Month: December 2020

Retirement Surprise: Your Tax Bill Might Increase

Did you know it’s possible for your tax bill to go up once you retire? One possible reason: A portion of your Social Security benefits could be taxed. Another possibility: Your tax-deferred retirement account tax bill comes due when you start drawing down your money. Add in your retirement income from other sources, such as Social Security, pensions, […]

Social Security: What’s New For 2021

The Social Security Administration (SSA) recently announced that the 2021 annual cost-of-living adjustment (COLA) for benefits will be 1.3%. That’s a small but essential increase for millions of beneficiaries who will see a rise in their monthly payments starting in January. Larger checks for retired, disabled workers – For the average retired worker, the monthly Social Security […]

Your 2021 Savings Strategies for High-Income Earners

Go beyond maxing out your employee 401(k) to find the opportunities that could save you your hard-earned cash when it comes to paying taxes. Minimize the use of Active Management for Brokerage Accounts.The more you trade, the more you’ll be taxed. Realized gains in a brokerage account get taxed when they get reported, which happens […]

Will Your Credit Card Interest be a Tax-Deduction This Year?

Are you wondering if you can deduct your credit card interest this tax season to move to a lower tax bracket?The answer is most likely no. The Tax Cuts and Jobs Act, signed by President Trump in 2017 was the biggest overhaul of the tax rules in 30 years.1 For individuals, it wiped out many of […]