IRA eligibility in 2021

There are cost of living adjustments that may affect a taxpayer’s pension plan and other retirement-related savings next year. People should familiarize themselves with these adjustments, so they aren’t caught off guard. Here are some highlights of the 2021 changes: The income ranges for these actions all increased for 2021: • Determining eligibility to make deductible […]

2021 Social Security Changes Announced

The Social Security Administration announced a 1.3 percent boost to monthly Social Security and Supplemental Security Income (SSI) benefits for 2021. The increase is based on the rise in the Consumer Price Index over the past 12 months ending in September 2020. For those contributing to Social Security through wages, the potential maximum income subject […]

Proposed Tax Legislation – September 2020

The following is an overview of some of the tax proposals discussed or introduced in Congress in September 2020. It is important that you not treat these proposals as passed legislation. Many hurdles remain before any of these legislative ideas become law. In the meantime, it is useful to see what types of tax laws […]