A tax credit allows you to deduct a certain amount of money from the taxes you owe. It differs from a tax deduction, which allows you to reduce your taxable income. Tax credits are...
Posted by Rosovich & Associates, Inc. on 06/24/2021
Many people would love to withdraw early from their 401(k) since they feel it is their money. However, some rules make this a bad idea. 401(k) exist in two types – Roth...
Posted by Pat Raskob on 06/11/2021
Traditional and Roth IRAs may be the king and queen of the retirement prom, but there are other great options that savers shouldn't ignore.Although there are lesser-known SEP,...
Posted by Jim McClaflin, EA, NTPI Fellow, CTRC on 06/06/2021
Divorced people might qualify for Social Security benefits which is a factor of the earning of the ex-partner. This article will shed light on qualification for such benefits and what...
Many people are less concerned about whether they owe gift taxes or not. A gift tax return is a Federal Government tax return often filed with certain terms and conditions by the gift's...
A 401(k) plan can be an attractive way to invest because it gives employees the ability to increase their contributions before tax and tax-deferred income until retirement. According...
A flexible spending account (FSA) is a healthcare benefit account sponsored by the employer, which allows them to set aside $2,7750 every year to take care of the cost for medical...
If you need to file for an individual federal income tax return, you will now use the IRS Form 1040 or 1040-SR for Seniors. The other alternatives above: Forms 1040A and 1040EZ ended...
There is no magic formula to determine the amount of life insurance you will need. However, you can make a reasonable estimate if you consider your present financial situation and...