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The 2021 tax season is coming soon. That means that it’s time to check out the latest 2020 tax changes and updates. The good news is that we have been able to put together this easy to follow guide on the latest tax changes.
Be sure to check out each of the ten major 2020 tax changes for the season. Chances are, at least some of these recent tax changes may apply to you.
Is a 401K early withdrawal a good idea? Is it even an option for you?
We help you understand how it all works in this guide.
Contributing to a 401K means contributing to your future self, and preparing for retirement. Some people, especially during the pandemic, find themselves in need of those funds, though.
Are you trying to figure out if the Dave Ramsey Investment Calculator can help you truly plan out your retirement?
Saving for retirement can be intimidating. From investment selection to financial goals, many data points influence the outcome. When you started and how much you have contributed to name a few.
Luckily, thanks to the Internet, there are various tools to help you understand what you need to properly save for retirement.
Here’s a great reason to continue your education – The IRS will allow you to claim a deduction on your post-secondary tuition and fees! When you or your tax preparer files IRS form 8917, you can deduct a portion of your tuition and fees for all qualifying post-secondary education.
Are you trying to figure out if the IRS Form 8965 applies to you?
The Affordable Care Act requires every American to have qualified healthcare coverage. If you didn’t have coverage, you may owe a penalty for the months you went without insurance. Fortunately, there are exemptions many Americans can take advantage of to avoid the penalty.
Please note, this applies only to taxpayers completing tax returns for previous years (2018 and prior), as the Tax Cuts and Jobs Act eliminated the requirement.
If you qualify for an exemption, you must include IRS Form 8965 with your tax returns. Here’s how it works.
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