The Consolidated Appropriations Act, 2021, ushered in 2 new tax changes that will boost donors’ tax deductions for charitable giving this year. But while folks can give more to charity at a lower net cost, penalties have also increased for overstating the value of charitable gifts. The first change is an above-the-line tax deduction for
2020 Credit for IRA Contributions Made by April 15th 2021
You still have time! Since this article was published, tax deadline has been extended to May 17, 2021, and so has the ability to contribute to your IRA. Taxpayers may be able to claim a deduction on their 2020 tax return for contributions made to their IRA through April 15, 2021. There is no longer
Trends That Will Impact Financial Markets In The New Year
2021 will be a year of continued uncertainty. Many risks exist to economic vitality and social stability besides COVID that investors should be aware of. Here are some trends to keep your eye on moving forward. 1. The vaccination “corona”-coaster continues. Once the vaccine is readily available, who gets it, who doesn’t, and will it
Wall Street Bets And Short Squeezes Make Market Madness
Melvin Capital lost nearly $3 Billion this week from pulling out of a position in GameStop (GME). How is it that the internet and casual day traders were able to force a renowned hedge fund to suffer such an enormous loss? It all starts with the concept of a short squeeze…… Not unheard of, but
GoFundMe Donations May Have Tax Consequences
GoFundMe was created as a platform for individuals to bank roll their personal causes. Although there are several other crowdfunding platforms out there, they focus more on funding for the creation of a business entity or a tangible product. Unlike its predecessors, GoFundMe focused on making financing available for personal needs, such as medical expenses
IRA and 401(k) Contribution Limits for 2021
More taxpayers will qualify for retirement tax breaks in 2021, but the contribution limits for IRAs, 401(k)s, and other retirement accounts won’t go up for next year. Employees who are saving for retirement through 401(k)s, 403(b)s, most 457 plans, can contribute up to $19,500 to those plans during the year. Unfortunately, that’s the same contribution limit
Perspectives And Perceptions Of Women and Investing
Women are more vulnerable and less prepared for retirement than their male counterparts. Why are they at risk? Consider these sobering *statistics: • A woman with a bachelor’s degree has just 60% of the estimated lifetime earnings of her male counterpart. • Annual Social Security benefits collected by a 65-year-old woman are 20% less than
Cash Balance Plans Maximize Retirement Contributions And Tax Deductions
The 4th quarter is the time to be thinking about what the next year’s tax bill might look like. It is getting harder for professionals and small business owners to minimize tax liability with itemized deductions for state and local taxes and mortgage interest deductions being whittled down. Could an additional pension deduction help you?
Paid Family Leave Is Taxable
The New York State Department of Taxation and Finance provided guidance regarding the tax treatment of deductions from employee wages used to finance paid family leave premiums, and the tax treatment of Paid Family Leave (PFL) benefits to be received by eligible employees. Background: Paid Family Leave Benefits, available to employees as of January 1, 2018,
Growth From Tax Efficient Wealth Building Costs You Less
You’re better off when your money works for you instead of the other way around! That’s usually the result when you are investing according to a well-constructed financial plan. Not only do sound investments grow over the years, from a tax perspective that growth tends to cost you less. Here’s why: • The miracle of
