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Many of us work and save our entire careers in hopes of achieving a relaxing, comfortable life during retirement. However, the actual process of transitioning into retirement can bring about…

Hot on the heels of Hilton Amex’s recent round of generous Amex Offers for existing cardholders, comes an even richer new customer offer in two parts. Now, there’s a bonus reward opportunity beyond the upfront points bonanzas, which you can score by meeting minimum spending requirements. The new introductory welcome bonuses on two of the […]

Income-hungry investors often seek unconventional opportunities for higher yields. A lesser-known type of investment called a business development company (BDC) may help satiate their appetite. BDCs tend to offer outsized dividend yields—often 5% to 14% or more. Some outperforming BDCs may occasionally offer dividend increases, too, making them attractive investments for income seekers and retirees, […]

MoneyTips

As much fun as it is to hold your tax refund check in your hands as you rub them together with glee, direct deposit is a simpler and faster method of receiving your refund. It may be safer as well. Not only will you be spared the possibility of someone stealing your check out of the mail, you will also be less tempted to spend it.

However, there is an even better way to avoid spending your refund. You can have it directly deposited into an individual retirement account (IRA) or purchase U.S. savings bonds with it. Some institutions may allow you to directly deposit your refund into other types of accounts such as 529 College Savings Plans or mutual funds.

IRS Form 8888, "Allocation of Refund," allows you to split your refund into a...

Your Roth IRA 60 Day Withdrawal Window

Don't Get A Surprise Tax Bill From Your IRA

5 Top Myths And 5 Top Facts About Tax Refunds

The 10-year Treasury gets more press than any other government security and is frequently what people refer to when they talk of Treasuries and Treasury yields. Investors pay keen attention to movements in 10-year notes because they serve as a benchmark for other borrowing rates, such as mortgage rates. When the 10-year yield fluctuates it […]

Identity theft continues to plague credit card holders, and purchasing data increasingly becomes valuable tools for advertisers to target consumers. Virtual card numbers provide extra peace of mind, without compromising ability to make payments and earn rewards. They also provide compelling enhancements to individuals and businesses who need to make payments to merchants. Virtual card […]

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Once upon a time, being called a millionaire meant you were wealthy. Today, millionaire sounds almost quaint. The term of art for wealth now is high-net-worth individual, or HWNI. This clinical-sounding acronym is thrown around frequently in the financial industry to denote a person or a household with a substantial amount of wealth. What Is […]

MoneyTips

Caring for an elderly relative can be rewarding, but incredibly difficult – as well as expensive. However, it may be possible to recoup some of the costs through income tax savings.

There are two general approaches to tax savings on elder care costs – taking medical deductions that can be itemized and claiming a dependent care credit that can be subtracted directly from the taxes you owe.

First, you must determine if your elderly relative qualifies as a dependent. Full details are listed in IRS Publication 501, "Dependents, Standard Deduction, and Filing Information," but the primary criteria are that they must be a relative, you must be providing over half of their support, and their gross 2020 income must be less than $4,300.

The definition of relatives includes stepparents and in-laws. They do not...

11 Popular Tax Credits

Tax Benefits Of Having Dependents

Top 7 Tax Deductions And Credits That People Forget

President Joe Biden campaigned on a promise not to raise taxes on middle-class Americans. But a little-known provision in his big social programs bill could do just that. Tucked away in the American Families Plan, is a proposal to change the way capital gains taxes are paid on estates when people pass away. This seemingly […]

Applying for a credit card? Not so fast. For first-time card seekers, there are a few things worth knowing, like how credit really works, what to do without good credit history and what to look out for when choosing a card. Here are the most important things to be aware of before you hit that […]

As vaccination rates inch upward, Americans are beginning to travel again. More than 10 times as many passengers passed through Transportation Security Administration screenings in the first week of April…

President Joe Biden announced in a speech before a joint session of Congress that he wanted to raise taxes on the richest Americans—by a lot. Jacking up the obligation to Uncle Sam on the top 1% of earners is politically popular, and will ostensibly be part of Biden’s plan to spend more money to help […]

MoneyTips

When you use your car for both personal and business reasons and you are not fully reimbursed through your employer for the business expenses, you can deduct those costs from your taxes. How do you go about claiming these deductions? Assuming that you itemize, you have two general paths:

  • Standard Mileage Method – The IRS prints flat rates of reimbursement per mile driven for each calendar year. For business use of your vehicle in tax year 2020, the standard mileage rate is 57.5 cents per mile, down from the 2019 value of 58 cents per mile.
  • Actual Expense Method – Rather than calculate an average based on miles, you can calculate the actual expenses related to the non-personal use including gas, oil, maintenance costs, depreciation, tolls, parking fees, insurance, and other applicable exp...

Retirees Not Maximizing Tax Refunds

Giving to Charitable Foundations

Men Benefit More from Mortgage Interest Tax Deductions

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