American workers now have more options for their retirement savings thanks to the 401(k)’s over the past few decades. Suppose you are fortunate enough to work for a company that offers options beyond the standard pre-tax contribution, such as after-tax 401(k) contributions. In that case, you should carefully consider how you maximize your financial security in retirement.
Category: Tax
IRS Audit Red Flags That Retirees Should Look Out For.
You might assume your chances of being investigated by the IRS are low as you relax in retirement, hosting dinner parties for friends and family and taking more vacations than you ever had to work. After all, it’s clear why the IRS would bother reviewing your tax returns once you’re in your golden years.
SECURE Act 2.0 Helps Younger People Save for Retirement.
The SECURE Act 2.0, passed in December 2022, includes approximately 90 new measures. New federal laws may increase retirement account contributions and reduce eligibility restrictions for younger workers, which is good news for people just starting to save for retirement.
What You Need To Know About Filing Taxes In 2023
A lesser refund could be in store for you this year due to changes in IRS tax credits. The IRS has warned that the elimination of tax advantages from the COVID-19 period may cause many Americans to receive lesser refunds or have larger amounts owed on their tax returns this year.
Here are Three Ways Retirees Can Give to Charity While Minimizing Their Tax Bill.
Retirement-age individuals can still benefit financially from helping others this year by making charitable contributions that qualify for tax deductions. But time is of the essence.
How To Start Saving for Retirement when you Haven’t Done So Already.
Saving for retirement is one of many things when the saying “better late than never” is applicable.
You can take steps to make up for “lost time” so you can live comfortably in your retirement years, even if you are already halfway through retirement and haven’t started saving.
Are You Awaiting Your Tax Refund? What The ‘Return Being Processed’ Status Actually Indicates
Checking the “Where’s My Refund” function on the IRS website, taxpayers have likely received the phrase “Your return is being processed.” In rare instances, this warning may remain for weeks or months….
Why You Should Wait To Start Collecting Social Security
Most people are aware that their monthly income increases the longer they wait to begin receiving Social Security retirement benefits. However, despite having the option to receive up to 77 percent more by postponing their claim until age 70, most Americans choose to begin receiving benefits much earlier. Here is why you should hold off on claiming social security for as long as you can.
Here Are Four Things You Need To Think About Regarding Your Finances In December
The year 2022 was a tumultuous one for investors and retirees. However, several measures might have a substantial beneficial and economic impact during December.
Here is a list of 4 things to consider before the end of the year
Must-Know 2022 Tax Changes That Will Negatively Impact Your Return
After another year of tax code changes, many taxpayers may get a lesser refund or larger bill in 2022, warn experts. Many Americans face lower tax incentives, so year-end preparation is crucial.
