Tax Cuts and Jobs Act, is a $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. Many of the provisions in the new legislation are permanent. Other provisions, including most of the tax cuts that apply to individuals, will expire in eight years. Some of the major changes included in the legislation…
Tax Cuts and Jobs Act: Impact on Individuals
On December 22, 2017, President Trump signed into law the Tax Cuts and Jobs Act, a sweeping $1.5 trillion tax-cut package that fundamentally changes the individual and business tax landscape. While many of the provisions in the new legislation are permanent, others (including most of the tax cuts that apply to individuals) will expire in eight…
IRA and Retirement Plan Limits for 2020
IRA contribution limits The maximum amount you can contribute to a traditional IRA or a Roth IRA in 2020 is $6,000 (or 100% of your earned income, if less), unchanged from 2019. The maximum catch-up contribution for those age 50 or older remains at $1,000. You can contribute to both a traditional IRA and a…
Getting Money Out of Your 401(k) or 403(b) Plan
The video link below describes 4 ways of getting money out of your 401(k) or 403(b) Plan. If this is of interest, you may want to read Have You Checked Your Retirement Plan Lately, What You Should Do With Your 401(K) When You Switch Jobs or Retire or Required Minimum Distributions. Getting Money Out of Your…
Have You Checked Your Retirement Plan Lately?
It’s generally a good idea to review your employer-sponsored retirement plan at least once each year and when major life changes occur. If you haven’t given your plan a thorough review within the last 12 months, now may be a good time to do so. Have you experienced any life changes? Since your last retirement…
What You Should Do With Your 401(k) When You Switch Jobs or Retire
Your 401(k) can be a significant asset which you accumulated at work after one year or after a career. So what do you do with your 401(k) when you switch jobs or retire? Your Current 401(k) Plan The benefits of your 401(k) plan include the ability to defer paying income taxes until the money is…
Financial Basics for Millennials = Good Money Management
Millennials face financial challenges that are unique to their generation. One of the first steps in overcoming those challenges is to understand some basic financial concepts. If you’re a young adult in your 20s or 30s, you’ve been introduced to the realities of adulthood. While you’re excited by all the opportunities life has to offer,…
Our Progressive Tax System
APRIL IS NATIONAL FINANCIAL LITERACY MONTH If you live in the United States you live in a country with a progressive tax system. I call it a system because there is not just one progressive tax, there are many. Understanding how our system works is critical to your financial literacy. A progressive tax takes a…
Test Your Knowledge of Financial Basics: Financial Literacy Questions and Answers
APRIL IS NATIONAL FINANCIAL LITERACY MONTH How well do you understand personal finance? The following brief quiz can help you gauge your knowledge of a few basics. In the answer section, you’ll find details to help you learn more and increase your financial literacy. Here are some financial literacy questions. Financial Literacy Questions 1. How…
Aging in Place and the Medical Expense Deduction for Home Improvements
Aging in place has become more common in recent years. A person aging in place lives in the residence of their choice, for as long as they can, while they age. Aging in place usually requires making changes in the home and identifying support systems to allow seniors to live safely, independently and in familiar…