Social Security Review

Social Security Benefits are increasing for 2021. Americans who collect Social Security will receive a 1.3% increase in their monthly payouts in 2021. The extra benefits kick in on Jan. 1. Annual increases in Social Security are determined every year based on changes in a component of the consumer price index. Social Security recipients got […]

RMD Tax Tips For You…

Required Minimum Distributions (Rmds) Now Begin At Age 72 Many taxpayers are working longer and will no longer be required to withdraw assets from IRAs and 401(k)s at age 70½. RMDs now begin at age 72 for individuals who turn 70½ in the calendar year 2020. SECUREAct NEW for calendar year 2020, are provisions included […]

Estimated Taxes

The federal income tax is a pay-as-you-go tax. You must pay the tax as you earn or receive income during the year. There are two ways to pay as you go, either by employer withholding or estimated tax payments. Employer withholding: If you are an employee, your employer generally withholds income tax from your pay. […]

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 […]