Your Friday tax fact from Syosset based Grab & Buell Financial Services.
This Monthly Recap summarizes market performance, major events and news from September and Q3 2020. Read more here: https://bit.ly/34e8ieV
The federal credit for the purchase and installation costs of a residential solar-power system is fading away and will no longer be available after 2021; plus, the credit itself is being reduced.
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Solar Tax Credit is Sunsetting Soon
Tap into your full potential. Wednesday Wisdom from Grab & Buell Financial Services
The decision concerning whom you designate as the beneficiary of your traditional IRA is critically important and affects the minimum amounts you must withdraw from the IRA when you reach age 72, who will get what remains in the account after your death, and how that IRA balance can be paid out to beneficiaries.
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Keeping Your Designated IRA Beneficiary Current is Important
Some Wednesday Wisdom from your friends at Syosset based Grab & Buell Financial Services
Are you an investor in stocks, bonds, mutual funds, etc.? If so, when you sell those securities, you will undoubtedly want to minimize your gains or maximize your losses for tax purposes. To do that, you'll need to know your tax basis in the investment (asset), which makes it important to keep track of the basis in all your investments.
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Are You Keeping Track of Your Investment Basis?
It's go time! Syosset based Grab & Buell Financial Services has some motivation for you today.
Let's get the weekend started. Friday from Grab & Buell Financial Services
Health insurance premiums, including Medicare parts B, C, and D; hospitalization; long-term care; and dental costs are all tax deductible, and are subject to AGI limitations if you itemize your deductions. If you are self-employed, including some partners, or a more-than-2% S corporation shareholder, you may be able to deduct the premiums without itemizing and without AGI limitations.
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There is More to Deducting Health Insurance than Meets the Eye
A recent study, focused on how the pandemic is impacting retirement confidence levels among men and women, found that women may be disproportionately impacted when it comes to retirement security. Check out the latest issue of Financial Watch: http://bit.ly/financialwatch-oct2020
For those who love learning: here's a tax fact from Grab & Buell Financial Services.
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. However, 2020 gives rise to more than the usual tax planning opportunities. Watch this video to learn about these possibilities.
Many people are renting out their homes or vacation homes and are not aware of some special rules that apply to short-term rentals. Some of these rules can be beneficial, while others can be very detrimental.
GRABANDBUELL.COM
Renting Your Home or Vacation Home for Short Periods
Voter turnout for a U.S. presidential election was the highest in modern history. The latest commentary from @CeteraIM discusses the election uncertainty, potential outcomes, and investment implications. Read more @ https://bit.ly/2Gt4sqp
#economy #markets #stocks #election2020
Transform your life. Wednesday Wisdom from Grab & Buell Financial Services
To cope with inflation, the tax code requires the IRS to adjust the tax rates, standard deductions, and a variety of other tax related numbers each year, which they recently released for 2021.
GRABANDBUELL.COM
IRS Releases Inflation Adjustments for 2021
Here is some midweek Wednesday Wisdom inspiration from your friends at Grab & Buell Financial Services
If you were a victim of a major natural disaster, the Taxpayer Certainty and Disaster Tax Relief Act of 2020 has special rules about retirement plan and IRA distributions, retirement plan loans, how to compute disaster losses, and relief for non-itemizers. Employers may qualify for a new employee-retention credit.
GRABANDBUELL.COM
Tax Relief for Victims of 2020 Natural Disasters
This Monthly Recap summarizes market performance, major events and news from January 2021. Read more here: https://bit.ly/3cu7A2H
Grab & Buell Financial Services has the motivation you need to get going this Monday.
Don't forget that even in retirement, you're responsible for taxes on any form of income. Remember to budget for your yearly taxes during your retirement strategizing.
[Cetera does not provide tax advice.]
#retirement #retirementplanning #savings #financialplanning
Here are the business tax due dates for February 2021.
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February 2021 Business Due Dates
