your adjusted gross income—here’s how to calculate it
While lawmakers have not yet agreed on the details of another coronavirus relief package, fresh $1,400 stimulus checks are expected to be included. For many Americans, eligibility for those relief payments may come down to a figure you hardly ever think about: your adjusted gross income. Whether or not you receive a payment depends on your…
Read More1 big reason you may want to wait to file your 2020 tax return
Filing early will also return refunds quicker The IRS is urging taxpayers to file their returns as quickly as possible this year, which is normally sound advice, unless you fall into a specific group of individuals that may find themselves out of a stimulus check. Lawmakers are considering legislation that would potentially dole out an additional round of direct…
Read MoreWednesday Q&A How much of my Social Security income will be taxed in retirement?
How much of my Social Security income will be taxed in retirement? In this episode of the Winning at Life, Gregory and James discuss much of your Social Security income could be taxed in retirement. Do you have questions for Gregory? Press the ASK GREGORY below and your question could be featured next! ASK GREGORY…
Read MorePODCAST44: Reasons to convert to a Roth
Learn how Roth IRAs can save you on taxes in retirement. Complimentary download to go with this episode:
Read MorePay taxes now or later: How to choose the best retirement savings option for you
You know you need to save for retirement. Figuring out how to get started or finding the best plan may leave you befuddled. Yet it is important. By the age of 67, you should have 10 times your final salary set aside, according to Fidelity Investments. Here are your options, and factors to consider when deciding…
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