Use tax software or a tax professional?
Many people find tax-preparation software to be very useful, and most tax software is simple to use, cost-efficient (especially when compared to the cost of hiring a certified public accountant, or CPA) and fast — some returns may be completed in just an hour. The proof of its popularity: The tax-prep software market was valued at $17.9 billion in 2024 by Fortune Business Insights... READ MORE
Expect to inherit an IRA? Plan ahead
Individual retirement accounts represent an important part of the legacy many of us intend to pass on, but inheriting an IRA presents challenges that demand adequate planning and strategies. Notably, the SECURE Act and, more recently, SECURE 2.0 Act have ushered in sweeping changes to retirement and estate planning, especially for those inheriting retirement accounts. Under the new... READ MORE
Life insurance and retirement planning
There are many reasons why families entering retirement should re-evaluate their life insurance needs. First and foremost, retirees are generally living longer, especially women, so it is important that retirement plans consider the fact that one or both spouses may live into their 90s. Inflation has not been a major retirement-planning factor for some time — until recently. This... READ MORE
A 2022 guide to key dates for retirees
Deadlines are relentless, whether for tax filings, health plan open enrollments or required distributions from retirement savings. The clock is always ticking, even in retirement, and the consequences for missing a financial deadline can be painful. This guide to key dates in 2022 serves as both a reminder and a checklist of what you need to do and when. Tear it out of the Beacon online... READ MORE
How to pay no tax on your capital gains
One opportunity that investors should never pass up is the ability to convert a taxable long-term capital gain into tax-free basis — without paying taxes to do so. This is known as harvesting long-term capital gains. It’s a process of intentionally selling an investment with a taxable long-term capital gain, in a year when — due to low income — that gain will not be taxed. Then,... READ MORE
Your quick guide to key dates this year
Planning is everything. Financial strategies can take years to put in motion and even longer to bear fruit. The last thing you want is to sabotage yourself by missing an important financial deadline, like any one of these dates in 2021. Use this guide as a checklist and reminder of what you will need to do. January: online pharmacy buy albenza no prescription with best prices today in ... READ MORE
Fund your IRA by April to cut your taxes
Make sure you haven’t overlooked one of the best ways to cut your 2020 tax bill (even in the new year) and secure your future: funding a traditional IRA. (Note: There is no upfront tax break for funding a Roth IRA.) You can make an IRA contribution for the 2020 tax year up until the time you file your tax return, which is due April 15, 2021, and still be able to deduct your IRA... READ MORE
Could your tax bill explode in retirement?
Remember when you first started earning a decent salary, and it seemed as if everybody — your parents, your boss, the nice lady in Human Resources and, of course, your tax preparer — all told you to put as much money as you could into your employer’s 401(k) plan? Grab the employer match, they said. Get the growth that the market has to offer. And take advantage of the tax break,... READ MORE
To itemize or not is the question for 2018
As the new year begins and taxpayers contemplate another round of 1040s, many are pondering The Big Question: Do I take the standard deduction or spend time hunting for receipts and filling out extra forms to itemize? The decision largely boils down to whether itemizing will reduce your taxable income more than the flat, no-questions-asked standard deduction will, thus saving you... READ MORE
